Almost all classes of commercial business have seen a year-on-year increase in premiums, according to the most recent set of data realised by Acturis*.
Combined Liability policies have seen the largest and most consistent growth, of 7.7% in Q3 2019, with Commercial Combined in a close second place with a 5.9% increase.
These increases have been caused by multiple influences such as a reduction of carriers in the market and increased claims costs following the amendment of the Ogden Rate. The Ogden rate, used to calculate large scale compensation for accident claimants was amended, from -0.75% to -0.25%, in summer 2019, with an estimated cost to the industry of more than £160m.
However, if you have seen an increase on any policy and would like it to be reviewed, please contact Drayton Insurance on 01603 26 26 10.
*Insurance Age December 2019
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