ABI calls for IPT cut as motor insurance prices hit record high
The average price of motor insurance increased by 29% in the third quarter of 2023, compared to the same time in 2022, reaching a record level £561, according to the Association of British Insurers’ Motor Premium Tracker.
The result was an acceleration on the previous quarter, when the year-on-year rise stood at 21%. From July to September, the average price paid for motor insurance increased 9% compared to the second quarter of 2023.
Related Motor insurance prices at record high – ABI EY forecasts 8.5% premium income growth for UK insurers in 2023 Motor payouts hit record £2.5bn in Q2, says ABIThe tracker analyses almost 28m policies sold over the past 12 months, and is based on the
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.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
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. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Gallagher holds steady on organic growth in Q2
Gallagher achieved 7% organic revenue growth in its UK and Ireland retail division in the second quarter of 2024, up from 6% in Q1.
Zurich invests $60m in cyber provider Cowbell
Zurich Insurance Group has invested $60m (£46.65m) in Cowbell, a provider of cyber insurance for SMEs.
Dual eyes up Bristol and Manchester for new regional offices
Dual is targeting Bristol and Manchester for the two regional offices previously promised this year, Insurance Age can reveal.
People Moves: 22 – 26 July 2024
Keep up to date with the latest insurance personnel moves.
Cyber outage insured losses estimated at up to $1.5bn
CyberCube has estimated preliminary global insured losses for the standalone cyber insurance market from the CrowdStrike IT outage last week at between $400m (£310m) and $1.5bn (£1.16bn).
Ghost broker sentenced for £17,000 Instagram insurance scam
Wahidullah Usmani, 22, of Prayle Grove, Cricklewood, has been sentenced to 24 months’ imprisonment, suspended for 24 months, for making £17,618 by selling invalid car insurance policies on Instagram.
Charles Manchester: Reflections on a career in insurance
Charles Manchester shares his reflections on the challenges and achievements during his time in the market as well as the outlook for MGAs and opportunities for the sector.
The Broker Investment Group ups stake in Glowsure to 49%
The Broker Investment Group has increased its stake in Droxford-based Glowsure Insurance Brokers to 49%, having first invested in 2017.