Editor's comment - September 2010
So the private motor sector has finally been revealed as the insanely priced kamikaze market that many in the industry always thought it was.
The majority of players in this market have been feeling the pain for years but it is only this year, as reserves dry up, that we are seeing the true cost of writing for growth.
Royal Bank of Scotland Insurance (RBSI) has reported a £253m operating loss for the first half of 2010. The insurer argues that the majority of this loss is attributable to a sharp rise in bodily injury claims, an explanation that has also been leapt upon by Equity Red Star to explain why its parent company had to inject
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