The Stats: February 2016

Gary Humphreys Markerstudy

The private car insurance market has been on a mild roller-coaster ride over the last 12 months, according to the Average Premium Index from SSP.

The latest statistics from the software provider show that premiums have been swinging up and down between December 2014 and November 2015.

Feb 2016 - SSP Ratings - Private car
(Click here to enlarge image) 

The largest dips reported during the 12-month period were in the winter months and premiums were lower than in the preceding year from December 2014 through to February 2015. As the graph shows, across Spring and Autumn most of the months posted rises - with June and August the notable exceptions. The strongest increases came in May and September.

However, while premiums have been seesawing away across the individual months, the overall view is that of a relatively flat market without any major differences to report. During the largest dip, in December 2014, premiums were about 4% lower than in the same month in 2013. Similarly the largest jump, which took place in September 2015, reached 1.8% higher than the same month in the preceding year.

According to Gary Humphreys, group underwriting director for Markerstudy, pictured, there were no real surprises in the SSP data.

However, he pointed out that the ratings were not necessarily representative of the whole market and explained that other surveys had shown higher rate increases in the fourth quarter of 2015.

Humphreys commented: "There are anomalies, most likely due to the increased rates insurers often apply at the end of the year to slow volumes, which are then reversed in the first quarter."

He further noted that the market was currently stable and mentioned that there was good rating discipline.

Looking at the coming months, he added: "Going forward, I expect good news from the latest government review to lead to further rate reductions when legislation is enacted.

AM Best Company: Top 10 personal motor insurers in the UK

Feb 2016 - Top 10 personal motor insurers in the UK(Click here to enlarge)

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