Insurance website reports a tenfold increase in premium income for the first quarter of this year compared to the same period in 1999.

The system was launched in September 1998. In quarter one 1999, the site generated premium income of £31,000. This year, the figure rocketed to £316,000.

Both end-customers and brokers can use the site, which is owned jointly by Lloyd's syndicates SVB 575, Millennium 1221, Janson Green and DE Hope & Others.

The technology for the site was developed by Benfield Greig Interactive (BGIL). BGIL co-founder Mark Birrell said: "As more brokers and direct clients trade online, they are becoming aware of the ease of trading plus the savings in both time and overheads."