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Car Insurance -
Premiums 'have risen 10%' - 04/10/2007
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Car insurance premiums have risen by an average of ten per cent in the last year, research from Deloitte has shown.
The information firm's report, released today, also detects a rise in online car insurance purchases - which now form the majority of new business in the sector.
Premiums have risen in nine out of the past 12 months, according to the report.
Catherine Barton at Deloitte commented: "In the past several years, the underlying motor insurance market performance has been deteriorating, with insurers' results being buoyed by releases from their reserves.
"This situation is not sustainable in the long term and, combined with the impact of major events such as the 2007 floods, rates were going to have to go up. We believe premiums will continue to rise for a few months yet."
The flash floods which hit central and southern England in June and July - which the Association of British Insurers now says will cost the industry around £3 billion - have been blamed by many individual providers for the premiums rises, Reuters reports.
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