BGN Entrepreneur

According to the AA, premiums for car insurance rose by 7% during the final quarter of 2009, which is the fastest rise ever since it began compiling records in 1994. Henry Engelhardt, chief executive of Admiral, said that the price of average UK vehicle insurance will keep increasing in 2010.
With annual premiuums having held steady for the past two years, insurers are facng a rise in claim sizes and cases of fraud. The insurers need to increase premiums to generate revenues. The record rise in Admiral’s rate in 209 were the biggest in ta decade, helped the insurer to report a 7% rise in annual pre-tax profits. Almost all of that was generated by the UK car insurance business, which is a 15% increase on the 2009 figures.

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