LV= car insurance premiums to rise as profits plummet

Insurer’s first-half pre-tax profits tumble to £1m from £49m a year earlier due to low interest rates and rising cost of payoutsLV= has warned that car insurance premiums are to increase as it blamed the rising cost of accident payouts and low interest rates for a dramatic drop in profits in the first six months of 2016.The insurer, Britain’s biggest mutual, said pre-tax profits to 30 June had fallen to £1m, compared with £49m a year earlier. Continue reading.