PB Week: Thinking about motor rates
Further to the news that car insurance premiums have jumped 14.2% in the second quarter 2010 it was interesting to note NIG's recent announcement that they were changing their strategy and moving away from the personal lines market, writes Paul Muir, managing director at 1 Answer Network.
Even though rate increases have been seen for many months - and are still being seen - there is still some way to go before the market hauls its way back to profitability and a position of sustainability. However these rate increases have to go hand in hand with the reduction of costs in the claims process to ensure profitability. The squeeze is still being felt by high street brokers who more than ever are finding it difficult retain clients even though historically business transacted on a
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