Insurance failures up on last year
The number of businesses in insurance going bust last month rose by 50% compared to the same period last year, statistics released by Experian have revealed.
A total of six firms failed in June 2012, some 0.05% of the total population of businesses working in insurance. This is up 0.01% on the proportion which became insolvent last year.
And the financial strength score of the sector - also reported by Experian - edged down to 85.32 from 85.41 in June 2011.
So far this year, three brokers have collapsed into administration, Castle Personal Insurance Brokers, Astbury Wren and Company and Riverbourne Group.
Overall, the statistics revealed that during
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