ERS posts COR of 98%
The insurer noted there was a reduction in demand in motor but growth in commercial.
ERS, the specialist motor insurer and part of the IQUW Group, has announced a combined operating ratio of 98% (2020: 91.9%) for the full year 2021.
Premiums also slipped from £329m to £319m in 2021. The provider said Covid-19 drove the decrease with a reduction in demand for some passenger carrying vehicles. The pandemic also impacted the availability of semiconductor chips, which reduced new vehicles sales.
However, the insurer stated that it continued to see strong growth in its commercial
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