January 22, 2018 / 12:16 AM / 9 months ago

UK fourth-quarter motor insurance premiums fall 1.3 percent - survey

LONDON (Reuters) - The cost of a comprehensive motor insurance policy fell 1.3 percent on average in Britain in the fourth quarter from the previous quarter, though premiums rose 8 percent for full-year 2017, a survey said on Monday.

Cars sit in a traffic jam along the Embankment during the morning rush hour in central London, Britain, August 29, 2017. REUTERS/Hannah McKay

The average premium for a comprehensive policy is now 827 pounds, according to the latest index from price comparison site Confused.com, compiled by Willis Towers Watson.

Premiums have fallen for the past two quarters after Britain said it planned to change the way personal injury lump sum payments are calculated, a move which would cut the size of those payments.

Motor insurers took a hit to profits and insurance premiums rose earlier this year after Britain made an unexpectedly large change to the existing discount rate.

Reporting by Carolyn Cohn; Editing by Adrian Croft

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