Price Writer January 2025
Jeremy Keating
Author of "Price Writer: The nine-step method to becoming a highly successful general insurance pricing leader" | Founder of Price Writer | Podcast Host | I empower pricing professionals
Happy New Year and welcome to the final stretch of January 2025!?
As the year begins to take shape, it's a great time to reflect: What do you want to achieve this year??
Let me share an interesting insight: among the top 20 largest UK motor insurers, the two with the best-combined operating ratios (CORs) don’t rely on the same pricing engine as most of their competitors.? Advantage? Absolutely.? Coincidence? I think not.?
This raises an important question for pricing professionals: Is your software giving you a real edge??
Many providers are using the same pricing engine as their competitors, and it’s no surprise that this leads to a grinding, margin-squeezing battle with no clear winner.?
As we step into 2025, maybe it’s time to consider whether your tools are helping you stay ahead, or holding you back.?
Warm wishes,
Team Price Writers
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Inflation update?
???UK CPI inflation is at 2.5%.
??The ONS says insurance inflation was 3.3% annually and monthly it was -0%.
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?? -12.4%?annually for car insurance with prices staying level in a month.
?? ABI says car was?down -2% in the quarter to June.
?? Confused says car is down -7% on last year and down -2% on last quarter.
?? Consumer Intelligence says car has?fallen by -1.1% in the 12 months to the end of October.
???Maintenance and repairs of personal vehicles is 5.6%.
?? 4.1% for home contents insurance with prices staying level in a month.
?? ABI says Home is up by 3% in Q1 2024.
?? Consumer Intelligence says home insurance is down -1.1% between quarters.
?? Repair and maintenance of property is down -0.1%.
?? Materials for repair is up?0.5%.
?? Tradespeople services are averaging about 0.6%.?
?? BCIS Private Housing Construction Price Index (PHCPI) is 1.4% at the end of Q3 2024.?
?? 12.0% for travel insurance with a 0% change in?a month.
?? Holiday inflation is at 4.6%.
?? Hotels are at 2.5%.
?? UK Camping, holiday resorts, and centres have increased?by 1.2%.
???11.6% for health insurance with a 0% rise in a month.
???Hospital services are at 9.5%.?
???Medical products at 3.8%.
???Outpatient services are at 4%.
?????Veterinary and other services for pets are at 7.8%.
The OBR forecasts are
?? 2024 Q4?-?1.4%
?? 2025?Q1 - 1.1%
?? 2025?Q2?- 1.6%
?? 2025?Q3?- 1.6%
?? 2025?Q4?- 1.6%
?? 2026?Q1?- 1.6%
You are welcome to forward this to other pricers who would like to receive these emails.
Kind regards
Jeremy Keating
Author and Founder of Price Writer
It’s useful to frame the ups and downs with relativity - ten percent down after forty up is less to be net excited about, but nice for a change.