Motor market turns profit for first time in 20 years, EY reports
Firm warns that turnaround may be due to reserve releases.
The motor insurance market has turned an underwriting profit for the first time since 1994, according to figures from EY.
The financial services firm reported that, based on analysis of the 2013 year-end results of the majority of listed insurers, the net combined ratio will be 98.5%.
This is a 2.5% improvement compared with the end of 2012. EY stated that “the full picture shows reserve releases are increasing” – since 2010 they have risen by 7.2%.
This activity mirrors the pattern that was
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