Motor market profitable in 2021 but losses predicted for 2022 and 2023
UK motor insurers achieved a profit in 2021 but will slip back into the red this year and next, EY has forecast.
The net combined ratio of 96.6% for the motor market was the second year of profit in a row after the industry’s best ever result of an NCR of 90.3% in 2020, the consultants calculated.
According to EY, the positive returns were due to lockdown and low commuting levels leading to reduced claims.
However, the firm warned that it will be a short-lived time in the black with underlying inflation and premium rate falls forcing the motor market’s NCR up to 113.8% this year followed by 111.1% in
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