LMA urges Ombudsman to look at true costs of rising motor premiums
The Lloyd’s Market Association (LMA) has stressed that losses in the motor insurance market and unnecessary costs faced by insurers are responsible for pushing up prices for customers.
The LMA made the announcement ahead of the publication of the Office of Fair Trading's (OFT) findings this December on the increase in private motor insurance premiums.
David Powell, underwriting manager at the LMA urged the OFT to consider the underlying causes of rising costs.
"Legitimate factors such as low investment returns are inevitable in the current economic climate," he said.
"However, the OFT should recognise that the motor insurance market is loss-making and that largely unnecessary
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 print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
Dual to open two UK offices as McGinn’s regional push gathers pace
Howden-owned managing general agent Dual will be opening two offices in the UK within a year, aiming for 12 to 15 staff in each to build its regional broker business, Insurance Age can reveal.
AA’s insurance arm Ebitda jumps by 42%
The AA’s insurance arm’s adjusted Ebitda rose by 42% to £64m as its broker books fell slightly in the year ended 31 January 2024.
Aviva to open branches in Chelmsford and Southampton
Aviva is to open offices in Chelmsford and Southampton, delivering on its promise to set up two new branches this year, Insurance Age can reveal.
IPT hits record £8.1bn in 2023/24
Insurance Premium Tax receipts totalled a record £8.15bn in 2023/24, up 11.4% on the year before, HMRC has confirmed.
Zurich strikes five-year capacity deal with MGA Freedom Services
Zurich has signed a five-year capacity deal with MGA Freedom Services that will see both re-enter the telematics market, Insurance Age can reveal.
Intellectual property – how can brokers help clients insure the intangible?
There is more intellectual property in existence today than ever before – and its value is growing at a faster rate than physical assets. Martin Friel explores what products exist to help brokers protect their clients’ intangible assets and why SMEs are as much at risk as corporates.
Imarket grows to five live broker systems with Bravo Digital Trader
Polaris has added Bravo Digital Trader as the fifth broker system to use imarket, joining its portfolio of Acturis, Applied, Open GI and SSP.
RSA and NIG brands to become one next year but undecided on name
In an update to brokers on the NIG deal, RSA commercial lines managing director Sonya Bryson explained there will still be two sets of products and systems on 1 May, with all remaining the same in the short term.
Most read
- Zurich strikes five-year capacity deal with MGA Freedom Services
- Aviva to open branches in Chelmsford and Southampton
- Pen inks £150m social housing capacity deal with SiriusPoint