Motor payouts hit record £2.5bn in Q2, says ABI
Insurers paid out £2.5bn in motor claims in the second quarter of this year, according to the Association of British Insurers, the highest quarterly figure since it started collecting data in 2013.
The result was up 29% on the £2bn paid in the same quarter last year with the association flagging the rise was higher than the 21% increase in average motor insurance premiums during the same period.
The gap between premium rises and payouts will not be good news for insurers.
Consultants EY reported in June that the UK motor insurance market experienced its worst performing year in a decade in 2022, with further losses expected this year.
Motor insurers entered into the red in 2022
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
FCA improves all broker-impacting authorisation metrics
The Financial Conduct Authority has built on its steady progress in delivering authorisations with an across-the-board improvement in the areas affecting brokers.
Biba 2024: Experts have mixed outlook on UK economy
In the Biba 2024 conference session ‘What’s next for the economy?’, hosted by Clive Myrie, the panel expressed mixed views on the outlook for the UK, focusing on productivity, regulation and the election.
MGA launches SME and mid-market e-trade platform
Specialist mid-market and SME managing general agent Generation Underwriting has launched a digital e-trade platform.
Arch goes live on Applied
Applied has confirmed that Arch Insurance has launched a specialist property owners insurance product on its commercial e-trading panel.
Biba 2024: FCA to take its time on transparency proposals
Emily Shepperd, chief operating officer of the Financial Conduct Authority, has said the regulator was “overwhelmed” at the response and amount of feedback to its transparency proposals, and that it is going to “really take our time” when considering any possible next steps.
Biba 2024: Conference to return to Manchester for next two years
The British Insurance Brokers’ Association has confirmed its conference will return to Manchester in 2025 and 2026.
Biba 2024: David Perry and Ethan Godlieb pick up awards at conference
The British Insurance Brokers’ Association has named David Perry, CEO of FSB Insurance Services, as the winner of its 2024 Francis Perkins Award, and Aon’s Ethan Godlieb as the Oliver Rose Biba Young Broker of the Year 2024.
Zurich ‘simplifying’ trading with broker team changes
Zurich has consolidated its commercial and retail distribution teams as it aims to make trading with brokers easier.
Most read
- ‘Not right’: Biba CEO Trudgill reveals sad letter of small broker crushed by regulation
- Jensten wholesale division split sees MD Simon Taylor exit
- Biba 2024: Aviva not afraid of ‘tough’ conversations, but ‘categorially’ committed to broker PL, says MD Morris