LV reaps benefits of below average motor rate increases
LV has increased motor rates by 25% but its general insurance managing director John O'Roarke said that it has still been possible to write profitable business.
As the mutual insurer released its half year results for 2010, Mr O'Roarke said: "In any other year this hike would mean you would miss your volume sales plan by a mile but the rest of the market has gone up more than we have and as a result we have written more business at a higher rate.
"There are still rate increases in the pipeline and if the market feels the need to increase rates due to claims inflation then we are preapred to push them up further."
Broker business at LV has increased by
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