Insurance premiums were 4.5% cheaper in Q3 2014 compared to the same period last year.
Small and medium sized enterprises also benefited, with the cost of commercial packages decreasing by 2.5% to Q3 2014 year-on-year.
Graeme Trudgill, BIBA’s executive director, said: “Much of the work the insurance industry has undergone with government has been aimed at reducing the cost of insurance for families and small businesses and the latest BIBA-Acturis price index results show the industry is doing everything it can to offer competitive premiums as prices continue to fall in these areas.”
Theo Duchen, co-chief executive of Acturis, said: “Individual consumers and SMEs continue to enjoy reductions in premium and the market shows little sign of let-up in competitive intensity in these segments.
“In the mid-market commercial segment we have seen a small increase this quarter but taking into account the small fluctuations in average premium from quarter to quarter, the reality is that the pricing in this segment is pretty stable despite inflation.”
Steve White, BIBA’s chief executive, added: “We have now completed a full year’s worth of analysis into insurance premium trends.
“The annualised 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.”