Throwback Thursday: ABI’s insurance premium warning
Insurance Post’s Throwback Thursday steps back in time to June 1991 to remind you what was going on this week in insurance history when the Association of British Insurers warned consumers to expect to pay more for cover.
27 June 1991: Losses will push up premiums
Association of British Insurers chairman Joe Palmer warned general insurance rates will have to significantly increase in the wake of the worst-ever non-life losses.
Palmer said competition would keep rates relatively low but told motorists they could expect to pay £1.50 a week more for cover.
Buildings and content insurance should increase by an extra £1 a week, he said, and businesses were told to brace for an average 20% premium jump.
His warning came after motor suffered an underwriting loss of 19% in 1990 with thefts leading to a 50% increase in claims paid to £430m.
Underwriting losses for fire and accident increased by 22% with subsidence noted as a particular problem.
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