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British motor premiums see modest rise in first quarter of 2024

Vehicles sitting in traffic approach the Blackwall Tunnel in London

(Reuters) - The cost of car insurance in the UK rose 1% in the first quarter, a survey showed on Monday, indicating an easing in the rise of premium seen last year.

The data from the Association of British Insurers' (ABI) Motor Insurance Tracker showed that insurers continued to absorb growing costs, with the average claim paid rising 8% to reach a record of 4,800 pounds ($6,004.80) in the first quarter over the same period last year.

"We understand that car insurance costs are putting pressure on household finances. These figures show how competitive the motor market is, with insurers absorbing significant cost rises but keeping prices relatively stable," Mervyn Skeet, ABI's director of general Insurance policy, said in a statement.

Motor premiums jumped 23% in 2023 in Britain, compared with the year-ago period.

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The ABI tracker analyses nearly 28 million policies sold a year and the claims paid against these policies.

($1 = 0.7994 pounds)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Ravi Prakash Kumar)