Motor premiums surge to record high

Steve Dukes, CEO, Confused
Photo: Confused

Motorists are paying 58% more than a year ago for comprehensive car insurance, according to the latest research by Confused and WTW.

Average premiums paid soared by 19% in the third quarter to £924, the highest quarterly jump since the Confused Price Index was launched in 2006.

The cost, £338 up on the same quarter of last year, broke a new record succeeding the previous quarter’s peak. The index has now risen for eight quarters in a row.

The researchers noted that with insurers battling sustained cost pressures, the rises continue to far outstrip the CPI rate of general inflation, which was below 7% in August.

The figures

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Broking Success: Right opportunity

Matthew Collins, founder and managing director of Ascend Broking, targets growing from £14m to £50m gross written premiums in five years as the firm positions itself as a viable alternative to larger brokers.

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