Wrightsure works for operators, ensuring they benefit from the best pricing, service and products. The changes in 2017 affecting motor and liability premiums have had an effect on purchasing decisions:
Insurance premium pax: This changed to 12% on 1 June 2017 and without doubt, will evolve in time as Brexit is implemented
Interest rates: Historically, insurers have been able to capitalise on investment returns to “balance” their books; however there is continued pressure on underwriters to ensure the correct premium rate is applied to a risk
Ogden tables: The discount rate was 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.
