EY records worst motor performance since 2011 with 112.8% NCR
The UK motor insurance market experienced its worst performing year since 2011 last year, recording a loss-making net combined ratio of 112.8%, according to EY’s latest UK Motor Insurance Results.
The consultants had forecast the industry losses in December at which point the NCR for 2023 was predicted to hit 114.6%.
The latest swathe of red ink for the sector followed a similar poor performance in 2022 when the NCR totalled 111.1%.
However, the experts flagged that 2024 will mark a return to profitability with an expected NCR of 96%.
CostsThe 2023 losses were due to increased claims costs driven by sustained high inflation, rising costs of materials and labour, and premiums that continued
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