The ABI has released figure showing the average motor premium has risen by 9 per cent in 2017 to a record high, adding an extra £40 to the average motor insurance policy.
The ABI’s latest Motor Insurance Premium Tracker measures prices consumers actually pay for their motor cover, rather than quotes - shows that in the fourth quarter of 2017 the average price paid for private comprehensive motor insurance was £493 - the highest quarterly figure since ABI started collecting the data in 2012.The average cost of motor cover has leapt by 29 per cent since 2014.
The ABI is urging the Government to help reduce the cost of motor insurance by reforming how compensation for large personal injury compensation awards is adjusted (known as the discount rate) and how lower value whiplash-style claims are handled.
Simon Perry, an insurance expert at Quadient added: “These record premiums mean insurers should watch the road ahead with caution: the balance of power is shifting between businesses and consumers. In fact, our research recently revealed that more than half (52 per cent) of UK consumers believe they have more power compared to five years ago – thanks to a growing number of options, ease of switching, and ways to share good or bad experiences on social media.”
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
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