Oxbow Partners forecasts motor market COR of 106.1% in 2023 and 100% in 2024
Oxbow Partners has predicted a combined operating ratio for the UK personal lines motor market of 106.1% in 2023, improving to a break even point of 100% in 2024.
The forecast came as the management consultants launched its Motor Market Model, and suggested that – for certain participants – it is a good time to grow in the sector.
The experts noted that motor insurers faced a ‘perfect storm’ in 2022, when the market’s COR was 109.2%, up from 94.9% the year before, driven by the Financial Conduct Authority’s ban on dual pricing and the impact of significant jumps in claims inflation.
Fellow consultancy firm EY has forecast a net combined ratio across the
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