EY predicts motor market to return to loss again in 2025
The UK motor insurance market is expected to be profitable in 2024, following two years of losses, but then revert back to red ink, according to EY’s latest UK Motor Insurance Results.
A Net Combined Ratio (NCR) of 93% is forecast for 2024, deteriorating to 101.6% in 2025.
The brief period of profit will follow 2023’s loss-making NCR of 112.7% – the worst year on record for motor insurers. But one which was not as bad as EY had originally envisioned this time last year when it thought the figure could be as bad as 114.6%.
High claims, material, and labour costs, alongside premium rates sitting below claims inflation levels, meant 2022 and 2023 were particularly difficult years
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