Motor insurers paid out £9.9bn according to the latest data from the Association of British Insurers’ Motor Insurance Claims Tracker. The trade body said the total was the highest annual figure since it started collecting data in 2013 and equates to an average of £1.13m an hour.
Jonathan Fong (pictured), manager, general insurance policy at the ABI, said: “Significant and sustained cost pressures faced by insurers, such as a 31% rise in repair costs over the last year, have impacted on the cost of cover. Despite this, insurers continue to do all they can to ensure competitively priced motor insurance. Through our recently published Roadmap, the industry is working hard to combat rising motor insurance costs.”
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