Are you Esure? Insurer premiums won't rise until next year
Motor insurer Esure will not hike premiums until early next year, despite an industry price war and winter storms leaving profits flat.
The group, which owns Sheilas’ Wheels, said first-half pre-tax profits rose 0.4 per cent to £57.1million, with policies up 2.1 per cent to 1.97million.
Wet winter weather battered its figures
However, gross written premiums dropped 1.9 per cent to £260.4million.
Chief executive Stuart Vann said it had been hit by competition and premiums were unlikely to start rising again until at least the first quarter of 2015.
The firm said wet winter weather, leading to flooding in many parts of the country, had also battered its figures and that claims were £3million higher than expected.
However, Vann insisted it had been a “solid performance”. Esure’s shares rose 1¼p to 258½p.
