Moody’s has changed its outlook for UK property and casualty insurers to stable from negative, noting prices for personal lines cover, such as motor insurance, have risen sufficiently to absorb claims inflation.
The ratings expert also flagged that commercial lines prices while rising more slowly or softening were still “supportive of strong insurer performance”.
Motor insurance premiums spiked by as much as 40% last year but have now reversed to declining. Confused/WTW put the drop in Q2 at 6%.
Similarly, home insurance has seen year-on-year rises of more than 40%. However, in the three months to the end of July, the average quoted premiums for buildings and contents insurance fell by 1.1%, according to
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