Home insurance stays in the red at 118% NCR with more losses to come – EY
The UK home insurance industry delivered a loss-making net combined ratio of 118% in 2023, worse than predicted with more red ink to follow in 2024, according to EY.
The result was a small improvement on the record loss-making figure of 122% in 2022 but did not improve as much as had been expected with the previous forecast being for a 114% outcome.
The outlook for 2024 has also worsened, deteriorating from a 104% prediction to a revised 108% NCR as headwinds persist.
We expect firms to get closer to profitability over the course of 2024 and 2025, providing inflation continues to stabilise.
The expectation is the market wide NCR will just about exit loss making
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