ERS says Ogden drove up COR in 2019
Profit and GWP improved at the motor provider.
ERS has reported a profit of £13.9m in 2019, up from £11.1m in the preceding year.
The specialist motor provider also posted a rise in GWP to £360m (2018: £330m). ERS said it saw a 13% year-on-year increase in vehicles on cover.
However, the business also revealed that its combined operating ratio had deteriorated to 99.7% (2018: 96.1%), which it said reflected the change in the Ogden discount rate to -0.25%.
Technology
ERS further noted that it continues to make investments in technology
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