AA Dismiss Claims That The Car Insurance Market Will Make A Profit In 2009March 14th, 2008
Datamonitor has claimed that in 2009, the UK motor insurance industry will make a healthy profit. AA Insurance were quick to dismiss this saying rising claims costs, along with high competitiveness, have caused companies to increase costs to cover rising claims at the same time keeping costs low enough to keep the competitive edge.
Andrew Strong, the firm’s chief executive officer, has said that the inflation of claims costs is about 5% per annum for vehicles and property and 10% for injury. It is said that the online providers are making the insurance marketplace even more competitive as it’s easier for consumers to browse for the best deal.
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