Price Writer July 2024
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
Knowledge and skills for great pricing results
It is day 204 of 2024. Tick Tock. CPI holds the target 2%. Are you hitting the target? Every insurance line in the ONS figures showed stable or slightly reduced prices between May and June. Catch up on the latest Price Writer and inflation updates.
Price Writer Conference - Only 38 Places Left
We only have 38 places left for the?Price Writer Conference on September 26th at Farmers & Fletchers in the City of?London. The Leaders Retreat is fully booked.?Conference booking is open until September 6th, but will close early once all places are taken. Don't delay.?A special thank you to our sponsors Quantee and Ascentia Partners.?Read the conference brochure and book your place by clicking the button below.?
Direct Line Joins Price Comparison Sites
Discover the strategy behind Direct Line Group's latest move. Read my detailed explanation here.?
Podcast: Outstanding Claims
No Podcast this Month But don't worry! You can still hear my voice by watching our specially selected sample videos from the Price Writer training program, which begins in October.
Free monthly masterclasses
We're excited to invite you to the Pricing Tools Masterclass with Ralph Clayton next week! Where: Virtual. When: Tuesday 30th July. Time: 10:00 to 10:30 AM UK time. Join the Masterclass to win a place at the Price Writer Conference.
Inflation update
???UK CPI inflation stays at the target?of 2%.
??The ONS says insurance inflation was 9.5% annually and monthly it was 0%.
?? 9.5% annually for car insurance with prices falling almost 1.0% in a month.
?? ABI says car is?up only 1% in Q1 2024.
?? Confused says car is higher by 14% on last year. But is down -6% on last quarter.
?? Consumer Intelligence says car is up by 34% to the year ending in May 2024 and down -1.3% for the quarter.
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???Maintenance and repairs of personal vehicles is 8%.
?? 6.1% for home contents insurance.
?? ABI says Home is up by 3% in Q1 2024.
?? Consumer Intelligence says home insurance rose by 41.6% to April 2024.
?? Repair and maintenance of property is at 1.1%.
?? Materials for repair is 1.3%.
?? Tradespeople services are averaging about 0.9%.??
?? BCIS Private Housing Construction Price Index (PHCPI) is 1.7% at the end of Q4 2023.
?? 3.5% for travel insurance.?
?? Holiday inflation is at 8.7%.??
?? Hotels are at 9.9%.
?? UK Camping, holiday resorts, and centres have increased by 10.9%.??
???9.7% for health insurance.
???Hospital services are at 7.5%.??
???Medical products at 6.4%.??
???Outpatient services are at 4.2%.??
?????Veterinary and other services for pets are at 8.9%.
The OBR forecasts are
?? 2024 Q2 -?2.0%
?? 2024 Q3?- 1.6%
?? 2024 Q4?-?1.4%
?? 2025?Q1 -?1.1%
?? 2025?Q2?-?1.6%
?? 2025?Q3?-?1.6%??
Keating Index?
No Keating Index this month. It will be back in September.?
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Have a better than great day.
Jeremy