The average annual motor insurance premium has hit an all-time high of £485, travel insurance has gone up 12 per cent on average in the past year, and home insurance is up 8.5 per cent. Figures from the Association of British Insurers (ABI) show that 2017 has been the insurance industry’s annus horribilis, with a number of events forcing up costs, and leaving customers unable to afford the higher payments. An estimated 16 million people have no contents insurance and few have savings to replace lost or stolen items, according to the Financial Inclusion Commission, a group that campaigns to make financial services more accessible. There are concerns within the industry that costs have risen so high that more people will start questioning whether they…

Source: The Times December 30, 2017 00:00 UTC