Deloitte: Overall UK motor premiums fall by £400m in 2014
Firm says premiums have been steadily declining since 2011 and stood at £13bn last year.
The total amount of UK motor insurance premiums fell by around £400m to £13bn in 2014 compared to the previous year according to figures from Deloitte.
The business advisory firm found that despite the fall insurers' results improved slightly last year with net combined ratios (COR) standing at 101% set against 102% for the previous 12-month period.
Deloitte pointed out that market premiums have been steadily declining since 2011 and COR across the industry could sink to 103% this year and 105%
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