A jump-start?
Stephanie Spicer reviews the past year in the private motor market and asks whether, despite rising premiums, increased competition and a burgeoning after-the-event market, it is still a viable source of business for brokers.
The private motor insurance industry is a turbulent one. Brokers haveto face high and rising premiums, competition from direct players and the
threat to uninsured loss recovery business.
Private motor insurance premiums amount to £5.55bn, covering approximately
23 million vehicles on the road. Sales of private motor insurance are
currently split: 56% through intermediaries, 8% through company agents and
34% through direct business - the latter up from 16% in 1992, according to
the Association of
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