Private motor industry loss far worse than FSA believe
Insurers have been using reserves to bolster figures, according to Watson Wyatt
The UK private motor insurance industry's underwriting loss in 2008 was more than double that reported to the Financial Services Authority (FSA), according to research from Watson Wyatt.
The consultancy firm said their research showed that, while UK insurance companies reported an underwriting loss of only £493m last year, this did not represent the actual loss because they used reserves from previous years to offset it.
Ryan Warren, senior consultant at Watson Wyatt, said: "These insurers have
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