Cost of home and motor insurance fell in 2014
Reducing premiums led to lower costs for customers and SMEs.
The cost of home insurance fell by 4.1% and the cost of motor insurance fell by 4.4% in 2014 compared to 2013, as a result of reducing premiums.
The findings were revealed by the British Insurance Brokers' Association (Biba) and Acturis Insurance Price Index, which covers nearly £5 billion of premium per year.
Small and medium-sized companies are also benefitting from lower premiums, with the SME basket of the index showing a reduction of 2% in 2014 compared to 2013.
According to the figures
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