UK motor insurance industry COR improves to 106%
UK motor insurers reported a net combined ratio of 106% as the market grew by 10% to reach £14bn in premiums in 2011, according to figures from Deloitte.
The research presented at the business advisory firm's 22nd Annual Motor Insurance Seminar showed that, despite seeing the biggest single-year improvement in profitability, the industry still declared an underwriting loss of close to £600m.
According to Deloitte, insurers in 2011 posted a net combined ratio of 106% which, though loss making, was a significant improvement on 2010 when the net combined ratio was 120%. The firm explained that the 106% was calculated from a market claim ratio of 79%
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