OFT to look into car insurance
The Office of Fair Trading (OFT) has said it will look into recent reports of rising UK motor insurance premiums.
The watchdog said it wants to establish whether premiums have risen by a reported 40% and, if so, why.
Specifically, it said it wants to establish if there are any consumer or competition issues to address.
The OFT is calling for evidence from insurers and other industry participants on many issues, including the role of price comparison sites.
It will also look at additional products sold by insurers on top of standard motor insurance and the provision of replacement vehicles following accidents.
The body said it was particularly interested in reports that car insurance premiums are "significantly higher" in Northern Ireland than in the rest of the UK.
The OFT will gather evidence over the next five weeks and publish its findings in December. This will determine whether it looks any further into car insurance premiums.
In April, the AA said that the cost of car insurance was rising at the fastest rate on record, and had gone up by 40% in 12 months.
At the time, the average premium for an annual comprehensive car policy was £892, while third party, fire and theft policies - usually taken by high-risk younger drivers - cost £1,533.
Otto Thoresen, director general of the Association of British Insurers (ABI), said: "Insurers are committed to keeping motor insurance competitively priced but we urgently need reform of our compensation system if motor premiums are to come down.
"Rising claims costs from personal injury claims, excessive legal costs, insurance fraud and uninsured driving, coupled with lower investment returns in recent years, have unfortunately led to rising motor insurance bills for many customers.
"In fact the motor insurance sector has not been profitable for the last 16 years because the amount paid out in claims and expenses has been greater than that received in premiums.
Axa Car Insurance In Ireland - News
The body said it was particularly interested in reports that car insurance premiums are "significantly higher" in Northern Ireland than in the rest of the UK. The OFT will gather evidence over the next five weeks and publish its findings in December.
French-owned insurer Axa says its revenues from its motor business for UK and Ireland jumped 10 per cent in the first six months of the year to £258million. It has put up average car insurance premiums by 38 per cent over the past 12 months.
A recent study by AXA Car Insurance of motorists aged between 18 and 30 years old found that young individuals who have seen their parents drink alcohol before getting behind the wheel are seven times more likely to copy this behaviour than those who
Paul Evans, chief executive of Axa UK, who in June called for a ban on the payments – also called "acceptance fees" – said: "This is an important step in curbing the compensation culture which has been instrumental in inflating motor insurance premiums
French insurance giant AXA is also dragged down, as is investment bank and asset manager Natixis. SocGen reacted to concerns about the "uncertain and sometimes irrational environment" by wheeling out the bank's chairman and chief executive officer,
National Ploughing Championships 2011 | AXA Insurance Blog
The National Ploughing Championships got off to a flying start yesterday. Around 71,000 people converged near Athy, Co. Kildare for what is considered the largest event of its kind in Europe.
The list of activities and stands goes on and on… You could start your day there munching on something delicious at the Food Village, then check out some impressive agricultural and plant machinery, move on to say hi to some cows and sheep, take in the All Ireland Lamb Shearing competition and finish off by going along to a celebrity cooking demonstration. Not bad going for a day out!
If you decide to pop along to the Ploughing Championships, make sure to drop by the AXA stand – located at Row L, Block 4, Stand 368 – to be in with the chance to win an AXA Leisure Break for Two !
We’ll also be offering a €50 car insurance voucher to new customers , and if you’re an existing customer if you recommend a Friend the friend you refer will get a €50 discount off their new car insurance policy and you’ll get a discount of €50 at your renewal . We’re also more than happy to answer any questions you may have.
Also you may want to check out our vintage 1960 Massey Ferguson 35 (3 cylinder).
Axa Car Insurance In Ireland - Bookshelf
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