Price Writer December 2023

Happy New Year. We wish you all the best for 2024. I am looking forward to it with great excitement. We continue to roll out our training and events. CPI has come down to 3.9%. From 4.6% last month. The Inflation rate is still moving in the right direction. The cheapest quote for one of my cars is down 29% this month.

Price Strategy Masterclass

In November we welcomed over 80 pricers to our free virtual masterclass.?Rated an impressive 4.5 stars by our attendees. This event was an overview of the Price Writer 9-steps. The next masterclass is on Price Strategy.??It will be on 23rd January at 10 to 10.30 am UK time. Use the link below to sign up if you haven't already.?

Register NOW!

Price Writer book update The forward is in and my book has gone to the?typesetter. I have four cover concepts to choose from with one that is my current favourite. We are running ahead of plan so it might come out slightly before Easter 2024.?

Outstanding Claims - our podcast

This month I spoke to Graham Ross and Reuvan Shnaps. Graham is the pricing leader who was instrumental in the success of Direct Line before becoming a sought-after pricing consultant for many years. Reuvan is the Chief Analytics Officer at Earnix and has been key to the success of this pricing software grandee.? Click the button to see these on YouTube.?

Watch Outstanding Claims

Inflation December Update

1. ?? The latest figures from the ONS are out and UK CPI inflation is down to 3.9%, It is good news. e may be returning?to our previous stability.?

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2. The ONS says insurance inflation is down to 19.9%.??

?? 46.4% for cars, continues to be eye-watering. But most of that is a hangover from earlier months. November compared to October was only a 1% increase. Still high but not very high.??

?? 2.7% for travel, unchanged from last month.

?? 9.8% for health, unchanged from last month.

?? 2.1% for home content, which has plummeted from last month. Down from 2.6%

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3. ?? Repair and maintenance of property is at 0.8%, down from 0.9%.??

Materials for repair are at 1% roughly the same as last month.?

Tradespeople services are averaging about 0.9%, a slight decrease from last month's 1%.?

BCIS Private Housing Construction Price Index (PHCPI) is 9.7% at the end of Q1 2023.

BCIS General Building Cost Index is 4.7% at the end of Q3 2023.?

BCIS tender price index at the end of Q3 2023, shows an increase of 4.7%.?

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4. ?? Maintenance and repairs of personal vehicles is at 6.5%, compared to 8.6% last month.?

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5. ?? Holiday inflation is at 11.6%, compared to 11.2% last month.?

Hotels are at 5.8%, which has increased from last month. Up from 3.5%.?

UK Camping, holiday resorts, and centres have increased to 16.6% from 15.6% last month.?

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6. ???? Veterinary and other services for pets are at 11.9% compared to 12.1% last month.? ?

7. ?? Hospital services are at 6.7%, compared to 6.9% last month.?

Medical products at 9.5% compared to 10.5%.?

Outpatient services are at 4.8%, compared to 4.7% last month.

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8. ?ABI, Confused, and Consumer Intelligence have the following latest figures:

?? ABI says car insurance is up 29% compared to last year (as of 8th?Nov?2023). They also say motor insurers continued to battle sustained cost pressures, such as an 11% rise in vehicle parts.

?? Confused says the car is higher by 58% (at the end of Q3 2023) than they were 12 months ago and 19% higher than the previous quarter.??

?? Consumer Intelligence says the car is up by 61% over the last year (as of the 10th of October) setting the record for the biggest annual increase ever recorded.

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?? ABI says Home is up by 10%?over the last year (as of 19th September?2023)

?? Consumer Intelligence says that the average quoted price of home insurance rose by 36% (as of 30th November).?

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9.?The OBR forecasts are:?? ?? Q1 2024: 4.6% ?? Q2 2024: 3.7% ?? Q3 2024: 3.3% ?? Q4 2024: 2.8% ?? Q1 2025: 2.3%?

Keating Index

The Keating index is only available in the email version. Read it here in the Price Writer Newsletter.

Best regards,

Jeremy

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