Composite Insurers

(beginning to mid 20th Century)

Large ‘Composite’ insurers were dealing with most of the motor insurance business being handled at his time.

Composite Insurers were those dealing with several types of Insurance i.e.

Home insurance, life etc. For example: whoever insured you for anything at the time you would approach to insure your vehicle as well.

There was very little competition in the market during this time.

With the monopoly in trade available the Composite Insurers pooled together all their statistics and results to devise a schedule of rates and conditions.

Each insurer had to abide by these so as to eliminate any competition. Prices were set and charged at the same rate by all the Composites.

In addition to this, all policy conditions were set the same and all discounts set the same.

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