LV to cover reinsurance rate rises with higher premiums

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The company increased motor premiums by “high single digits” in the week following the decision to reduce the rate from 2.5% to minus 0.75%. The increases are expected to make up for an expected reinsurance rate rise on 1 January that many anticipate to be up to 400%. Steve Treloar, pictured, general insurance CEO at LV said the company’s current rates were around 5-7% of premium. But he declined to say how much the company anticipated the treaties to increase by. “We put our prices up to