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97/11 08 September 2011
The OFT today issued a call for evidence to establish the background to recent reports of rising UK private motor insurance premiums, and consider whether further work may be necessary to improve the way the market works.
UK annual comprehensive car insurance premiums are reported to have risen by as much as 40 per cent in the year ending 31 March 2011. The OFT wants to establish the full facts, the reasons behind any increase, and whether there are any consumer or competition issues that need to be addressed to improve the functioning of the market.
As part of its work the OFT is interested in examining reports that car insurance premiums in Northern Ireland are significantly higher than they are in the rest of the UK, and understanding the reasons for any difference.
The OFT is asking insurers and others for their views on a number of aspects of the private motor insurance market that may raise competition or consumer issues, including:
The OFT will continue to work with the Ministry of Justice, the Financial Services Authority and other government departments regarding its work. It will gather evidence from a number of interested parties over the next five weeks, and plans to publish its findings in December 2011. Whether the OFT conducts further work in this area will depend on the evidence received.
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