EY pegs UK motor NCR at decade worst 109.5%
The UK motor insurance market experienced its worst performing year in a decade in 2022, with further losses expected this year, according to EY’s latest UK Motor Insurance Results report.
Following a profitable 2021, when the sector recorded a net combined ratio of 96.6%, motor insurers entered into the red in 2022, recording an NCR of 109.5%, largely driven by high inflation and low premium costs.
97.4%EY believes the market should return to profitability in 2024, with a predicted NCR of 97.4%
However, the UK Motor Insurance Results is not as gloomy as EY originally predicted in November 2022 when it said net combined ratios were forecast to reach 115% in the motor
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