Sector movers: Car insurers rise on easing decline in premiums

17th Jan 2014 16:15

Non-life insurance stocks were among the strongest risers in London on Friday after data showed that the recent decline in car insurance premiums had begun to decelerate towards the end of last year.The figures have sparked hopes that price competition in the sector between rival insurers may be on the wane, which could alleviate some of the downwards pressure on companies' bottom lines experienced over the past year.Car insurance premiums fell by 12.5% year-on-year during the last three months of 2013, according to the latest survey data from Confused.com and Towers Watson.The average comprehensive car insurance price now stands at £644, 25% below the all-time highs reached in the second quarter of 2011.However, in terms of quarterly rates of change car insurance premiums dropped by just 1.1% in the fourth quarter of 2013, following on the heels of a decrease of 3.8% the three months before. FTSE 100-listed Admiral was a standout performer in the sector, rising 6.1% to 1,407p. FTSE 250 peers esure and Direct Line were also making solid gains.Top performing sectors so far todayReal Estate Investment Trusts 2,665.27 +1.91%Insurance (non-life) 1,861.85 +1.54%Mining 16,795.98 +1.49%Mobile Telecommunications 5,576.34 +1.08%Real Estate Investment & Services 2,863.18 +1.06%Bottom performing sectors so far todayElectronic & Electrical Equipment 4,535.68 -1.19%Beverages 14,235.53 -0.90%Media 6,421.60 -0.75%Oil & Gas Producers 8,288.78 -0.74%Travel & Leisure 7,505.70 -0.70%BC