Challenger brands have doubled their market share in personal lines over the past three years – and they are not done yet.

Actuarial consultant Finity’s latest Pendulum report, compiled with Deutsche Bank, says Auto & General, Hollard, Youi and Coles Insurance now hold 8% of the personal lines market.

Adding in the major banks, the figure rises to 16%.

Pendulum lead author Andy Cohen told insuranceNEWS.com.au the major insurers are still dominant, but there is “a bit of a battle on, and I don’t see challenger brands retreating”.

IAG and Suncorp admit losing some market share, but have played down the threat from challengers.

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