ERS motors to profit of £13.9m

Specialist, broker-only motor insurer, ERS recorded a profit of £13.9m for 2019 up from £11.1m in 2018. It also reported a 13% hike in vehicles on cover and gross written premium of £360m, up from £330m in 2018. Its combined operating ratio saw a slight deterioration to 99.7% from 96.1% as a result, the company said, of the change in the Ogden rate.

CEO Ian Parker said that 2019 was a difficult year for the industry with exceptional claims inflation and Ogden impacting results for the fourth year in a row.

"Whilst Ogden was out of our control, we continued to refine our book and focus on the things we can control.

“We invested in electronic platforms where price and speed of service are key to successful trading and made huge leaps forward in our data and analytics capability, by building a new data science team to help us underwrite the right risks at the right price.

“Through 2020, we’ll continue to focus on our COR. We have strong underlying performance and in investments we’ve made in infrastructure and technology, we have the foundation in place to achieve our goals and continue to build a track-record of results. We fully expect to continue to drive stable, profitable premium growth”.

Over half of ERS’ commercial new business is, the insurer added, now traded online through its eTrade platform for brokers.

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