Tuesday 1st April 2008
Residents of one of the most desirable areas of London pay among the highest insurance premiums in the country, a new study has shown.
Research conducted by actuarial consultancy EMB found that Islington is the most expensive borough for car and home insurance with residents paying out an average of £745.
Karl Murphy, a partner at EMB, said the expense of the cover in Islington can be attributed to the high crime levels in the area, with recent statistics showing that burglary is three-times the average nationwide.
He said: "Insurance premiums are typically higher in cities than rural areas because of the combination of high crime and unemployment rates; about half of a contents premium will be based on the likelihood of theft.
"Quite simply, Islington has a high density of young, unemployed males and it is this section of the population that is most likely to commit crimes against property and motors."
The area enjoying the least expensive premiums was revealed to be south Cambridge where the average outlay for car and home insurance stands at £373.
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Insurance
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