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Motor insurers will need to raise premiums by 30%-40% to make an underwriting profit for 2011, a leading insurance actuary predicts.

The above predicted increase is on top of 30% average increase for 2010 and the 10%+ rise in 2009.

The expected rises would be fuelled by claims inflation, including pesonal injury claims increases, operating expenses and poor investment returns. Taxi insurers will be hit particularly hard by increased insurance premiums due to their exposure to accidents and passenger injury claims.  Increased fraud during a recession is another factor for taxi insurers as the number of "crash for cash" claims increase.

 

 

 

 

 

 

 

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