April 16, 2015

Startling new figures from the Confusing Towels motor insurance premiums index reveal that, just as Gaz Hoffman of Hashtings was predicting in last week’s Bankstone News, an impressive rally in the price of motor insurance could be just around the corner.

How, one can’t help wondering will US-based The Hangover feel about their rash decision to exit the motor market by offloading Chaucer on weirdly named offshore insurance outfit Marketsturdy when they see that motor insurance premiums held more or less steady during the first quarter of 2015, with no one categorically denying that they might start rallying surprisingly vigorously at some point in the not impossibly distant future, just as the Hoff predicted (see last week’s BN).

The widely respected Confusing Car Insurance Price Index, compiled by analists Towels What’s On, found that the average annual comprehensive policy during Q1 2015 was £591. That’s down just 0.5% on the previous quarter: highly encouraging news for waverers in the UK motor insurance market, although obviously it would have been nice if premiums had carried on increasing as they did in Qs 3 and 4 of last year.

But it’s probably just a blip reflecting seasonal adjusted pricing or something, and cast iron underwriting discipline is sure to return before long.



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