UK personal motor market to remain unprofitable for further five years
The UK personal motor market will remain unprofitable until at least 2015, according to a new survey of leading UK insurers by Towers Watson.
The research reveals that the next five years of forecasted poor performance is being driven by a 30% annual increase in the cost of fraudulent claims and an over-reliance on pricing in an increasingly competitive sector.
Ryan Warren, who leads Towers Watson’s pricing and product management practice across EMEA, said: “Ten years ago, the best insurers differentiated themselves from the worst on the strength of sophisticated pricing systems and underwriting to spot profitable niches. Fraudulent
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