Car trouble.
Private car insurance is still a very tough market, and the introduction of the Woolf reforms is likely to compound the situation. As a result, some insurers are taking pro-active measures in a bid to ride out the storm, says Andrew Newman.
A Liverpudlian motorist recently highlighted one of the many problemsfacing the motor market when he quipped: "I don't need motor insurance,
I'm covered by the Motor Insurer's Bureau." Levies to pay for uninsured
drivers are united with other pricing hazards which are exacerbating the
problem currently faced by the private car insurance market. One
underwriter sums up the situation: "The market needs at least 15% just to
break-even. No one even talks about underwriting profit any more."
Underwrite
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