Price Writer June 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
Day 176 of 2024. Nearly halfway through the year. CPI inflation is 2%, hitting the Bank of England target for the first time since July 2021. Are you hitting your targets for the year? Catch up on the latest Price Writer and inflation updates
Car Insurance Inflation by Age Group
It looks like insurance providers are increasing their prices by the same percentage for everyone, even though the costs are different for each person. If insurance providers adjusted their prices based on how costs are actually rising for each group (like different cars or age groups), the pricing would be more accurate for everyone.
Price Writer Conference and Leaders Retreat
We have announced the full program for the much-anticipated Price Writer Conference and Leaders Retreat on September 25th and 26th at Farmers & Fletchers in the City, London. Read the conference brochure and book your place here https://pricewriters.com/conference2024/.
A special thank you to our sponsors Quantee and Ascentia Partners who make our event possible.
Free Monthly Masterclasses
Come to the next FREE Masterclass, it will be about one of the Price Writer Nine Steps for?Become a Highly Successful GI Pricing Leader.
?? When: Tuesday 30th July
? Time: 10:00 to 10:30 AM UK time
?? Register:?https://pricewriters.com/masterclasses/
Join the Masterclass for a chance to win a place at the Price Writer Conference.
Podcast: Outstanding Claims
Duncan Minty
Join us as we discover the fascinating journey of Duncan Minty who shares his insights on the ethical challenges and technological transformations within the insurance industry.
Inflation update
???The latest figures from the ONS are out and UK CPI inflation has dropped to 2%. Hitting the target.
??The ONS says insurance inflation is down to 12.4%.
?? 17.7% for car insurance with prices dropping 2.8% in a month.
?? ABI says car is?up only 1% in Q1 2024.
?? Confused says car is higher by 43% compared to a year ago. But is down -5% on last quarter.
?? Consumer Intelligence says car is up by 56.4% for the year but only +0.5% for the quarter.
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????Maintenance and repairs of personal vehicles is 6.3%.
?? 4.5% for home contents insurance. Rising 1% in a month.
?? ABI says Home is up by 3% in Q1 2024.
?? Consumer Intelligence says home insurance rose by 40.6% to January 2024.
?? Repair and maintenance of property is at 0.3%???
?? Materials for repair dropped -0.7%.
?? Tradespeople services are averaging about 1.1%.??
?? 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 9.0%.??
?? Hotels are at 6.6%.
?? UK Camping, holiday resorts, and centres have increased by 12.2%.??
???9.7% for health insurance.
???Hospital services are at 7.7%??
???Medical products at 6.2%.??
???Outpatient services are at 4.1%.??
?????Veterinary and other services for pets are at 9.3%.
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%
You are welcome to forward this to other pricers who you think would like to receive these emails.
Have a better than great day.
Jeremy