6:50 am, February 18, 2025
Record £11.7bn paid in motor claims in 2024 says Association of British Insurers
Motor insurers paid out a record £11.7bn in car insurance claims in 2024, with the average cost of cover paid by drivers rising by £78 annually, according to data from the Association of British Insurers (ABI).
The body said rising theft and repair costs are continuing to have an impact on premiums.
The average cost of motor cover across 2024 was £622 – 15%, or £78, higher than 2023.
Chase overtakes Monzo as Britain’s favourite bank, survey shows
JP Morgan’s Chase has overtaken Monzo as Britain’s favourite bank, as digital providers continue to outperform the high street giants, according to a survey of thousands of banking customers.
The Competition and Markets Authority (CMA) published the findings of its latest survey of some 23,000 people in Britain and Northern Ireland, carried out by Ipsos.
Among Britons, Chase secured the top spot after first entering the survey for its personal current accounts six months ago.
Kia’s upcoming EV4 to broaden firm’s EV line-up
Kia has released a first look at its upcoming EV4 electric vehicle.
The Korean firm expects the new EV4 – which will be available in both hatchback and saloon layouts – to ‘broaden appeal’ of its electric line-up of cars where it will sit alongside existing EV3, EV6 and EV9 models.
Karim Habib, executive vice president and head of Kia Global Design, said: ‘The Kia EV4 is a clear reflection of our commitment to rethink mobility and expand the boundaries of what design can achieve.’
With sculpted geometric character lines, low nose and long-tail silhouette, the Kia EV4 is an entirely new interpretation of electric vehicle design typology.
Neither conventional nor expected, it stands out as a symbol of innovation. pic.twitter.com/thISgVEQhr
— Kia Worldwide (@Kia_Worldwide) February 16, 2025
The markets
Defence giant BAE Systems has helped lift London’s FTSE 100 higher with investors anticipating greater military spending as European leaders hold emergency talks over the Ukraine war.
The UK’s top stock market index moved 35.55 points higher, or 0.41%, to close at 8,768.01. BAE Systems, which makes weapons, military vehicles and aircraft, saw its share price jump by about 9% on Monday, taking it to the top of the FTSE 100.
In Frankfurt, the Dax was up 1.26% to hit a new record high, with the share price of Germans weapons-maker Rheinmetall surging more than a 10th. In Paris, the Cac 40 index rose 0.13%.
US must provide ‘backstop’ to deter Russia, PM says after talks on Ukraine
Sir Keir Starmer has called for the US to provide a ‘backstop’ to deter Russia from attacking Ukraine again after meeting with European leaders for emergency talks on the future of the war.
The Prime Minister warned that allies across the continent – including Britain – will have to ‘take responsibility’ for its security by bolstering both defence spending and capability following a meeting with partners in Paris on Monday.
Sir Keir has said he would be prepared to put a peacekeeping force into Ukraine in the event of a deal to end Russia’s war after Washington warned it would reduce its defence commitments in Europe.
Woman shot dead outside pub on Valentine’s Day named
A woman who was shot dead outside a Kent pub on Valentine’s Day has been named by police.
Lisa Smith, 43, from Slough, was killed in Knockholt near The Three Horseshoes pub just after 7pm on Friday, Kent Police said.
Her suspected killer is believed to have fallen from the Queen Elizabeth II bridge, that links Dartford with Essex across the Thames, after the murder.
Monday on Car Dealer
Used car sales up more than 50% in January for UK’s Top 200 most stocked dealers
Used car dealers saw a strong start to 2025, with sales surging 56.12% to 175,033 units and revenue hitting £3.64bn. Inventory levels rose 26% as dealers stocked up. The Ford Fiesta remained the top-selling used car, while the Mercedes-Benz EQC was the fastest seller.
Number of supercars in the UK hits new record with more than half Ferraris
The number of supercars in the UK rose by 4% to 23,323 in the year ending June 30, 2024. Ferrari remained the most popular brand with 14,714 cars, up 3%, while Lamborghini saw the highest growth at 8%, reaching 5,421 vehicles. Despite tax changes causing some millionaires to leave the UK, demand for supercars remained strong.
KGM announces plans to develop hydrogen power after signing ‘pioneering’ agreement
KGM has partnered with Phinia Delphi to develop hydrogen-based powertrains, targeting a 2.0-litre engine with a 500km range. Backed by the South Korean government, the project aims to advance eco-friendly technology for both vehicles and industrial applications.
Freezing rain forecast before ‘spring-like’ temperatures in parts of the UK
Freezing rain which can fell trees and bring down power lines will hit parts of Scotland on Tuesday before temperatures across the country start to rise steeply.
A Met Office yellow warning has been issued with up to five centimetres of snow forecast for Tuesday morning along with icy patches and freezing rain.
Freezing rain is where raindrops freeze almost instantly as it hits a surface. It is rare in the UK and occurs when snowflakes melt through warm air and quickly pass through a thin layer of freezing air before hitting the ground.
