In total the UK insurance market experienced an underwriting loss of £120m across its commercial and personal motor insurance products, according to analysis presented by Deloitte at its annual motor insurance seminar. The £120m loss compares to £200m in 2005 and £70m in 2004. The loss is blamed on low premium growth (1.3%) and high claim costs.
The total loss was made up of an underwriting profit of £180m for commercial lines and a £300m loss on personal lines. Deloitte’s analysis shows