UK motor insurance premiums jump 10% to five-year high
Premiums rose to GBP485 in the quarter, GBP45 higher than a year earlier, ABI said in a statement.
The premiums have been rising this year partly in response to new rules for personal injury claims, Reuters reported.
A government decision earlier this year to cut the personal injury discount rate - known as the Ogden rate - contributed to a increase in the size of payouts, denting insurers' profits and driving premiums to record highs.
Britain announced plans last month to change the rate for calculating personal injury payments, a move expected to cut the size of the payments. ■