Private motor insurance could finally make profit in 2009
A new report by independent market analyst Datamonitor has revealed that the UK private motor insurance market could finally make a profit in 2009 after 14 years of unprofitability.
Under Datamonitor’s neutral forecast the UK private motor insurance market is expected to make a loss this year but move into a profit of approximately £30m in 2009 as premium income will grow at a faster rate than claims costs.
Andrew Haslip, financial services analyst at Datamonitor, said: “2009 could be a historic year for the private motor insurance market, putting an end to a painful 14 consecutive years of losses.”
However, Datamonitor’s forecast sees the market move quickly back into a
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