UK Private Motor Insurance Market to Grow Due to Rise in Number of Cars on Roads
Private engine insurance market in the United Kingdom developed majorly in Gross Written Premiums (GWP). This was because of rising premiums, which achieved a highest record owing to the rise in Insurance Premium Tax (IPT), rise in car repair expenses, and the difference in discount rate of personal damage from 2.5% to - 0.75%. This factor contributed highly in increased price claims for insurance firms, which affected their profit. Owing to this, the firms increased their premium costs. Recently a...
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