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Esure CEO says recovery in UK car insurance prices not until 2015

According to Esure Group, investors will have to wait until next year before prices in the U.K.s motor insurance market start to improve.

By Sarah Jones, Bloomberg | Updated on August 04, 2014
Esure Group Plc’s Chief Executive Officer Stuart Vann said investors will have to wait until next year before prices in the U.K.’s competitive motor insurance market start to improve.

Gross written premiums fell 1.9 percent in the first six months of the year to 260.4 million pounds ($438.2 million) compared with 2013 and are expected to continue to decline in the second half, the Reigate, England insurer said in a statement today.

“Our view hasn’t changed — we think there needs to be one more reporting cycle before prices start to improve,” Vann said in a telephone interview. “There’s no point going for top-line growth in this type of market.”

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