UK car insurance premiums fall for third consecutive quarter, survey shows
(Reuters) – The cost of a car insurance policy in Britain fell for the third consecutive quarter this year due to a low frequency of claims being filed, a survey showed on Monday.
Motorists paid an average of about 861 pounds ($1,124.6) for a comprehensive car insurance premium in the three months ended Sept. 30, according to price comparison site Confused.com and insurance broker Willis Towers Watson (WTW), down 2% from a year ago.
“Insurers have felt able to continue the reducing trend in premiums supported, in particular, by benign claims frequency experience for most of 2024,” said Tim Rourke, UK Head of P&C Pricing, Product, Claims and Underwriting at WTW.
The survey did not specify how many claims were filed.
However, Rourke said that the rate of premium reduction has somewhat abated, reflecting continuing high inflation on some types of claims, including total loss settlements and mixed personal injury claims.
Following a two-year-long upward trajectory in prices, car insurance premiums had decreased by 5% in the first three months of 2024, and 6% in the second quarter.
($1 = 0.7656 pounds)
