Oxbow Partners forecasts motor market COR of 106.1% in 2023 and 100% in 2024

fleet-motor

Oxbow Partners has predicted a combined operating ratio for the UK personal lines motor market of 106.1% in 2023, improving to a break even point of 100% in 2024.

The forecast came as the management consultants launched its Motor Market Model, and suggested that – for certain participants – it is a good time to grow in the sector.

The experts noted that motor insurers faced a ‘perfect storm’ in 2022, when the market’s COR was 109.2%, up from 94.9% the year before, driven by the Financial Conduct Authority’s ban on dual pricing and the impact of significant jumps in claims inflation.

Fellow consultancy firm EY has forecast a net combined ratio across the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

NSM to buy AllClear owner

NSM Insurance has signed up to buy InsurEvo Group, including AllClear Insurance, InsureandGo and JustCover, from Synova.

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: