Equity Red Star are planning to withdraw from the General haulage fleet and courier insurance market from 1st June 2017
Insurers are counting the costs of the Ogden discount rate reducing to -0.75% and in a market where some general haulage and courier insurers are operating at a loss, ERS have taken the necessary but difficult decision to withdraw from the market.
As of 1st June 2017 ERS will NOT be offering any renewals for fleet general haulage or courier business.
ERS will still carry on writing specialist haulage including risks such as car transportation, tanker, hazardous and agricultural haulage, medical couriers and owner-operated small fleets, but not genereal haulage.
With Insurance premium tax rising to 12% from 10%, Ogden ruling increasing rates and now with ERS pulling out of the market premiums are likely to rise significantly,
If you are concerned about your premium increasing and would like to speak with a specialist please get in touch with one of our consultants.