The combined cost of home and motor insurance has also dropped by 5.5% from quarter one 2013 to quarter one 2014.
Graeme Trudgill, BIBA’s executive director, said: “The insurance industry is very competitive and has also committed to a number of initiatives to reduce insurance costs for families and businesses.
“Customers should see these reductions in their premiums and if in any doubt about the cost or coverage of their insurance, should speak to an insurance broker.”
Steve White, BIBA’s chief executive, added: “We are now a year on since we launched the index.
“The data has proven invaluable when speaking to the government and other external stakeholders about the industry and the role that insurance brokers play within it.”
