Oxbow Partners forecasts motor market COR of 94% in 2024
Oxbow Partners has predicted the UK motor market will return to profit this year with a combined operating ratio of 94% versus a 102% rate in 2023.
The consultants acknowledged that last year’s figure was better than its previous 106% forecast.
The specialists listed this was due in part to a change in accounting standards but mainly driven by record price increases of 25% whereas it had predicted 16% hikes. The rises will also earn through this year.
The 94% motor COR prediction is more optimistic than EY’s outlook. In December EY set out a 100.4% level for the industry.
RelatedOxbow Partners forecasts motor market COR of 106.1% in 2023 andOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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