So it is raining, the crow decided to shit on my coat. Then got to work and finally recevied an 'insurance renewal report' from my Brokers. The overview went like this :
'The insurance market remains relatively soft, however, due to the large EL claim on the EL/PPL policy, in conjunction with qualifying the quantum on the large motor claim in 2013; the loss ratio for the motor is 103% and the frequency ratio is also at 67.6%, Underwriters have advised that in order to price this risk accordingly, they are seeking a rating increase for this years renewal of 60%....'
Does anyone actually know what this means in plain English other than there has been a lot of claims and the insurance company wants to recoup some of its money. So time for a game of bull-shite bingo :
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