General Insurance Article - ABI responds to OFT announcement on motor insurance referral

 Commenting on today’s announcement by the Office of Fair Trading (OFT) of its intention to refer the private motor insurance market to the Competition Commission, Nick Starling, ABI’s Director of General Insurance said:

 “The ABI welcomes today’s announcement on the referral of the credit hire and credit repair markets to the Competition Commission for investigation. We had called for this. For too long insurers have faced inflated rates for credit hire cars and excessive hire periods which have led to higher insurance premiums for customers. Regulation of all players in the market to tackle excessive costs is needed, and we hope that the work by the Competition Commission will bring much needed reforms that in turn will result in lower car insurance premiums for consumers”.