Jurisdiction(s):
United Kingdom

EY: UK home insurers still in the red; premiums to rise 19% in 2024 and 7% in 2025; break-even possible by 2025; government sets up motor insurance task force

Published on: 23 October 2024

Published by a Law360 reporter

Legal News

Article summary

The

On 21 October 2024, the Big Four accounting firm reported that, despite a reduction in major weather events, losses predominantly stemmed from supply-chain disruption, a higher frequency of claims and elevated inflation. Martina Neary, EY’s UK insurance leader, said many UK home insurers postponed increasing premiums in step with inflation in 2022 to remain competitive following the Financial Conduct Authority’s pricing reforms. That move fuelled a pronounced uplift in premiums in 2023 and is expected to persist in 2024 as firms contend with stubborn inflation and ongoing supply-chain challenges. Neary also cautioned that 2024 will be another demanding year for both firms and customers. She said organisations will need to carefully balance multiple pressures, from supporting customers in financial difficulty to investing in critical growth areas such as digital transformation, while navigating uncertainty around climate change...

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