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Tackling Rising Insurance Premiums

Tackling Rising Insurance Premiums

 

 

A recent BVRLA survey has found that almost 90% of its members saw an increase in their insurance premiums over the past year, with many smaller rental companies facing a 50% increase.  

In response to the survey, BVRLA chief executive John Lewis claimed “The increasing cost of compulsory motor insurance is currently the biggest threat to the profitability and sustainability of the vehicle rental industry”.

Around 50 rental companies - both small family run and large multi-national operations - recently came together to hear from a range of insurance experts representing Allianz, Aon, Experian, Thatcham, the Association of British Insurers, Total Accident Management, Trak and Towergate. The conference covered best practices for claims management and mitigating risk using the latest technology.

The BVRLA have produced a guide to Insurance Risk Management which is available to download for members by clicking here.

Lewis added that “The aim of the conference and the guide is to help members develop an action plan for presenting their business to insurers and brokers… The insurance industry pools data to try and reduce what it pays out on claims, while our industry uses the RISC problem renter database to prevent claims occurring in the first place. We could do both things much more effectively by working together.”

Were you at the meeting? What were your impressions?



About the BVRLA:
The BVRLA is the UK trade body for companies engaged in the leasing and rental of cars and commercial vehicles. Its members provide short-term rental, contract hire and fleet management services to corporate users and consumers. They operate a combined fleet of around 2.5 million cars, vans and trucks, buying nearly half of all new vehicles sold in the UK. Through its members and their customers, the BVRLA represents the interests of more than two million business car drivers and the millions of people who use a rental vehicle each year. As well as lobbying the government on key issues affecting the sector, the BVRLA regulates its members through a mandatory code of conduct.