Market rates in the personal lines sector are showing positive signs of a change.
According to Nigel Munns, an associate with analysts Bacon and Woodrow, 1999 FSA returns showed that the gross wri ...
Market rates in the personal lines sector are showing positive signs of a change.
According to Nigel Munns, an associate with analysts Bacon and Woodrow, 1999 FSA returns showed that the gross written premium for property was £8.7bn with an operating ratio of 108%. Motor had a gross written premium of £7.3bn with an operating ratio of 119%.
However according to the AA quartely index in July the average cost of car insurance rose almost £100 in 1999.
Its third quarter figures published in November then showed car insurance premiums up £20 from July.
AA insurance director George Lowe said costs were increasing because insurers were keen to make profits after years of taking losses to gain market share.
Another report by Tillinghasttowers Perin stated that general insurance in the UK showed average increases of 35%.
It made total losses £2.3bn in 1999, compared with £2.6bn in 1998.
