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In this article, Insurance Business compiled a list of practical tips and strategies that can help British motorists save on car insurance premiums. Here are 15 of the most effective premium-reduction techniques that can help you land cheap car insurance in the UK. If you are an insurance professional with a client who is worried about the cost of car insurance, this is a good guide to help them.

1. Shop around and compare car insurance rates.

Because premium prices can vary significantly depending on a driver’s personal circumstances, determining which policies provide the greatest savings can prove to be challenging. A car insurance policy that offers the cheapest rates for you may be the most expensive option for another.  

This is where price comparison websites can come in handy. The internet is replete with insurance comparison sites that you can easily access. These platforms allow you to shop around and compare quotes from several car insurance providers, which is often the simplest and most effective way to ensure that you are getting the lowest rates possible for the coverage that you need.

2. Skip unnecessary coverages. 

Most car insurers offer a range of coverage options that can boost your policy’s protection level – but there’s a caveat. While the increased coverage these add-ons provide makes them very attractive features of your policy, they can also easily drive up the cost of premiums. So, it pays to be aware of the coverage you really need. Often, by sticking to the basics, you can also greatly lower your rates. 

3. Read the policy carefully before purchasing.

To avoid overpaying, you should have a clear understanding of what you will be covered for and how much a plan will cost you. This is why it is important for you to carefully read through the policy document before purchasing. Doing so also enables you to get the right coverage at the best possible price. Be sure to double-check the quotes and if the coverage level suits your needs.   

4. Maintain a clean driving history.

Keeping your driving record spotless is one of the best ways you can access cheap car insurance in the UK. If you are a safe driver, auto insurance companies often view you as more of an asset as you are less likely to be involved in vehicular accidents and, therefore, cheaper to insure. You may also be able to access a range of discounts for adopting safe driving practices like the one below.

5. Build up your no-claims bonus.

You can also significantly reduce the cost of your car insurance premiums by building up your no-claims bonus. If you have consecutive claim-free years, you may be able to take advantage of this type of discount. The amount can potentially rise each year, with some insurers offering up to 70% to even 80% reduction in premiums for drivers who have maintained their claims-free status for five straight years.

It can also help if you can make smart choices on what you claim. For example, paying for minor repair costs out of pocket if it means retaining your no-claims status.

6. Pick your car wisely.

The type of car you choose plays a huge part in how your premiums are calculated. Pricier vehicles are often more expensive to repair as they have parts that are difficult to replace, not to mention they are also more attractive to thieves, pushing up insurance costs.

In the UK, every vehicle on sale is categorised into a car insurance group, which helps insurers determine how much premiums they will charge. The groups are numbered anywhere from one to 50. As a general rule, the lower the insurance group, the cheaper it will be to have the car insured. We will delve deeper on how car insurance groups work later.

You can also check out our latest rankings to find out which cars in the UK are the cheapest to insure.

7. Avoid costly modifications.

The right modifications can boost your car’s performance and make it more stylish – but these can also drive up premiums. So, if you want to cut down on insurance costs, you should carefully consider first if such enhancements are necessary. Another thing to take note of is that it is mandatory for you to declare any modifications done to your vehicle to your insurer, even if you were not responsible for these changes. Failure to do so risks voiding your coverage.

8. Take defensive driving courses.

Taking safe driving courses not only shows that you are committed to becoming a better driver, but also allows you to qualify for discounts. It would be best though to talk to your insurer before enrolling in courses to know which discounts you could be eligible for. An experienced insurance agent or broker can give you sound advice on the best route to take to qualify for lower rates.

9. Pay premiums annually instead of in monthly instalments.

Paying for your premiums in monthly instalments is like paying for a car loan – you are also likely being charged for interest or finance arrangement fees. If you can afford to, opt for annual payments. This can slash a substantial amount from your car insurance. 

10. Install anti-theft devices.

Anti-theft devices play an essential role in boosting your car’s security – and car insurers like that. Most insurance companies will reward you with discounts if you have installed theft deterrents in your vehicle. These include:

• Car alarms
• Kill switches and immobilisers
• Steering wheel locks
• Brake locks
• Locking wheel nuts

11. If you can afford to, consider raising your deductible.

A higher deductible means lower premiums. But this also increases the amount you need to pay before your car insurance picks the tab in the event of an accident or theft. Think carefully and make sure you choose a deductible amount that you can manage to pay. This strategy is not for everyone but if you are a safe and confident driver, you may be able to afford more risks.

Wondering how an insurance deductible works? Find out how in our comprehensive insurance deductibles guide.

12. Be mindful of your mileage.

One of the most common mistakes drivers make that prevents them from getting cheap car insurance in the UK is overestimating their mileage. For example, if you expect to cover 10,000 miles and declare this on your insurance policy, yet only drive 5,000 miles, you’re paying for a wasted 5,000 miles worth of insurance cover. It pays to be as accurate as possible when providing car insurance companies about how many miles you cover. But you shouldn’t be dishonest either as this can result in the rejection of your claims.

13. Park in a secure location.

A car left out on the street is always more vulnerable to theft, vandalism, and damage from careless drivers. This level of risk often leads to higher premiums. Conversely, if your vehicle is parked in a secure location, such as a garage, you can access cheaper rates. Keeping your car garaged also yields other benefits, including keeping your car looking pristine longer as it reduces damage caused by UV radiation, hail, and bird droppings.

14. Consider a telematics policy.

Enrolling in a telematics policy can be beneficial for certain types of drivers. This works with your insurer installing a telematics device in your vehicle. The device, also called a black box, tracks driving behaviour, allowing you to access discounts based on when, how well, and how much you drive.

15. Do not let your car insurance policy auto-renew.

One of the main reasons why many drivers choose to let their car insurance policies auto-renew is that they find the process of shopping around and applying for a new one arduous and time-consuming. But doing so can also make them miss out on a better deal.

According to experts, reviewing coverage and shopping around for a better deal is something that you should practice every year to reduce your premiums or find a policy that you’re happier with. By taking these steps, you can also determine if you’re still getting value from your current cover.

Here’s the summary of the top 15 ways to get cheap car insurance in the UK.

If you’re like most Brits, you probably do not pay too much attention to a vehicle’s insurance group before purchasing. This often-overlooked detail, however, has a major impact on your car insurance premiums.

As mentioned earlier, every vehicle on sale in the UK is categorised into a car insurance group, which helps car insurers in determining how much premiums they will charge. The groups are numbered anywhere from one to 50, with the cars falling into the lower insurance groups getting the cheapest rates.

A group rating panel consisting of representatives from the insurance industry and members of the Association of British Insurers (ABI) and Lloyd’s Market Association (LMA) are tasked to determine in which category each car will fall. To do this, the panel considers eight factors, with the goal of finding out how much damage a vehicle sustains in a collision and how cheap and easy it is to repair after an accident. These parameters are listed in the table below.

Our comprehensive guide on car insurance groups can help you work out if your vehicle is eligible for cheap car insurance in the UK.

A vehicle’s insurance group, however, is not the only factor that car insurers take into account when calculating coverage costs. Insurance companies also consider several parameters, including:

• Age: Young and inexperienced drivers are often considered riskier to insure and face higher premiums than their older counterparts. Parents who are thinking about adding their teenage children to their policies should also be aware that doing so can drive up premiums depending on their kids’ driving history.
• Gender: Male drivers are viewed to have a higher likelihood of getting involved in accidents than female motorists.
• Driving record and claims history: Past accidents and claims increase a driver’s risk, which leads to higher premiums. Motorists with a clean driving and claims history, meanwhile, are often rewarded with discounts from their insurance providers.
• Residence: Car insurance rates for postcodes with higher vehicular crime and accident rates will likely be higher.
• Level of coverage: The choice of policy also dictates how much a driver will pay in car insurance.
• Occupation: Some professions present a higher risk for auto insurers, including food delivery and taxi drivers, pushing up insurance rates. Find out which occupations in the UK have the most and least expensive premiums in this article.
• Vehicle’s market value: A car’s age, make, model, condition, and distance travelled also play key roles in calculating premiums. Ever wondered if newer cars are more expensive to insure than older ones? Find out in our new car versus old car comparison.
• Parking location: Keeping a vehicle in a secured garage or monitored car park will likely result in cheaper premiums compared to just leaving it on a public road.
• Add-ons: Adding optional extras such as roadside assistance, widescreen excess, and rental car cover can raise premiums, although some comprehensive policies already offer these types of coverage.

Do you want to know how insurance companies come up with premiums for different policies? Check out our comprehensive guide on insurance premiums to learn more.

UK motorists are now paying £629 on average for their car insurance, a 19% surge in 2022 or equivalent to a £100 year-on-year increase, according to the latest Car Insurance Price Index from Confused.com and WTW. More details in this Insurance Business report.

It is mandatory in the UK for drivers to take out third-party coverage. Getting caught driving without one can result in hefty penalties and may affect your future eligibility for obtaining coverage. Auto insurance, however, goes beyond just liability coverage.

UK drivers can access three types of protection, according to the ABI. These are:

1. Third-party coverage: The most basic form of cover, this pays out for injuries or damage you caused other people, properties, and vehicles. This is also the minimum level of cover required for you to be allowed on the road.
2. Third party, fire, and theft (TPFT) coverage: This provides the same protection as third-party policies but also covers if your car is stolen or if it catches fire. Some auto insurance providers also require that the vehicles have a security device installed for theft coverage to kick in.
3. Comprehensive coverage: This offers the most extensive coverage available. Apart from third party, fire, and theft, comprehensive policies cover the cost of repairing your vehicle after an accident even if you are at fault.

Car insurance is one of the biggest costs associated with owning and operating a vehicle. In the UK – where there are more than 40.8 million registered vehicles, according to the latest vehicle licensing statistics from GOV.UK – drivers are legally bound to carry at least one type of coverage – third-party insurance. But with motorists swamped with options from various providers, finding the right policies that fit your needs becomes a challenging task.

Choosing cheap car insurance in the UK can often be tempting. But you risk losing more, especially if the protection such policies provide is not enough. To get the most out of your car insurance, you must first understand the choices available to you and the level of coverage the different types of policies offer.

For families looking for cheap car insurance, they can check out our latest rankings of the cheapest family cars to insure in the UK. Sometimes, the best way to get cheap car insurance is to start with the actual car that you purchase and then go from there.

Do you think cheap car insurance in the UK provides sufficient coverage? Tell us why or why not in the comment section below.

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In this #IBTalk episode, H&H Insurance Brokers’ MD Paul Graham shares insights into how insurance brokers can move the dial on how insurance is viewed by customers.

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UK holidays group and insurer Saga Plc (Saga) is in exclusive discussions with Australian insurance group Open Insurance (Open) regarding a potential sale of the UK insurance business’s underwriting arm, Acromas Insurance Co., according to reports.

Acromas currently underwrites around 25% to 30% of the insurance business, making it the largest business in the group. However, it has struggled due to rising claims, leading to a half-year loss and a threat to full-year earnings in September. As of July 31, 2022, the company’s net debt was £721.3 million.

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“In terms of what that means for us as an insurance industry… we have to strike a very careful balance now in terms of how we price and how we maintain adequacy of commercial terms for insurance and reinsurance. But we also have to keep in mind that products need to remain relevant, and certainly affordable for our customer base. Putting all those factors together, you can certainly appreciate that this is going to be a key challenge for the industry as a whole in 2023.”

Lay highlighted that, linked to the dilemma presented by this challenge is the drive for greater efficiency across the market. Whatever costs can’t be passed on to a market have to come out of a company’s own operations, he said, which has led to demand for greater cost efficiencies in distribution and operationally. This, in turn, is creating further demand for product innovation as insurers need to be able to personalise coverages more in order to eradicate unnecessary costs.

Underinsurance – a pressing concern

From the perspective of Lay’s team, which operates a very property-heavy book that is highly responsive to the inflationary challenges that remain a theme in 2023, underinsurance presents a pressing concern. There is the risk that coverages either are inadequate or are becoming inadequate over time if the underlying insured values are not adjusted correctly, he said – and this is a risk for the consumer as well as the insurer.

“On my point around affordability, I think in an environment of prolonged inflation, and [elevated] costs of settlements, the affordability of insurance becomes a challenge. And our response to that as a distribution company is our emphasis on more efficient distribution avenues, but also on creating bespoke products that are really more relevant for the customer, and therefore allow us to price more competitively for the cover provided.”

Driving business forward with digital innovation

Looking back to the launch of GrovesJohnWestrup Private Clients (GJW PC) – a Munich Re company serving the high-net-worth insurance space – Lay noted that some of the key market themes at play then are continuing now. We are still operating in a heavily intermediated market, he said, and in this market, it is still a challenge to drive true digital innovation in digital businesses.

“But I think we have been pretty good at demonstrating that even in a very complex product space, like high-net-worth, that it is possible,” he said. “And we will certainly continue our digital innovation in other intermediated segments, whether it’s SME or regional P&C business.”

That digital innovation has had numerous benefits, he said, from data-driven decision-making that cuts down manual handling to the use of data in driving dynamic propositions. These innovations and this evolving technical capability are the right response to the commercial challenges that are currently facing the market – particularly given that the volatility and unpredictable nature of this environment looks set to remain in place.

The advanced agility and data capabilities of his team have been integral to its development, he said, providing the capacity to respond to the challenges of the market in a commercially savvy way, while also leveraging the new opportunities presented by present market conditions. Validating this is how the hybrid working environment installed after the lockdowns has pinpointed the immediate benefit of the business’s digital placement capabilities in the way that it is now interacting with brokers.

“You are now a lot more dependent on digital means to trade. And I think having established that in the context of COVID and then having seen it [evolve] in 2022 has been a very strong validation of our proposition,” he said. “We are now seeing around 40% of all quotes directly on the platform. And we’ve got some brokers that are doing over 80% of their placements with us directly through the platform.

“These are very early indicators that even a very large and complex proposition like high-net-worth can be transacted in such a way. Especially if you always combine it with a human touch. Because we’re not taking the underwriter out of the equation, it’s quite the opposite…. It’s just the simplicity of doing business, the agility and the ability to offer bespoke coverage which is taking away some of those pressures.”

It’s rewarding to see how the market is responding to the business’s offering, Lay said, because as a distribution company for Munich Re, it’s built into his team’s DNA to create a proposition that works. And, so, the development of its digital capabilities is a proposition that the business is going to leverage further and across other lines of business in the future.

Specialty business – key focus areas for the year ahead

Lay and his team have several core areas of focus for the year ahead under the newly established board division, which brings together various primary insurance businesses of the group under one coherent specialty business unit. In addition, the group welcomed a dedicated board member responsible for all specialty primary business across the Munich Re group – and Lay’s business unit in the UK is one of the integral parts of that.

“That new setup gives us scope and it gives us relevance to drive specialty primary initiatives further,” he said. “I think our business model in the UK is really interesting in that we’ve created a business blueprint that is quite transferable in the way that we’ve worked with Munich Re entities together to create one coherent business model.

“That is a blueprint that I would like to take now into other territories outside the UK. In terms of lines of business, it is specialty, which means it’s largely a commercial lines offering with certain complexity criteria that you could attach to it. And we will expand that specialty P&C proposition further outside the UK space. So, that is something that is certainly on the agenda for the next year.”

What are your thoughts on trends in the HNW space? Please feel free to share your comments below.

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“I’m very pleased to report that Lancashire continued its strong growth trajectory during 2022, increasing gross premiums written year-on-year by 35% to $1.7 billion and delivering a combined ratio of 97.7%. In the five years since 2017, our gross premiums written have increased by almost 280%,” Lancashire Holdings Group CEO Alex Maloney said, emphasising that the company’s robust underwriting performance came against a backdrop of high industry losses and a volatile macroeconomic environment.

In line with its “underwriting comes first” principle, Lancashire Holdings expanded its footprint and focused on organic growth opportunities and rate increases across most of its product lines.

Lancashire Holdings’ response to extreme weather events

Lancashire Holdings revealed that its catastrophe and weather-related losses for FY22, excluding the impacts of reinstated premiums, totalled $218.4 million. The total included the impact of Hurricane Ian, which was at the lower end of the $160 million to $190 million range provided by the company in Q3 2022.

Previously, Lancashire Holdings set aside $22 million for direct claims resulting from the Ukraine conflict. In Q4 2022, the company revised the amount to include an additional management margin for any potential indirect claims related to the conflict across several classes, now totalling $65.8 million.

“From a capital perspective, we held a very strong position throughout the year, and we have the necessary headroom to continue to write profitable business and deliver returns during what we expect to be a harder market in 2023,” Maloney said.

Lancashire Holdings’ 2023 performance

Lancashire kickstarted 2023 with strong renewals on January 1, which saw a market-wide reassessment of property catastrophe risk. Pricing, coverage, and terms and conditions responded positively, substantially improving expected returns.

Increased demand for Lancashire Holdings products due to recent industry loss experience and broader inflation was not met by an increase in the supply of capacity as investors repriced the cost of capital.

“Overall, this gave considerable momentum to the current favourable market dynamics, which we expect to continue at least at the current level as we go into the mid-year renewals,” Maloney said.

“In other lines, the pricing environment remains supportive, albeit rate rises were not as high as in property catastrophe lines of business. Our specialty book has seen five years of rate increases, and this looks set to continue in 2023, while our casualty business is more stable, with rates remaining close to historical peaks.”

Lancashire Holdings expects wider capacity constraints due to the increasing cost of capital and historic loss activity.

“I very much look forward to the opportunities for further profitable growth that the next 12 months may bring, and I’d like to thank all of our colleagues for their hard work and our investors, clients, and their brokers for their support during the past year,” Maloney said.

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A New Year is in full swing and our thoughts have turned to what we might like to achieve in 2023 – and this could be an important year as we lay the foundations of true digitalisation and understand what that means for the more traditional methods of trading. And it is time to get a wider cross section of the market engaged in that debate.

We have made a lot of progress in our modernisation efforts over the years – albeit not without struggle. But, accelerated by the pandemic, well over 90% of placements in London happen on one of the electronic trading platforms – primarily Placing Platform Limited (PPL). That is a huge achievement in a market as addicted to paper as ours was. But this adoption, while a major behavioural change, has done little to disrupt the fundamental way business has been conducted. I always said that PPL was about getting people to use computers. Once you had delivered that, how they used computers in cleverer ways to deliver more effective methods of delivering world class client service would be up for debate. That is the point we are reaching now.

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US-focused Argo offers a full line of specialty insurance products for the property and casualty market, while Brookfield Reinsurance owns and operates a growing global insurance and reinsurance platform.

As part of the agreement, each issued and outstanding Argo common share will be converted into the right to receive US$30 in cash at the closing of the merger, funded by existing cash on hand and liquidity available to Brookfield Reinsurance.

Argo has also agreed to suspend the payment of dividends on its common shares through the closing of the transaction.

“This transaction brings a successful conclusion to Argo’s strategic alternatives review process and represents the best path forward for Argo, our employees and policyholders while also maximizing value for our shareholders,” said Thomas A. Bradley, executive chairman and CEO of Argo.

“By joining Brookfield Reinsurance, Argo will continue to serve our brokers with greater financial strength and opportunities to grow as a US-focused specialty insurer.”

Sachin Shah, CEO of Brookfield Reinsurance, said the acquisition of Argo represents another milestone in the firm’s continued expansion.

“Argo’s leading US specialty platform adds a foundational piece to our expanding US P&C operations. We look forward to partnering with the Argo team to support the growth of its core businesses, build on its strong franchise, and deliver value for policyholders,” Shah said in a release.

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Car insurance – buyers face additional costs

Car insurance buyers are now more likely to find themselves facing additional costs when shopping around, on top of the rising price of motor cover. In 2018, around eight in 10 (79%) insurers did not charge a set-up fee, but this had shrunk to just over five in 10 (52%) in 2023. The average car insurance set-up fee was £40.02 in 2023, up from £31.92.

Set-up fee charges – car insurance
	2018	2023
No fee charged	79%	52%
Less than £20	2%	3%
£20 – £39.99	10%	10%
£40 – £59.99	4%	25%
£60 or more	5%	10%
TOTAL	100%	100%

Source: Defaqto

Loyal customers were also more likely to face renewal fee charges in today’s market. The average car insurance renewal fee for 2023 was £39.69, an increase on 2018’s £31.65. As of 2018, more than eight in 10 (83%) insurers did not charge a renewal fee, but this had declined to 55% in 2023.

Renewal fee charges – car insurance
	2018	2023
No fee charged	83%	55%
Less than £20	1%	2%
£20 – £39.99	8%	8%
£40 – £59.99	4%	25%
£60 or more	4%	10%
TOTAL	100%	100%

Source: Defaqto

“As you can see, there has been a notable change in the number of standard comprehensive car insurance products that are now applying these fees, with just under 50% of products applying a ‘set-up’ and ‘renewal fee’ in 2023,” said Defaqto insight consultant (general insurance) Mike Powell.

The proportion of insurers with products charging a higher post-cooling off period car insurance cancellation fee also grew. In 2018, 58% of policies had a cancellation fee charge of £40 or more – this had grown to 77% in 2023, and the average cancellation charge was £52.42, compared to £47.02 in 2018, according to the Defaqto data.

Cancellation fees
	2018	2023
No fee charged	21%	10%
Less than £30	16%	7%
£30 – £39.99	5%	6%
£40 – £59.99	48%	49%
£60 or more	10%	28%
TOTAL	100%	100%

Source: Defaqto

Average Fees for car insurance – 2018 – 2023
	2018	2023	% Diff
Set-up fee charges	£31.92	£40.02	25%
Renewal fee charges	£31.65	£39.69	25%
Cancellation fee charges	£47.02	£52.42	11.50%

Source: Defaqto

High net worth and telematics policies were excluded from Defaqto’s standard motor policy analysis, which compared 227 products from 2018 to 238 products from 2023.

Almost one-third of car insurance buyers buy their policy based solely on price rather than breadth of cover, a recent Trakm8 survey found. Car insurance costs have been on the rise, driven by inflation and pricing rule changes, with the average premium at £629 for Q4 2022, up £100 year-on-year, according to WTW and Confused’s Car Insurance Price Index.

Home and contents insurance see set-up fee charges rise

Fee changes were less pronounced in home insurance, which was split into buildings and contents insurance for Defaqto’s analysis.

While the number of insurers not charging a set-up fee for buildings insurance remained static at 73%, for those that did advertise a charge the average set-up fee cost was up 9% from £26.15 to £28.44.

Set Up Fee Charges – buildings insurance
	2018	2023
Fee is ‘not stated’	13%	3%
No fee charged	73%	73%
Less than £15	2%	5%
£15 – £29.99	10%	7%
£30 – £49.99	1%	10%
£50 or more	1%	2%
TOTAL	100%	100%

Source: Defaqto

Renewal fee charges were also up slightly for buildings insurance, at £28.54 versus £27.44 in 2018. However, 74% of products did not include a renewal fee, up from 71% in 2018.

Renewal Fee Charges – buildings insurance
	2018	2023
Fee is ‘not stated’	15%	3%
No fee charged	71%	74%
Less than £15	1%	4%
£15 – £29.99	10%	8%
£30 – £49.99	1%	9%
£50 or more	2%	3%
TOTAL	100%	100%

Source: Defaqto

The average annual cost of buildings insurance was £288 as of Q2 2022, according to ABI data.

In contents insurance, buyers of just over one in 10 (13%) products could expect to pay a set up fee of £30 or more in 2023, up from 2% in 2018.

Set Up Fee Charges – contents insurance
	2018	2023
Fee is ‘not stated’	15%	3%
No Fee Charged	72%	71%
Less than £15	2%	6%
£15 – £29.99	9%	7%
£30 – £49.99	1%	11%
£50 or more	1%	2%
TOTAL	100%	100%

Source: Defaqto

Some consumers could also find themselves facing hiked renewal fees for contents insurance, with 12% of products advertising a charge of £30 or more, up from 2% five years prior.

The average cost of contents insurance was £116 as of Q2 2022, the ABI has said, meaning a charge of £30 would be equivalent to just over a quarter (26%) of the total average policy cost. Two per cent (2%) of products included a £50 or more fee – or at least 43% of the value of the average policy.

Renewal Fee Charges – contents insurance
	2018	2023
Fee is ‘not stated’	16%	4%
No fee charged	72%	72%
Less than £15	1%	4%
£15 – £29.99	9%	8%
£30 – £49.99	1%	10%
£50 or more	1%	2%
TOTAL	100%	100%

Source: Defaqto

Cancellation charges after the cooling off period across both buildings and contents insurance, though, shrunk by 10.5% and 11% respectively, with the average cancellation cost falling by £3.24 for buildings and £3.32 for contents.

Buildings Average Fees – 2018 – 2023
	2018	2023	% Diff
Set-up fee charge	£26.15	£28.44	9%
Renewal fee charge	£27.44	£28.54	4%
Cancellation fee charge	£33.48	£30.24	-10.50%

Source: Defaqto

Contents Average Fees – 2018 – 2023
	2018		2023		% Diff
Set-up fee charge	£26.92		£27.53		2%
Renewal fee charge	£28.25		£28.27		0%
Cancellation fee charge	£34.00		£30.68		-11.00%

Source: Defaqto

Defaqto compared 451 contents products in 2018 against 338 products in 2023, and 439 buildings products from 2018 to 312 in 2023.

“The home insurance market has not seen as much change when compared to the car insurance market,” Powell said.

“However, we can still see that for both ‘set-up’ and ‘renewal’ fees, more products apply higher fees in 2023 compared to 2018 and this is also confirmed with the slight increases in the average fees.

“Though, the average ‘cancellation fee’ in both the buildings and contents products has seen a decrease by over 10% in 2023 compared to 2018.”

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Our annual Global Best in Insurance report recognizes all of the insurance award winners from this period. The list provides a definitive collection of those who have delivered outstanding results, introduced new initiatives, refined existing working practices and also acted as a source of inspiration to colleagues.

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Lockton Re has recruited Matthew Silley as a broker in the cyber practice of its specialty division. He joins from Axis Capital, where he is cyber portfolio management lead.

Silley brings to Lockton Re more than 10 years of analytics and cyber experience, with different areas of focus. Prior to Axis Capital, Silley held key roles at CyberCube and PwC UK. According to Lockton Re, Silley is actively engaged in the wider cyber industry and is a member of many industry groups. He has also made multiple contributions to the field as an author and subject matter expert.  

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