The gross written premium income of the 32 companies that reported their results declined in 2018, due to a combination of slow economic activity, the application of higher no-claims discounts
for motor policies, and the departure of more than 1 million expatriates in 2018 as a result of higher taxes on foreigners and more restrictive Saudization policies.
Even those with more than six-year's no-claims discounts
built up paid more for driving less.
amendments encourage renewals by enforcing no-claims discounts
, it is expected
The single storm event is unlikely on its own to cause rises across the board in premiums but those making claims could find themselves losing no-claims discounts
they have built up, the ABI said.
Other sports-linked professions are just as bad, with more than 70 per cent of boxers, rally drivers, jockeys and cricket umpires all without no-claims discounts
, compared to an average of 45 per cent of all UK drivers.
The Healthier Solutions plan from Aviva was launched in 2009 - followed by two new excess options, in February, 2010, with options to reduce outpatient cover and introduce starter no-claims discounts
of 66% for new policies.
Both home and car insurers offer no-claims discounts
, typically 10 per cent off home insurance and 10 per cent for each claim-free year on car insurance.
Insurance: M&S has been accused of being more expensive, but no-claims discounts
are available and it offers reductions to people who pay with either their &More or charge cards.
Andy Deller, banking and insurance director of internet bank Egg, says: 'Some look to reduce their car insurance by not protecting no-claims discounts
- often a false economy.' #BRITS on holiday forget basic safety rules.
Insurance firms recognise this and reward careful drivers with a no-claims discounts
. New drivers should find a firm specialising in their category.
Dial Direct has an option for drivers to protect no-claims discounts
- regardless of the number of claims they make and whose fault the claim is.