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
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