CORPORATE PARTNERS
HEADLINE SPONSOR
GOLD SPONSORS
INSURER PARTNERS
INDUSTRY BODY PARTNERS
INSIGHTS PARTNERS
Hello and welcome to this special ILC Better Tomorrow Insights Pack, published specifically for ILC Exclusive Motor Claims Conference 2023.
On the following pages you will find slides from today’s presentations courtesy of our Claims Inflation Insights sessions featuring: Tom Rumboll, Managing Director, IAA and CEO, Synetiq; Stuart Sandell, Assistant Vice President – Sales – UK and Ireland at Enterprise Holdings; Dave Sargeant, Managing Director, Gemini ARC; and Donna Scully, Director/Owner of Carpenters Group as well as a host of data and insights from a variety of ILC partners.
We have credit hire rate insights courtesy of Whichrate; general repair market intelligence from Trend Tracker; and an in depth look at motor loss ratios courtesy of Insurance DataLab. Each section of this publication is clearly marked with the source of the information included and we hope each helps continue to support dialogue across the industry.
Of course, this Insights Pack – the first of its kind – is only possible through the support of those contributors and, of course, those many more who partner with ILC on an ongoing basis and who support on an event-by-event basis.
We would therefore like to say a special thank you to ILC Motor Corporate Partners: Activate Group, AkzoNobel, Autoglass, BHR Assist, CAPS, Carpenters Group, Copart, DAC Beachcroft, e2e, Entegral, Enterprise, Gemini ARC, GT Motive, Innovation Group, Kennedys, S&G Response, Solera Audatex, Synetiq and Thingco, and Exclusive Motor Claims Conference headline sponsors Enterprise along with sponsors BHR Assist, Clearspeed, EDAM Group, LexisNexis Risk Solutions and Wiser Academy.
We hope the information contained within this pack supports your business objectives and would welcome any feedback.
Many thanks for your ongoing support.
Continued reduction of suppliers, both legal and MRO’s
CLASSIFICATION: INTERNAL
The motor insurance market fell to an underwriting loss in 2022/23, according to the latest analysis by market intelligence platform Insurance DataLab, off the back of rising loss ratios as the industry struggles to get to grips with rising claims inflation.
Indeed, motor insurers across the UK and Gibraltar reported an aggregate combined operating ratio (COR) of 111.1% in the most recent set of Solvency and Financial Condition Reports (SFCRs).
This represents a 13.7 percentage point deterioration on the previous year when insurers reported an aggregate COR of 97.4% as the market fell back into loss-making territory for the first time since 2019/20 when it reported a COR of 102.2%.
This worsening of performance was driven by a climbing loss ratio amidst a claims inflation crisis that has sent the cost of claims soaring.
Motor insurers reported a loss ratio of 78.1% for 2022/23, some 13.3 percentage points higher than the 64.8% loss ratio reported for 2021/22.
This represents the second highest loss ratio of the last five years, only outstripped by the 70.3% ratio achieved in 2019/20.
The loss ratio for 2022/23 also represents an 11.2 percentage point increase over the last five years, having climbed from just 67.0% in 2018/19.
While Gibraltar has traditionally been a haven for profitable underwriting in the motor market, Gibraltarian insurers also fell to an aggregate underwriting loss in 2022/23, just like the combined UKGibraltar marketplace.
wage inflation is catching up and ‘real pay’ is now a positive number.
wage inflation is catching up and ‘real pay’ is now a positive number.
wage inflation is catching up and ‘real pay’ is now a positive number.
Produced by Trend Tracker exclusively for ILC Motor Event . Powered by Industry Insights.
Pandemic vacancy levels. Pay has continued to ‘catch up’ with inflation, wages
Produced by Trend Tracker exclusively for ILC Motor Event . Powered by Industry Insights.
‘Cutting through the noise, the economy seems to be still growing, albeit fractionally. The change –recession can’t be ruled out. The jobs market is cooling, while the impact of higher rates is still yet to hit the economy.’
‘Market uncertainty remained which was largely caused by the possibility of supply disruptions in
Although a volatile week, prices remained relatively stable week on week.’
‘On Monday 11 September 2023 traffic volumes were 102% of the levels during the first week of
‘On Monday 11 September 2023 traffic volumes were 102% of the levels during the first week of
‘Electric car registrations had their strongest month of 2023 in August, as 1 in five new cars registered
‘This September, Cap Live is reporting a 1.9% or c.£420 decline in values at the 3 crisis at the time affected the market.’
‘It is important to put into context, however, that used car values currently remain some 25 – months now.’
‘Battery Electric Vehicles continue to dominate the headlines, but it is now a difficult area to
‘Battery Electric Vehicles continue to dominate the headlines, but it is now a difficult area to
‘ASP (average sale price) growth has been more muted in EVs vs ICE vehicles over the last year or so, –close eye on.’
‘The average age of a typical salvage ICE vehicle is consistently 10 1⁄2 Years, where EVs average closer to 5 1⁄2 Years, therefore we’re about 5 years away from electrified vehicles reaching typical the current salvage proportion.’
‘The average age of a typical salvage ICE vehicle is consistently 10 1⁄2 Years, where EVs average closer to 5 1⁄2 Years, therefore we’re about 5 years away from electrified vehicles reaching typical the current salvage proportion.’
are 33% lower than in August 2022. 2023 to date is 15% lower than 2022.
are 33% lower than in August 2022. 2023 to date is 15% lower than 2022.
Rate Comparisons August 2023
Rate Comparisons August 2023
CORPORATE PARTNERS
HEADLINE SPONSOR
GOLD SPONSORS
INSURER PARTNERS
INDUSTRY BODY PARTNERS
INSIGHTS PARTNERS