Personal motor - Finding the key to motor
There is no escaping the fact that motor insurers are suffering poor results but there is still much that can be done to improve personal lines brokers' performances in this cutthroat market, writes Katherine Brandon
With many leading insurers making significant underwriting losses in 2007, much of the sector is suffering. Highway has been courted by LV= after a fall in pre-tax profits to £1.4m for the first half of 2008, down from £11.8m in the same period for 2007. It is scant wonder that many insurers are suffering: with highly competitive premiums, an average loss ratio of 100.4% in 2003 rose to 113.2% 2007, meaning that the average personal motor insurer was paying out £1.13 for every £1 premium
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