An expensive new report from Fast Market Research (slogan: Why have careful, when you can have Fast?) reveals (according to tempting teaser snippets unveiled this week) that the UK commercial motor insurance market remains “unprofitable” and will carry on remaining so unless rates go up.
Reported CORs for 2012 may look at little better than in 2011, the Fast people report, but that’s largely due to reserves releases, while underlying market performance was actually worse last year than in 2011.
Of the top ten players in commercial motor (if playing is the correct description for whatever it is they think they’re up to), only two managed to keep their 2012 COR below the crucial ‘not a complete disaster‘ 100% mark. They were Direct Line with a measly 62% (a figure to be seen in context with their less impressive 37% expense ratio) and Allianz with 81%.
If you want to know more, you’ll have to shell out vast sums to Fast, or maybe have a look at last year’s reports yourself, or maybe not worry about it. It’s only commercial motor insurance, after all – and it’s not as if anything’s ever going to change.
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