Uncertain economy “not impacting” car insurance market
Date: 01/05/2008 12:00:00
A leading insurance expert says an uncertain economic cliamte is not impacting on the availability of cover for Britain's motorists.
Graeme Trudgill of the British Insurance Brokers' Association (Biba) said the market remained healthy.
He added even people who are struggling financially are still able to get cover thanks to the variety of products on offer.
He said there were “no concerns” from the association and added: “Motor insurance is so competitive that the market's made an underwriting loss nine out of the last ten years.”
Mr Trudgill is technical and corportate affairs executive at Biba, which aims to represent the interests of insurance brokers, intermediaries and customers.
He said those who are hard up and in need of car insurance could opt for paying in instalments or could take out short-term policies.
Biba's members handle around 75 per cent of the UK's industrial, commercial and consumer insurance business.