Amlin warns insurance rates are set to go sky-high

Lloyd's giant Amlin warns insurance rates are set to go sky-high | This is Money: "Leading Lloyd's of London insurer Amlin is calling the bottom of the insurance market, predicting that rates will rocket this year.

The cost of property, marine, aviation and other types of catastrophe insurance will soar as insurers take a cautious approach to managing risk in the wake of the global financial crisis.

More general products such as car insurance are also likely to jump in cost. General insurers say rates could be up 20% this year.

With rivals pulling out of key markets after taking a battering on hurricanes and tumbling stock markets, strong players such as Amlin could cash in."