U.K. auto insurance rates rise as large claims shrink

This year has shown a continuation of the increase in car insurance rates in the United Kingdom, as some motorists find themselves faced with premiums that are as much as 50 percent higher than they were in 2010. Equally, according to the U.K. Motor Market Review, which is performed annually by top reinsurance advisor (and part of global insurance broker, Willis Group Holdings) Willis Re, the number and frequency of large claims from serious injuries and deaths resulting from crashes in the country have fallen by a notable 10 percent…

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Antitrust regulator in the United Kingdom to begin motor insurance rate inquiry

An antitrust regulator in the U.K. is beginning a probe into the increasing private auto insurance premiums in the country, as a precursor to actions that may be taken to alter and better the way the marketplace functions. The Office of Fair Trading (OFT) will examine evidence regarding the increases in price that occurred annually over a five year period and will work with the Financial Services Authority and the Ministry of Justice throughout this investigation. The OFT says that it will release its findings in December. According to a…

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