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.