The effect of “baked in” pricing improvements and easing economic headwinds gives an improving outlook for insurers this year, but will only make it less bad than 2023, according to Fitch.
“The outlook is improving, the overall environment though we do think is still challenging. There is certainly no room for complacency,” Graham Coutts, senior director at Fitch Ratings, told delegates at a conference in London yesterday.
In October, consultants EY calculated a loss-making net combined ratio of 122% for UK home insurers in 2022. It forecast an NCR of 114% for 2023, falling to 104% in 2024.
This was followed in December with a prediction of an NCR in motor of 114.6% for 2023
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