A lack of competition and high prices have made Britain’s insurance market competitive.
The average cost of a collision claim is £30,000, compared with £11,000 in the US.
But while the UK is one of the most expensive countries to insure, insurance companies there have managed to attract some of the biggest names in the business, including US-based Covid-19 expert, Mark McQuaid.
“We are going to see a significant change in the way insurance companies are going about doing business in the UK,” he told BBC Radio 4’s Today programme.
Insurance companies in the U.S. and Canada, meanwhile, have a much more competitive insurance market, with the average cost for a collision claiming falling by around 60 per cent since the start of the pandemic.
And it’s not just in the United States.
According to research by insurance firm Avalere, Britain’s average car insurance premiums are now below those in France and Germany, which together account for about 50 per cent of the country’s total insurance market.
A spokesman for the U