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Motor insurance claims fall 19% in 2020 as drivers stay off road

Stock MarketsMar 12, 2021 00:20
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© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in Milton Keynes

(Reuters) - Motor insurance claims in Britain fell 19% in 2020 and rates stayed at a four-year low, as people undertook fewer journeys due to the COVID-19 pandemic, the Association of British Insurers said on Friday.

British motor insurers have benefited from the restriction of movement implemented to contain the spread of the coronavirus, with Admiral Group (LON:ADML) and Direct Line performing well in 2020.

"The pandemic has forced many motorists to change their driving habits," said Laura Hughes, ABI's General Insurance Manager.

"Predictably, lockdowns have led to far fewer vehicles on the roads, reflected in the fall in the number of motor claims."

The number of claims settled fell 19% to 2.1 million last year and total payouts stood at 8.3 billion pounds ($11.60 billion), down 6%, according to figures published by the ABI.

The average price paid for private comprehensive motor insurance was 465 pounds, remaining at a four-year low, it said.

"As we edge back to some form of normality, cost pressures remain, such as increasing vehicle repair costs, reflecting ever more complex vehicle technology," Hughes added.

Motor insurance claims fall 19% in 2020 as drivers stay off road
 

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