UK car insurance costs have fallen the most since 2014
Compared with a year ago, the average cost of insuring cars for British drivers has decreased by nearly £100, which is the largest year-on-year decline in insurance prices since 2014.
The reason for the decrease was the sharp decline in the number of drivers, so it was claimed that during the pandemic, insurance companies passed on lower premiums to customers. According to indices provided by insurance broker Willis Towers Watson and comparison site Confused.com, auto insurance prices in the third quarter fell 16% from the same period last year.
This is equivalent to a year-on-year decrease of 97 pounds in average premiums to 514 pounds, which is the largest drop in seven years and the second largest drop since the index began in 2006.
The month-on-month decline was much smaller, at 2%. The restoration of road use has been normalized, and experts predict that this will put upward pressure on prices.
But Stephen Jones, Willis’ head of UK property and casualty advice, said the overall outlook for 2022 was “extremely uncertain.” He said this is because the reforms that came into effect in January anticipated drastic changes in pricing, the prohibition of so-called “loyalty penalties” when renewing contracts, and the challenges facing auto repair shops from supply chain issues in the wider region of the UK. economy.
Bow and arrow attacker killed several people in Norwegian town
After a man killed several people with a bow and arrow, the Norwegian police are investigating a potential terrorist attack.
Police in Kongsberg, located 70 kilometers west of the capital Oslo, said that after confirming that several people were killed and many injured, they “have reasons to assess whether this was a terrorist attack.” Who was arrested.
The Norwegian police issued a temporary order after the attack on Wednesday night, requiring the police to carry weapons, highlighting the seriousness of the situation.
The police declined to provide more details or speculate on the motive, but confirmed that after the suspect initially fled, the assailant clashed with the police. The local police chief, Oyvind Aas, said at an emergency press conference: “We remain open and think this may be a terrorist attack.”
Read more about this story here.
What to see in asia today
China’s monthly consumer price index and inflation data The International Monetary Fund will release data today Warn the world Earlier this week needed to be “very, very vigilant” about rising inflation risks. The country has also been struggling with soaring coal costs.
Bank of America earnings Citigroup, Bank of America, Morgan Stanley and Wells Fargo today announced third-quarter results. JPMorgan As a result of a sharp increase in profits driven by the trading boom, Wall Street Bank began to make a profit yesterday, but warned that fees will continue to rise, and demand for new loans remains sluggish.
U.S. stocks and bonds are dismissive of inflation data and the Fed’s reduction plan
Despite the data confirming that inflation has soared and the Fed announced more details about the start of its asset purchase plan, Wall Street stock and bond prices climbed on Wednesday.
Overall consumer prices in the United States rose 5.4% year-on-year in September, marking the fifth consecutive month that they rose 5% or more year-on-year. This number is slightly higher than most economists’ forecasts, but after investors have been preparing for a possible rise for most of the past few weeks, it has little direct impact on the U.S. stock market.
Persistent inflation has increased confidence that the Fed will begin to reduce its pandemic stimulus measures as early as next month. The minutes of the latest meeting of the Federal Open Market Committee on Wednesday provided further support, indicating that senior officials are increasingly reaching a consensus to start scaling down “as soon as possible.”
This outlook has hit the stock market in recent weeks, but the blue-chip S&P 500 Index rose 0.3% on Wednesday, down about 4% from the record high in early September. The Nasdaq Composite Index, which is dominated by technology stocks, rose 0.7%. In Europe, the Stoxx 600 index for the entire region also closed up 0.7%.
The yield on the benchmark 10-year US Treasury note fell when prices rose and fell for the second consecutive day after hitting a four-month high earlier this week. A decrease of 0.04 percentage points to 1.54%.
Read more about Wednesday trading here.