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What’s happening to car insurance premiums?

  • August 21, 2022

Car insurance premiums are on the rise once again, according to the latest report from Confused.com.

The comparison website’s quarterly index found that the prices quoted to drivers increased by an average of 6% year-on-year between April and June 2022.

Here, Which? takes a look at what’s happening to the cost of car insurance and offers advice on how much notice you should take of headline figures.

What’s happened to car insurance prices?

The average car insurance premium has risen to the highest level in nearly two years, according to new research.

Confused.com found that premiums increased by £32 (6%) year-on-year in the second quarter of 2022, to reach an average of £554.

Louise O’Shea of ​​Confused says: ‘With all of us still adjusting to life after lockdown, it’s likely that price rises are due to a rise in insurance claims as we get back into some sort of routine.

‘While prices are increasing, we know that car insurance is one area where you can still save money, which could help balance out price hikes in other areas.’

How much could you save by switching?

Confused says loyal customers are facing some of the biggest price increases to their premiums.

Its survey of 2,000 drivers found 45% of those who’d renewed their policies between April and June had seen their premiums increase, by an average of £41.

The comparison site says drivers who are quoted a higher renewal price by their provider could save £54 by shopping around and switching insurers.

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Have the FCA’s changes had an impact on insurance pricing?

In January, the Financial Conduct Authority

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Liberty Mutual Insurance completes major acquisition

  • August 20, 2022

AmGeneral is comprised of 1,400 employees across 33 branch locations. It is one of the country’s top three motor insurers, and it distributes its personal and commercial insurance products under the AmAssurance and Kurnia brands through over 6,000 agents, brokers, car dealers, franchises and affinity partners.

Previously, AmBank owned 51% of AmGeneral, with the other 49% owned by Insurance Australia Group. Liberty Insurance Berhad acquired 100% of the shares of AmGeneral, while AmBank continues to hold a 30% interest in the business via the consideration shares the bank received as part of the deal.

A release said that as part of the deal, the prospective merged entity between Liberty Insurance Berhad and AmGeneral Insurance Berhad will enter into an exclusive 20-year bancassurance partnership with AmBank to distribute general insurance products. The merger will formally occur at a later date, Liberty Mutual reported, and the resulting entity will become “the largest auto insurer and a leading general insurer in Malaysia.”

“The acquisition of and subsequent merger with AmGeneral is instrumental in our aspiration to become a leading global property and casualty insurance company,” said Liberty Mutual president, global retail markets Jim MacPhee. “Together, we will help people embrace today and confidently pursue tomorrow so that individuals and businesses in Malaysia grow and win together.”

MacPhee added that combing Liberty’s global capabilities with AmGeneral’s strong team “will create a best-in-class insurance operation.”

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