ABI calls for IPT cut as motor insurance prices hit record high
The average price of motor insurance increased by 29% in the third quarter of 2023, compared to the same time in 2022, reaching a record level £561, according to the Association of British Insurers’ Motor Premium Tracker.
The result was an acceleration on the previous quarter, when the year-on-year rise stood at 21%. From July to September, the average price paid for motor insurance increased 9% compared to the second quarter of 2023.
Related Motor insurance prices at record high – ABI EY forecasts 8.5% premium income growth for UK insurers in 2023 Motor payouts hit record £2.5bn in Q2, says ABIThe tracker analyses almost 28m policies sold over the past 12 months, and is based on the
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