Chaucer reports 11% hike in motor rates

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The group added first quarter rate increases of 3% were achieved across its underwriting portfolio, against an annual target of 2%. It made particular reference to the UK motor market where it achieved average rate increases of 11% for its portfolio in the quarter, with new business and retention rates remaining stable.

Broken down by division Chaucer saw a rise in its UK business to £36.1m (2009 Q1 £34.8m)and energy at £44.1m (2009 Q1: £38.9m), but a fall in marine at £49.1m (2009 Q1: 62m).

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