Esure posts £29.1m loss as tough market conditions bite
Esure chief executive David McMillan explained the swing from a £7.7m post-tax profit in 2021 to a £29.1m loss in 2022 as being caused by significant claims inflation, increased weather-related home claims, and a weak pricing environment.
McMillan said Esure invested £61.3m in 2022 into its transformation programme, which affected the company’s profitability.
Gross written premiums fell 9% to £736m in 2022 compared with £808m in 2021.
McMillan said: “It has been a hugely challenging environment. Heightened claims and inflation is probably the worst we have seen in 50 years. The challenges were also exacerbated by the fact that we’ve had unsustainable levels of market pricing.
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