UK - Motor insurance premiums reach record level
Saturday, 02 04 2017, Category: Insurance and Reinsurance, Country: United Kingdom
Motor insurance premiums hit their highest recorded levels in the fourth quarter of 2016 and rose more than five times the rate of inflation in the full year, according to the Association of British Insurers.
The driver for the price hike is pressure on premiums through tax increases, higher repair costs and the rising costs of whiplash style injury claims, the lobby group noted.
In the fourth quarter of 2016, the average price paid for private comprehensive insurance was £462, the highest figure previously recorded was £443, in Q2 2012.
Source: Intelligent Insurer