Wrightsure works tirelessly for its clients, ensuring they benefit from the best pricing, service and products. However, there are some changes that will affect motor and liability premiums including:
Insurance Premium Tax: Currently 10% today, this is set to increase to 12% on 1 June 2017.
Interest Rates: Historically, insurers have been able to capitalise on investment returns to “balance” their books; however, with the base rate recently dropping to an all-time low of 0.25%, there is a continued pressure on Underwriter’s to ensure the correct premium rate is applied to a risk.
Ogden tables: The discount rate has been amended from 2.5% to minus 0.75%, bringing with it a circa 50% shortfall in sums set aside by insurers for historical claims and a circa 15% burden to future motor claims.
Having a knowledgeable Insurance Broker working with you and providing sound Risk Management Advice ensures your business is in the best position to withstand these economic risks.
For more information visit www.wrightsure.com/
