UK motor premiums fall for fourth consecutive quarter: Willis Towers Watson
Comprehensive car insurance premiums in the UK have again fallen during the second quarter of 2018, with UK motorists now paying £752 on average, 11 percent less than they were paying this time last year, according to the latest Confused.com Car Insurance Price Index in association with Willis Towers Watson.
Prices fell by 2 percent (£16) in the last three months, according to the most comprehensive car insurance price index in the UK, which is based on price data compiled from almost six million customer quotes per quarter. This also means that prices have now fallen for the fourth quarter in a row, since prices peaked last summer at £847.
According to Willis Towers Watson, the reduced prices this quarter continue to reflect the perceived uplift in market prospects shared by motor insurers based on the anticipated government changes to the Ogden rate used to calculate lump-sum compensation payments for personal injury claims, allowing insurers to price in future reserve releases which are currently set aside for higher claims.
Graham Wright, UK lead of P&C personal lines pricing at Willis Towers Watson, said: “On the back of a positive 2017 for the UK private car market, insurers remain sufficiently confident of profitability, partly buoyed on by the anticipated changes to the Ogden rate and the upcoming government reforms.”
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