Is the MGA motor market braced for casualties amid a perfect storm?
Motor MGAs are suffering as they battle high claims inflation and tougher reinsurance conditions. With more players expected to exit standard motor, Saxon East asks if there is any way the market can navigate this tough terrain?
The major motor insurance headlines recently have been about Direct Line’s woes amid the sudden departure of CEO Penny James.
However, this is just the tip of the iceberg. Tough conditions in the UK are causing pain right across the insurance market. And motor underwriting agencies are some of the hardest hit.
115%In November 2022, Ernst & Young predicted that the UK market would have a combined ratio of 115% for 2022. That is the worst year since 2010, when it was 119%.
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