Insurers have ‘smelt the coffee’ on personal injury, AXA chief says
The motor market will see double digit rate rises next year, AXA UK chief executive Paul Evans has predicted.
Delivering the closing keynote speech at Tuesday’s ABI motor conference, Evans commented on motor rates that “in 2012, they will continue to increase by double digits.
“Insurers have finally smelt the coffee on personal injury experiences,” he said.
But he added that last year’s rapid increases in rates, which have only recently tailed off, may be insufficient to restore motor insurers to underwriting profitability.
“It’s quite possible that all these increase have been swallowed up by yet further increases in personal injury.”
He also warned that the increased political focus on motor insurance rates meant that further rises were “desperately dangerous for our industry.”
No comments yet