UK personal motor market to remain unprofitable for further five years

bypass

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: