Motor insurance premiums in 2020 - ERS examine three key issues
In November 2019, Ernst & Young analysed the performance of the UK motor market and summarised that, whilst 2017 and 2018 were the first two consecutive years of profit for the motor insurance market in the last 40 years, their view was that in 2019, many insurers hadn’t increased their rates enough to cover claims inflation.
This lack of premium increase led Ernst & Young to predict that the motor market’s average Combined Operating Ratio in 2019 will be 106% - making the sector loss making again. This forecast will have a significant impact on how insurers price in 2020. For those that haven’t taken the necessary corrective action through 2019, considerable price increases will be required to return to profit…
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ERS is the UK’s largest specialist motor only insurer underwritten by Lloyd’s and rated A+. For over 70 years, we have worked directly with brokers to provide bespoke cover for their customers’ specialist requirements.
For these customers’ their vehicle is often at the centre of their livelihood or passion, giving rise to different or specific needs that cannot be met with one-size-fits-all insurance. At ERS we recognise and embrace this difference; it is why we employ teams of underwriters who are experts in their field to understand each risk individually to provide the ideal cover and it is also why brokers have told us that they trust us more than any other insurer with a specialist motor risk.
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