TEXT-S&P reports on UK motor insurance industry

Newswire

(The following statement was released by the ratings agency). LONDON, Aug 28 - Premium rates in the U.K. motor insurance market look to have 'peaked', with most players having failed to reach a sustainable level of profitability, Standard & Poor's Ratings Services said in a market report published today. "After losing GBP6.7 billion over the past eight years and having failed to make a profit in 2002, time seems to have run out for the U.K.'s motor insurers," said Standard & ...

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