The only way is up.
No longer a fledgling sector, more and more companies are setting up in premium finance. And though it has no trade association, it does now have formal representation within the Finance and Leasing Association. Diane Smyth reports on the growing strength of premium finance.
Around £25bn worth of premiums are currently paid in installments,according to Rob Fry, sales and marketing manager of Amber Credit, and
Tony Worthy, chairman of the Finance and Leasing Association's premium
finance division.
Mr Fry believes there is plenty of room for expansion, however, estimating
that another £25bn premiums are still paid for up-front. He explains: "In
total, personal lines is worth about £18bn and commercial about £30bn,
only 50% of which is in some form of direct debit."
Third
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