EY predicts worst UK motor performance since 2010 with industry NCR of 114.6%
EY has revised its prediction for the UK motor insurance market and now expects this year will be the worst since 2010 with a net combined ratio of 114.6%.
The deterioration has followed on from sizeable losses last year when the NCR stood at 109.5%.
In June the consultants had forecast an NCR of 108.5% for 2023.
However, the firm has now revealed that despite premiums rising by 25% over the course of the year motor insurers have been driven further into the red by inflation, rising material costs and more frequent claims.
According to EY’s latest UK Motor Insurance Results, cost pressures and high damage claims levels are expected to continue into
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