Wakam UK and Principal Insurance Team Up to Tackle UK Motorcycle Insurance Market

Wakam UK, a leading digital insurer serving MGA’s, brokers and the embedded insurance market, has announced its entry into the UK motorcycle insurance market, partnering with specialist intermediary Principal Insurance to bring new underwriting capacity and expertise into the sector.

The partnership will bring together Wakam UK’s digital underwriting capability and operational agility with Principal Insurance’s motorcycle insurance experience, expertise and close ties to the rider community. Together, the firms aim to address long standing challenges in a market that has become increasingly concentrated and inflexible for many riders to navigate.

Mark Christer, CEO at Wakam UK, commented, “The UK motorcycle insurance market has, in recent years, undergone significant consolidation and tighter underwriting criteria, resulting in a small number of providers dominating distribution and pricing. For riders that has resulted in limited choice, rising premiums and difficulty securing appropriate cover, particularly for non-standard bikes and specialist rider segments.”

Principal Insurance’s Founder and Managing Director, Dave Bowcock added, “Bikers have increasingly aired their frustrations that competition has been stifled, with fewer providers and a loss of market appetite resulting in the reduced availability of cover across both bike and rider profiles.

“There’s been a loss of flexibility and too few bespoke schemes which have impacted riders, whether they want to insure a scooter, sports, custom or multiple bikes. This collaboration with Wakam UK will tackle market weaknesses and reflects a broader shift towards expert-led partnerships as a way to address complexity in specialist insurance markets, where experience and judgement remain critical.”

It is against this backdrop that the Wakam UK and Principal partnership is designed to reintroduce meaningful competition and specialist-led underwriting into the market.

Jason Sparrow, Head of Partnerships at Wakam UK, added, “Entering a specialist market like motorcycle insurance isn’t about simply adding capacity, it’s about working with people who genuinely understand the nuances of the sector and the needs and wants of riders. The alignment with this partnership is what gives us confidence we can support sustainable growth in this market to support the riding community, rather than applying a one-size-fits-all approach.”

Together, they will introduce a multi-million-pound motorcycle insurance partnership aimed at expanding availability of cover, improving choice for riders and supporting a more competitive market environment. Their combined specialist knowledge allows innovative product development, with offerings designed around how riders actually use their bikes, rather than relying on overly generic underwriting approaches.

To find out more information please visit:

https://www.wakam.com/

https://www.principalinsurance.co.uk/