Tuesday, September 14, 2010

taxi insurance taxi insurers opt out of taxi insurance market uk london taxi insurance premiums soar

Below is a recent article we have seen on one of the taxi forums with regards to taxi insurance premiums. It seems that a lot of insurers for taxis have pulled out due to losses in the past years for taxi insurance, read it below or go to the website directly, the link is at the bottom.

Taxi drivers need to be made aware that a lot has happened over the past year within motor insurance, and in particular taxi insurance, which has lead to uncertainty and change within the taxi insance sector. Insurance premiums have started to increase and must increase further, so taxi drivers need to make provision for the impending increases. The main reasons for this happening include: (a) insurers have reduced their premiums to a suicidal level (to gain market share) during recent years (b) increased competition (new entrants, not having the experience in insuring taxis, getting it wrong!!) (c) the dramatic increase in claims costs (d) recent and ongoing poor investment returns (e) insurers running out of cash reserves (f) FSA solvency requirements and regulation (g) effects of the banking crisis (h) & the recession The above has resulted in a number of companies putting their taxi accounts into "run off" (not offering renewal terms). These include: Brit Chaucer Groupama HSBC Jubilee Link MMA Premier Quinn Zenith http://www.cheapcartaxiinsurance.co.uk/

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