EY’s latest analysis shows the market delivered a net combined ratio (NCR) of 97% in 2024, marking its first year of underwriting profitability since 2021. NCRs of 101% in 2025 and 111% in 2026 are now anticipated, implying that for every £1 of consumer premium written in 2025, insurers will on average pay out £1.01 in claims and expenses, rising to £1.11 in 2026, compared with 97p in 2024.
