LV MD: motor rates need to rise
LV managing director John O’Roarke has blamed falling motor rates for the only disappointment in its broker channel results for 2012.
Mr O’Roarke said the insurer had enjoyed a “pretty good year”, with a 53% increase in profit, and was “extremely pleased” with the results for the broker part of the business.
However, he added: “The only disappointing part was in broker personal motor. People were undercutting us, and some of the business drifted away.”
According to Mr O’Roarke, personal motor rates have fallen by “probably 12%” since the market peaked in September 2011.
“[Rates] needed to fall, but 12% is way too much,” he
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