Context
Car insurance premiums in the UK are at their highest recorded levels, according to WTW and Confused.com.
Key points to note
- Launched in 2006, the Confused.com Car Insurance Price Index in association with WTW shows that UK motorists are now paying £776 on average for comprehensive car insurance. In an e-mailed release, it was noted that the figure represents an all-time high.
- The previous peak, at £663, was recorded in 2011. The current average, meanwhile, is £222 more than 12 months ago, with premiums having increased for seven straight quarters.
- Tim Rourke, UK head of property & casualty pricing, product, claims, and underwriting at WTW, said that motorists are facing the sharpest acceleration in premium rates, as insurers continue to grapple with a cocktail of rising costs.
Next actions
The online survey where stakeholders with an interest in these medical reports can provide their views is located on the Ministry of Justice website (second link above). The end date for responses to this consultation is 10th October 2023.