Motor market to remain in the red following £2bn loss in 2010
The UK motor market will not return to profitability until 2012 at the earliest as it struggles to recover from the £2bn loss it made in 2010.
The prediction, which was made at Deloitte’s 21st Annual Motor Insurance Seminar, found that the industry was still a long way from declaring an underwriting profit as insurers lost 20p for every pound of premium earned. The market loss ratio was 96%, and the market expense ratio was 24%.
James Rakow, insurance partner at Deloitte, commented: “At an industry level, the underwriting losses exceed £2bn in 2010. Investment returns will have done little to alleviate underwriting losses, however
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