Esure posts £29.1m loss as tough market conditions bite
Esure chief executive David McMillan explained the swing from a £7.7m post-tax profit in 2021 to a £29.1m loss in 2022 as being caused by significant claims inflation, increased weather-related home claims, and a weak pricing environment.
McMillan said Esure invested £61.3m in 2022 into its transformation programme, which affected the company’s profitability.
Gross written premiums fell 9% to £736m in 2022 compared with £808m in 2021.
McMillan said: “It has been a hugely challenging environment. Heightened claims and inflation is probably the worst we have seen in 50 years. The challenges were also exacerbated by the fact that we’ve had unsustainable levels of market pricing.
Related Esure posts loss of £7.1m forOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
Allianz Commercial UK boss Côté departs to join RSA in new CEO role
Allianz Commercial managing director UK Nadia Côté has left the insurer to join RSA as CEO Europe.
Meet the MGA: Kayzen Specialty
Kayzen Specialty founder and CEO Charles Boorman explains to Jonathan Swift his plans for the MGA to be a go-to market for financial lines through continuous improvement across its three pillars of broker-centric, underwriter-fronted and tech-focused.
Rising Edge adds to employment practices liability insurance
Managing general agent Rising Edge has released a policy endorsement for its Employment Practices Liability Insurance, in move it said was in response to new UK employment laws.
Covéa promises brokers faster access with CDL home insurance tie-up
Covéa Insurance has promised brokers faster access to products and effective pricing as it launched its home insurance business on CDL’s Insurer Hosted Pricing hub, Insurance Age can reveal.
i-Wonder delivers on fast food
i-Wonder, provider of niche insurance comparison website solutions, has confirmed the adoption of its offering for the UK fast food delivery sector by “one of” the UK’s main aggregators, Insurance Age can reveal.
Aqueous secures capacity with pair as Allianz pulls back
Aqueous Underwriting has confirmed Allianz pulling back capacity on SME package, as it revealed a three-year deal with A+ rated insurers Allied World and Sompo.
MGA goes live targeting “significant gap” in the market
Managing general agent Carrow Insurance, led by Ronan Conboy, has launched targeting warranty, accident & health and income & payment protection products through a network of broker and distribution partners.
RSA claims PI first with product aimed at climate professionals
RSA has today launched a professional indemnity product aimed at climate professionals.