A report from brokers Aon quoted in Post Magazine says nine out of ten underwriters expect UK motor fleet premiums will rise in the first quarter.
Aon’s quarterly index tracks underwriters’ premium predictions for property, liability and motor fleet. Those surveyed wrote premiums worth £23.5bn in 2008. Aon says motor fleet premiums provide a good indication of where other premiums will go and around 70% of underwriters expect property and liability rates will also rise. Aon’s Steve Redgwell sounds mildly skeptical: “We are hearing very strong messages from insurers about rates rising but these have not yet manifested themselves into actual increases - underwriters are still hungry for new business and it is possible for companies to achieve highly competitive rates ‚ as long as businesses can evidence that they are committed to and have a culture of good risk management. Insurance brokers must continue to work with their clients and insurers to provide the quality of information they need to obtain broad and competitively priced cover for UK companies.”
So now you know!