Context
The Association of British Insurers (ABI) publishes data from their Motor Insurance Tracker, for motor premiums for the first quarter of 2024. The data shows motor premiums increased by just 1% in the first quarter of 2024, indicating an easing of rises seen in 2023. However, insurers continue to absorb growing costs, with the average claim paid rising 8% to reach a record of £4,800 over the same period.
Key points to note and next actions
- ABI set out the steps the industry is taking to combat the rise in the cost of motor insurance at their conference in February.
- ABI announced that its members had agreed a set of principles on premium finance, aimed at managing the cost associated with paying for insurance on a monthly basis.