UK MOTOR RATES DOWN 14%: WILLIS

Average UK motor premiums have fallen by 14% over the past year to an average of £538 per policy, according to Willis Towers Watson (WTW). This is the biggest annual drop since 2014 and the fourth largest decrease in 15 years since the index was launched in 2006. Premiums in the first quarter are now the cheapest they have been since 2015, and were 7% lower than in the fourth quarter of 2020. Graham Wright, UK lead of p/c personal lines pricing at WTW, said: “The scale of the reduction in premiums seen over the last quarter reflects the realities of notably better claims experience under successive Covid-19 lockdowns. The measures have continued to have an impact on the number of drivers on the road - particularly learners - and the miles driven, leading to fewer claims.”