ABI
Study to probe whether people who borrow to pay for insurance receive fair deals
The Financial Conduct Authority has launched a competition market study into premium finance for home and motor insurance.
ABI urges cut to tax adding nearly £100 to motor and home insurance cost
For motor and home insurance alone, insurance premium tax typically equates to an added cost approaching £98 per year, the ABI said.
29% annual jump in average price paid for motor insurance
Delays in repair and supply chains, the rising cost of raw materials and increasingly sophisticated car technology are feeding into insurance costs.
Households affected by Storm Babet urged to tell insurers as soon as possible
Insurers can make emergency payments, arrange temporary emergency accommodation, and organise necessary repairs, the ABI said.
Motor and buildings insurance complaints to ombudsman hit five-year high
From April to June, the Financial Ombudsman Service received 3,869 complaints about car and motorcycle insurance and 1,776 buildings cover cases.
Insurers urge ‘extreme caution’ by Government over potential pension changes
The central purpose of DB pension schemes to pay the benefits promised to members should not be undermined, the Association of British Insurers said.
Record £2.5bn in motor claims was paid out between April and June, says ABI
Energy inflation, labour rates, more costly repairs, longer repair times and increased second-hand car prices have fed into motor insurers’ costs.
Insurance scams drop by nearly a fifth, but value jumps as fraudsters ‘aim big’
The Association of British Insurers said the number of fraudulent claims dropped by 19% to 72,600 last year, marking the lowest figure since 2005.
Average price paid for motor insurance has reached record high, says ABI
THE average price paid for motor insurance has surged by just over a fifth (21 per cent), or nearly £90 in cash terms, over the past year, to reach the highest levels since records started in 2012, according to the Association of British Insurers (ABI).
Average price paid for motor insurance has reached record high, says ABI
The average premium paid for private comprehensive motor insurance in the second quarter of 2023 was £511, the highest since records started in 2012.