EY: UK motor and home insurers to report largest losses in a decade
According to a report by EY, UK motor and home insurers are expected to make the biggest annual loss in over a decade this year, with further losses forecast for 2023.
According to EY’s latest analysis, across 2022, net combined ratios are forecast to reach 115% in the motor insurance market and 116% for home insurers.
On top of this, further losses are anticipated for 2023, with an NCR of 114% predicted for motor insurers and 109% for home insurers.
Motor insurance resultsThe UK motor insurance market had a positive 2021 and achieved an underwriting profit of 97%, largely due to pandemic-related factors, which involved low levels of commuting resulting in
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