Squabbling begins over motor rate pricing
Equity Insurance Group has gingerly made its concession to the need for motor rate increases by anno...
Equity Insurance Group has gingerly made its concession to the need for motor rate increases by announcing it will increase rates by 5% over the course of 2007. However, rival Groupama has already criticised this approach as inadequate, on the basis that claims inflation is running at 6%.
Andrew Goldby, motor underwriting director at Groupama, warned that the industry is heading for a painful combined operating ratio of 109% in 2006, with a similar COR trailing into 2007 unless rates are
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