Home insurance to “scrape a profit” in 2020
Poor weather threatened revenues but the fall in claims due to lockdown has lowered costs, but analysis paints a stormy picture for 2021.
The UK home insurance market is forecast to make a small profit in 2020, as it reels from severe weather in Q1 - including the wettest month on record in February - before falling into unprofitable territory in 2021, according to analysis from EY.
Tony Sault, UK General Insurance leader at EY, commented: “While it is good news that the home insurance sector will achieve profitability this year, which it has done for almost all of the last decade, severe weather and property damage claims are
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