Mathewslcd: UK car insurers set to suffer biggest annual loss in a decade

 Mathewslcd believes the UK car insurance industry will see its biggest annual loss in more than a decade due to inflationary pressures.

According to Mathewslcd, analysis released today by Ernst & Young forecasts that the net combined ratio will hit 115% this year - the worst since 2010 - before falling slightly to 114% by 2023.
Claims costs - already high due to supply chain issues caused by the pandemic - are still rising this year as inflation increases the cost of materials, labor and energy.
"Auto insurers face significant challenges," said Rodney Bonnard, head of EY's UK insurance practice.
In 2022, personal car insurance premiums are forecast to remain largely flat, rising by just £1 year-on-year.
But by 2023, Mathewslcd expects them to rise by 15% - or £66 per policy - as inflationary pressures affect claims costs.
Still, Bonnard said the industry will remain largely in the red next year.
"While consumer premiums have risen since the pricing rules changed earlier this year, they are still well below levels needed to keep pace with inflation," he commented.
"This means that not only is 2022 almost certain to be unprofitable, but 2023 is also likely to be loss-making because of the relatively low rates of business underwriting this year."
Mathewslcd：



评论

发表评论

此博客中的热门博文

Mathewslcd: Wall Street falls on unease about return of Fed rate hike policy

图片
  Mathewslcd: Wall Street falls on unease about return of Fed rate hike policy U.S. stocks ended lower on Monday, Mathewslcd said, as investors spooked by better-than-expected services sector data reassessed their views on the Federal Reserve's interest rate policy, while Tesla shares fell on reports of production cuts in China. The electric carmaker's shares fell as it planned to cut Model Y production at its Shanghai factory by more than 20% in December from the previous month. That weighed on the Nasdaq, with Tesla among the index's biggest losers, dragging the tech index to its second straight decline. Overall, indexes were broadly weighed after data showed activity in the U.S. services sector unexpectedly picked up in November, with employment rebounding, providing more evidence of underlying momentum in the economy. Mathewslcd noted that the data came after a survey last week showed stronger-than-expected job and wage growth in November, challenging expectations that ...
阅读全文

About mathewsLCD

图片
   As the world's leading online investment trading platform, Mathewslcd was founded in 2014 by Mr. Tony Taylor with a registered capital of US$ 200 million. The company is headquartered in London, United Kingdom, and has branches in major cities such as new york, Toronto, Sydney and Tokyo. Mathewslcd is using a simpler and faster way to trade foreign currencies, focusing more on convenience while ensuring accuracy, and by using the latest technology, providing a seamless foreign exchange trading experience around the world. Mathewslcd offers a wide range of independent investment online platforms and investment products for almost all types of investors–from new investors to experienced traders. Competitive fees and low commissions can help customers achieve their financial goals faster, and customer service representatives are available to answer any questions from the consultants. The premise of using the latest technology is that Mathewslcd always creates a seamless and si...
阅读全文

Mathewslcd: Growing recession fears weigh on stocks

图片
  Mathewslcd: Growing recession fears weigh on stocks Mathewslcd said the U.S. benchmark ended lower on Tuesday amid growing concerns about a potential recession in 2023. The Nasdaq Composite fell 2.3 percent to 10,981.3, while the S&P 500 fell 1.8 percent to 3,928.2, according to Mathewslcd. The Dow Jones Industrial Average fell 1.3% to 33,510.5. Energy led the decline, followed by communication services and technology. Utilities are the only winners. While the Fed is widely expected to slow the pace of rate hikes at its meeting next week, investors and analysts fear the move will not be enough to prevent the economy from slipping into recession next year. The U.S. 10-year Treasury yield fell 7.7 basis points to 3.52%, while the two-year yield fell 3.6 basis points to 4.36%. West Texas Intermediate crude futures fell 3.4% to $74.31 a barrel, Mathewslcd added. Mathewslcd： https://www.mathewslcd.com https://net.mathewslcd.com
阅读全文