Motor market fights back, declare experts
Ernst & Young has predicted a significant improvement in the motor insurance industry’s 2011 results following analysis of the UK market’s Q3 statements.
According to the accountants, the market suffered losses of more than £5bn across 2009 and 2010, but premium rate increases and a stemming of inflation on non-injury claims could lead to the results improving this year by 20%.
Ernst & Young highlighted that in 2010 a market ratio of nearly 121% was the worst set of results for the industry since 1988.
It added that the price increases of that year and early 2011 were the key driver in the expected 20% improvement along with greater control of
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