Legal Advice needed re: Hire car solicitors letter
Discussion
Have a look at this one detailing 2013
Scroll down for the specific industry motor results page 8 overall, but page 6 of the report
https://www.abi.org.uk/~/media/Files/Documents/Pub...
Scroll down for the specific industry motor results page 8 overall, but page 6 of the report
https://www.abi.org.uk/~/media/Files/Documents/Pub...
LoonR1 said:
desolate said:
I was being flippant.
I googled exactly what you said and they were near the top.
Nowhere can I find evidence of the market paying 120% of premium in claims. In some years total costs have been around that, but it's normally significantly lower.
Slap bang at the top of the 2012 results from ReutersI googled exactly what you said and they were near the top.
Nowhere can I find evidence of the market paying 120% of premium in claims. In some years total costs have been around that, but it's normally significantly lower.
http://uk.reuters.com/article/2012/05/24/uk-insura...
Note "eye first profit since 1994" £120 paid out per £100 received. Pretty clear in there. Oh and 2012 didn't happen in 2012 sadly.
Quote
British car insurers paid out 106 pounds ($170) in claims and expenses last year for every 100 pounds they took in premiums, taking their collective underwriting loss to about 600 million pounds, Deloitte said on Thursday.
That compares with 120 pounds of claims and expenses per 100 pounds of claims the previous year.
desolate said:
Sorry, it doesn't say anything of the sort. That's claims AND expenses, which is a completely different measure.
Quote
British car insurers paid out 106 pounds ($170) in claims and expenses last year for every 100 pounds they took in premiums, taking their collective underwriting loss to about 600 million pounds, Deloitte said on Thursday.
That compares with 120 pounds of claims and expenses per 100 pounds of claims the previous year.
Handling a claim costs money, it's also non-recoverable. Do businesses count profit purely as sale cost less cost of purchase with no thought to operational costs along the way?Quote
British car insurers paid out 106 pounds ($170) in claims and expenses last year for every 100 pounds they took in premiums, taking their collective underwriting loss to about 600 million pounds, Deloitte said on Thursday.
That compares with 120 pounds of claims and expenses per 100 pounds of claims the previous year.
LoonR1 said:
desolate said:
Sorry, it doesn't say anything of the sort. That's claims AND expenses, which is a completely different measure.
Quote
British car insurers paid out 106 pounds ($170) in claims and expenses last year for every 100 pounds they took in premiums, taking their collective underwriting loss to about 600 million pounds, Deloitte said on Thursday.
That compares with 120 pounds of claims and expenses per 100 pounds of claims the previous year.
Handling a claim costs money, it's also non-recoverable. Do businesses count profit purely as sale cost less cost of purchase with no thought to operational costs along the way?Quote
British car insurers paid out 106 pounds ($170) in claims and expenses last year for every 100 pounds they took in premiums, taking their collective underwriting loss to about 600 million pounds, Deloitte said on Thursday.
That compares with 120 pounds of claims and expenses per 100 pounds of claims the previous year.
At the height of the losses the market paid 122% in claims and expenses. The average of the years in the report you stated was significantly less than that.
COR is normally reported prior to investment and other income as well. so It's not a true reflection of the profitability or the cash position.
So to extrapolate your point, you also need to include the profits generated from large amounts of cash generated and utilised by the insurers.
Times may not be as good as they once were, but they survive on more than thin gruel.
LoonR1 said:
The Combined Operating Ratio is the key measure of success. That is usually described as a percentage of premium and investmentincome vs claims paid and operating costs. Investment income is in very very secure holdings paying peanuts nowadays.
I completely agree.According to Towers Watson (your reference) the for for 2001 - 2012 was c. 105.5
Anyway, I have forgotten what the point was and I am not sure anyone cares what the difference between COR and Loss ratio is.
desolate said:
LoonR1 said:
The Combined Operating Ratio is the key measure of success. That is usually described as a percentage of premium and investmentincome vs claims paid and operating costs. Investment income is in very very secure holdings paying peanuts nowadays.
I completely agree.According to Towers Watson (your reference) the for for 2001 - 2012 was c. 105.5
Anyway, I have forgotten what the point was and I am not sure anyone cares what the difference between COR and Loss ratio is.
Hi BHML, i found this post as the very same thing has happened to me.
i had an accident in 2016 , someone ran into the rear of my car, i had a hire car for a week and now have received a letter from a solicitor acting on enterprise's behalf.
could you please let me know how this ended? I recall you sent the letter to your previous insurance company.
did they deal with matter?
Thanks in advance Gary.
i had an accident in 2016 , someone ran into the rear of my car, i had a hire car for a week and now have received a letter from a solicitor acting on enterprise's behalf.
could you please let me know how this ended? I recall you sent the letter to your previous insurance company.
did they deal with matter?
Thanks in advance Gary.
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