Keoghs Insight

Author

Chris Clapp

Chris Clapp

Partner

T:01204 672224

Benchmarking overview

AWARE27/07/2020
Credit Hire Aware | July 2020

Record year for the credit hire team

The credit hire team has had its busiest year yet, handling over 40,000 claims worth £130 million. We produced our fifth benchmarking review this month, in which we shared with our clients our understanding of the market, both in terms of the past and the challenges of the future.

This year, alongside the commentary and analysis, our strategic team have provided opinion and insight on some key issues that insurers are facing, and we’ve highlighted some of our key successes from the year.

Here are some of the main numbers:

2019 Saving overall: £72 million

Credit hire fraud savings: £4.5 million

£63.3m claimed for hire

£19.4m claimed for repair

Average cost of repair 2018 = £2,602

Average cost of repair 2019 = £2802

Average storage claim - £554

Average recovery claim - £272

For more information, please contact Chris Clapp.