COVID PUSHES DOWN UK MOTOR RATES: WILLIS INDEX
Covid-19 continues to push down motor insurance rates in the UK, according to Willis Towers Watson. Motor rates fell by an average 1% to £765 in the last three months, the third consecutive quarter of falling prices, the broker said. Motor rates are on average 2% lower over the past year. Graham Wright, UK lead of P&C personal lines pricing at Willis, said: “The further fall in premiums during the last quarter is perhaps unsurprising as motor insurers reflected on a relatively positive experience for the year to date. But with further Covid restrictions being introduced and a market response to the FCA’s recently released pricing practices report still to be factored in, uncertainty in premium levels continues.”
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