Car premiums drop for second quarter in a row
Comprehensive car insurance premiums fell by 6% (£59) between April and June 2024, the second quarter of decreases according to the latest research by Confused/WTW.
The index found that on average UK motorists now pay £882, £113 less than six months ago.
Prices had increased for nine straight quarters before the run was broken at the start of the year with a 5% fall.
After a sustained period of significant rate increases to counter the high levels of inflation, it is interesting to see from this data a change in insurers’ behaviour indicating that premium adequacy may now be sufficient to allow insurers to drop rates.Tim Rourke, UK head of P&C pricing
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Rise in IPT would put greater strain on brokers trying to reduce underinsurance
With the Autumn Budget set to be released tomorrow (30 October) by the UK government, the question over whether insurance premium tax will be increased lingers as industry practitioners weigh in.
Ripe continues senior recruitment drive with CUO appointment
Ripe has appointed David Rowntree as chief underwriting officer, the latest senior hire the digital managing general agent has made in recent months.
OneBefore partners with Pulse on medical tourism travel insurance
Managing general agent OneBefore has launched Pulse Globetrotter – Medical Travel Insurance, a medical tourism travel insurance, in partnership with specialist insurance provider, Pulse Insurance.
Mid-market boss Lyons wants Zurich to become a “nuisance” to rivals
Morgan Lyons, head of mid-market at Zurich, is looking to grow in the smaller mid-market space and become a “nuisance” to its competitors.
Broker Insights launches in the US
Insurtech Broker Insights has launched in the US following research and collaboration during which time it analysed almost $1bn (£770m) of gross written premiums.
Alan Boswell partners with Peach on teachers’ liability scheme
Alan Boswell Group has partnered with commercial insurer Peach to grow and enhance its teachers' liability scheme.
Clear adds £10m broker Vision to portfolio in South East
Clear Group has strengthened its presence in the South East buying Bagshot, Surrey-based Vision Insurance Services.
FCA non-financial misconduct survey “uncomfortable reading” – CII
Insurance industry bodies and practitioners have welcomed the Financial Conduct Authority publishing the findings of its non-financial misconduct survey and see opportunity to drive change.