According to research by WTW and Confused, car insurance premiums have soared to a record high with a 58% rise in 2023.
The average premium paid for private comprehensive motor insurance in the second quarter of this year was £511, according to the Association of British Insurers, the highest figure since it started collecting the data in 2012.
Comprehensive car insurance premiums have risen by a record 40% (£222) during the last 12 months, with UK motorists now paying £776 on average, according to the latest Confused Car Insurance Price Index in association with WTW.
Car insurance premiums increased by £107 (20%) during the past 12 months, with motorists now on average paying £657, according to research from Confused and WTW.
Steve Dukes was promoted from chief operating officer to CEO at aggregator Confused, succeeding Louise O’Shea.
The outlook for UK home and motor insurers’ profitability “remains pretty dire for 2023”, according to Federico Faccio, senior director of EMEA insurance at Fitch Ratings.
Comprehensive car insurance premiums increased sharply by 19% during the last 12 months, with UK motorists now paying £629 on average, according to the latest Car Insurance Price Index.
Premium finance is not just a useful cash flow tool for clients. It can also help brokers boost customer retention and plug insurance gaps, says Seán Kemple, managing director of Close Brothers Premium Finance
Average comprehensive car insurance premiums reached £586 in the third quarter, up 14% since Q3 2021 and by 6% in the last three months alone, according to research by Confused and WTW.
Jefferies’ UK motor insurance tracker has revealed that car damage inflation has dropped and is now at 7% year-on-year as the group maintained its forecast of a combined operating ratio of 116% for the market in 2022.
The cost of comprehensive car insurance rose by £32 in the last 12 months, according to research by Confused and WTW.
A 4% rise in average comprehensive car insurance premiums in the first quarter of the year has pushed the annual rate to a 2% increase, according to research by Confused and WTW.
The broker completed an MBO at the start of 2018.
Despite car insurance dropping by 6% in 2021, the final quarter of the year saw the first increases in premium since 2020.
Premiums are the cheapest they have been since mid-2015, but the rate at which prices are falling has slowed in the last three months, according to Confused/Willis Towers Watson.
COR improved to 75.2%, while its lockdown rebate cost the provider £21.1m during the six-month period.
The business suggested low claims frequency and unusually positive developments in the cost of bodily injury claims will boost its half year figures.
The pandemic along with pricing action needed to meet the FCA's crackdown on dual pricing is expected to cause continued uncertainty in the motor market, according to Confused/Willis Towers Watson.
Profit before tax was driven by strong reserve releases and lower claims frequency.
The product is aimed at brokers and integrates with a wide range of price comparison websites.
Zoopla parent ZPG Comparison Services Holdings finally snags an insurance aggregator after Go Compare rejected its advances in 2017.