LMA urges Ombudsman to look at true costs of rising motor premiums
The Lloyd’s Market Association (LMA) has stressed that losses in the motor insurance market and unnecessary costs faced by insurers are responsible for pushing up prices for customers.
The LMA made the announcement ahead of the publication of the Office of Fair Trading's (OFT) findings this December on the increase in private motor insurance premiums.
David Powell, underwriting manager at the LMA urged the OFT to consider the underlying causes of rising costs.
"Legitimate factors such as low investment returns are inevitable in the current economic climate," he said.
"However, the OFT should recognise that the motor insurance market is loss-making and that largely unnecessary
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