Motor insurance losses down

Motor insurance losses down

It seems like Motor insurance underwriting losses are down for 2009.

The underwriting loss for 2009 was $44.5 million compared to the $214 million in 2008. With a lower underwriting loss, consumers can expect a less drastic rise in motor insurance premiums for their cars. Insurance premiums will most probably stabilise and even if they do increase, will be by a lesser quantum compared to the previous year.

This news will definitely be welcomed by motorists. A lot however still needs to be done to make sure that the motor insurance claims regulatory framework is closely monitored to ensure that nobody abuses the system.

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