LONDON (Reuters) - Comprehensive motor insurance premiums in Britain fell by 16% in the third quarter compared with a year earlier, the biggest year-on-year drop since 2014, a survey by Willis Towers Watson (NASDAQ:WLTW) and Confused.com showed on Thursday.
Government lockdowns and restrictions in Britain have reduced the number of cars on the roads, cutting claims and leading to lower insurance rates.
“The downward trend in prices has continued for four consecutive quarters, driven primarily by the lower exposures and claims experience resulting from the COVID pandemic," said Stephen Jones, UK property and casualty consulting lead at Willis Towers Watson.
The average comprehensive car insurance premium was 514 pounds ($701) in the third quarter, versus 611 pounds in Q3 2020.
However, the rate at which prices are falling has slowed in the last three months compared to the first half of the year, Jones added, as people return to their offices and take domestic holidays following the lifting of restrictions.
($1 = 0.7329 pounds)