The rising cost of car insurance led more Brits to switch to Moneysupermarket from other companies, helping the price comparison site grow its revenue.
Moneysupermarket has reported revenue growth of eight per cent in its first quarter to £114.6m, up from £106.3m in the same period of 2023.
They chalked this up to sustained “high levels of switching” in car and home insurance. “Consumers are still seeing significantly increased car insurance premiums year on year,” the company said on Tuesday.
According to the ABI, the average price paid for motor insurance rose by 25 per cent in 2023, although other figures put the jump at 67.2 per cent in the year to November with London leading the way.
A booming market for customers looking for deals on car and home insurance helped Moneysupermarket hit record revenue in 2023.
Growth stalled in its money and home services divisions however, which Moneysupermarket blamed on fewer attractive banking offers and a competitive broadband market.
It is expecting pre-tax earnings for the year to be in line with the current analyst consensus of £139.8m.
Peter Duffy, chief executive of Moneysupermarket Group, said: “Our mission is to help households save money.
“We are delighted to see momentum in SuperSaveClub continue, with more customers able to save more money across more products. By helping UK households save on their bills, we create sustainable and profitable growth for the Group.”
In September last year, Moneysupermarket launched its rewards programme, Supersaveclub. This now has over 300,000 members, who the company said are more like to buy its products.
