Insurance Age

EY: 2022 was worst year on record for UK home insurer profitability

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    • By Rosie Simms

    • Indicative reading time: 1 minute

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The UK home insurance market faced the worst performing year on record in 2022 with a loss-making net combined ratio of 122%, according to EY’s annual UK Home Results Analysis.

Over the next two years, consumers are expected to see premiums rise by over a third as further losses are forecasted across 2023 and 2024.

In last year’s report, EY forecasted UK home insurers to make a loss of 116% NCR in 2022. The highest level seen previously was in 2007 when the NCR was 118%.

Impacts

UK home insurers 2022 balance sheets were hit by weather events, high inflation, supply chain pressures and rising claims frequency, the consultancy commented.

The Financial Conduct

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