2024 Q2 UK motor insurance premiums dropped 2% to £622 but remained 21% higher than last year.
UK motor insurance premiums fell by 2% to £622 in Q2 2024, but remained 21% or £111 higher than the same period last year. Claims costs stabilised, with insurers paying out £2.9bn in motor insurance claims in Q2 2024, a 18% increase from Q2 2023. Despite the quarterly drop in premiums, the Association of British Insurers' (ABI) tracker reveals that premiums have risen significantly over the past year. The ABI's tracker, which analyses nearly 28 million policies sold annually, is based on prices paid for cover rather than quotes.
August 04, 2024
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