In this week’s top news; the OFT investigates the rise in motor insurance premiums, Italian insurance companies downgraded by Fitch ratings and Swinton’s board of directors get sacked.
The OFT launched a study into the private motor insurance industry to investigate a steady increase in premium prices over the past 2 years. According to the office, premium prices rose by an average 12 per cent in between 2009 and 2010, and a further 9 per cent in the first 3 quarters of 2011.
Fitch Ratings announced the downgrades of Italian insurance companies Generali and Fondiaria-SAI. These downgrades were a result of the on-going debt pressure facing Italy and Greece.
The entire board of directors at Swinton Insurance was sacked last week for putting their personal short term interests ahead of the long term interests of the company.
French parent company Covea made the decision because it though the former board was no longer beneficial to the company.
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