The UK home insurance market faced the worst performing year on record in 2022 with a loss-making net combined ratio of 122%, according to EY’s annual UK Home Results Analysis.
Over the next two years, consumers are expected to see premiums rise by over a third as further losses are forecasted across 2023 and 2024.
In last year’s report, EY forecasted UK home insurers to make a loss of 116% NCR in 2022. The highest level seen previously was in 2007 when the NCR was 118%.
Impacts
UK home insurers 2022 balance sheets were hit by weather events, high inflation, supply chain pressures and rising claims frequency, the consultancy commented.
The Financial Conduct
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