Insurance rate hikes are set to continue for the next two years. That's according to Ernst & Young.
In its Financial Services 2003 Outlook, Ernst & Young claimed commercial rates rose by 20% this year "with no signs of going down."
The company said the industry's overall surplus has dropped since 1999, and further rate increases are needed to push this level back up.
Peter Porrino, director of insurance services for Ernst & Young said: "Insurers will need to raise prices until combined ratios drop significantly below the current average level of about 105%.
He added that: "You're not making money at those levels. You need a 90% combined ratio. And I don't think this industry has had a 90% combined ratio for more than a year at a time."
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
