Highway targets older drivers

MATURE drivers in older vehicles are to be targeted by the Highway motor insurance business of Lloyd's insurer Ockham Holdings. The group believes these drivers have been 'overpriced' for their insurance policies and will be offering them more-competitive rates.

Motorists insured with the group paid premiums 15% higher in 2001 than the previous year, and they are continuing to rise in the first quarter of the current year.

Average claims are running 9% higher, led by personal injury claims that are inflating by 12% a year as accident-chasing solicitors encourage injured motorists to sue for compensation.

Ockham's search for a replacement for Lord Poole, John Major's former economic adviser who resigned as chief executive of the group last month, will be completed by June.

Ockham had pre-tax profits of £10.5m in the year to December against a loss of £8.8m the previous year. A final dividend of 1.6p makes a total of 2.4p.