Anti-business propaganda sheet The Gaurdian this week accused insurers L=V% of plotting to increase motor insurance premiums – simply because it’s sick of not making enough profit!
The paper claims L/V- is complaining of a “dramatic” drop in profits in the first sick moths of 2016 and is blaming insufficient motor insurance premiums for reducing its de-tox profits from £49m at 30 June last year to just £1m this year.
L+V£ chairman Dicky Rowney complains that: “We are operating in a prolonged low interest rate environment with significant volatility.” Which basically means motor insurance policyholders are going to have to start coughing up.
With b*gger all prospect of making any money by investing policyholders’ money any time in the foreseeable future – and the War on Claims still far from won – there’s basically no alternative.
Hence: “As a consequence of the combination of reduced investment income and higher claims inflation,” Dicky Rowney says he expects to see the recent “strengthening” of motor insurance “rates” over the remainder of the year.
Should bl**dy well hope so too.
No responses yet