London's Collision Risk Assessment: fresh findings from CRIF
In a recent analysis by CRIF, Europe's leading provider of insurance and credit information, it has been revealed that motorists in the borough of Enfield are 8% more likely to be involved in a car accident than the average across London. This analysis takes into account various factors contributing to road accidents, such as proximities to transport-related features and the presence of speed cameras.
The tool, known as the Traffic Exposure Score, assesses the proximity to bus stops, tube stations, train stations, motorway junctions, and speed cameras, as well as the presence and density of these features based on a driver's location. According to CRIF's analysis, motorway junctions pose the highest risk for drivers across Greater London, followed closely by speed cameras.
Waltham Forest, Brent, Barking, and Dagenham are among the top five most dangerous boroughs to drive in, alongside Enfield. However, it's important to note that the City of London is the safest place for drivers, with motorists being 12% less likely to be involved in a collision.
The Traffic Exposure Score is designed to help insurance companies calculate risks for drivers more accurately. By incorporating detailed geographic and transport exposure data, insurers can offer more personalized insurance premiums based on where a driver typically drives. This multifactor analysis has been proven to help insurers reduce their loss ratio between 1.5 and 2.5%.
Despite a recent decline, motor insurance premiums remain significantly above pre-pandemic levels. High insurance premiums in risky areas like Enfield, Waltham Forest, Brent, Barking and Dagenham, Croydon put extra pressure on drivers' finances. In fact, 5% of UK motorists (2.5 million driving license holders) have admitted to driving without motor insurance due to rising costs, with a further 4 million admitting they would consider it if necessary.
Kingston upon Thames, Bromley, Havering, and Islington are among the safest boroughs for drivers. However, the data metric of collisions per head of population is worth considering in motor insurance claims, but it does not account for passing traffic, notorious junctions, or speed limits within different parts of a borough, town, or city.
New analysis from CRIF also reveals areas across England and Wales with higher rates of vehicle collisions, such as Oldham and cities like Birmingham. As the cost of motor insurance continues to rise, it's essential for drivers to be aware of the risks in their area and consider personalized insurance options to help manage these costs.
[1] CRIF (2022). CRIF's Traffic Exposure Score: Helping Insurers Calculate Risks for Drivers. [online] Available at: https://www.crif.com/uk/news-and-insights/crifs-traffic-exposure-score-helping-insurers-calculate-risks-for-drivers
[2] CRIF (2022). CRIF's Traffic Exposure Score: Reducing Loss Ratios for Insurers. [online] Available at: https://www.crif.com/uk/news-and-insights/crifs-traffic-exposure-score-reducing-loss-ratios-for-insurers
- Motorists living in risky areas such as Enfield, Waltham Forest, Brent, Barking and Dagenham, and Croydon may find it challenging to manage their finances, as high motor insurance premiums in these areas continue to put pressure on their budgets.
- By taking advantage of personalized insurance options based on the Traffic Exposure Score, drivers in these high-risk areas may be able to find more affordable insurance premiums.
- As the cost of motor insurance persistently increases, carefully considering the risks in one's area can help drivers make informed decisions about insurance coverage and potentially reduce overall expenses, such as those who live inOldham and cities like Birmingham with higher rates of vehicle collisions.
