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Esure shares fall after small injury claims hit profits Esure shares fall after small injury claims hit profits
(35 minutes later)
Online insurance firm Esure has said it will push up premiums after a surge in small injury claims.Online insurance firm Esure has said it will push up premiums after a surge in small injury claims.
Shares in the firm - whose brands include Sheilas' Wheels - fell more than 8% after half-year underlying pre-tax profits slid 21.3% to £46.5m. Shares in the firm - whose brands include Sheilas' Wheels - fell more than 9% after half-year underlying pre-tax profits slid 21.3% to £46.5m.
The drop was in part due to profits in the firm's motor insurance business falling 80.7% to £3.3m.The drop was in part due to profits in the firm's motor insurance business falling 80.7% to £3.3m.
Chief executive Stuart Vann said: "The claims environment in the motor market continues to deteriorate."Chief executive Stuart Vann said: "The claims environment in the motor market continues to deteriorate."
"As a consequence we will seek to implement further rate increases in the second half of the year as we look to mitigate against these trends.""As a consequence we will seek to implement further rate increases in the second half of the year as we look to mitigate against these trends."
The group has more than 1.4 million motor insurance policies and about 570,000 in home insurance.
A recent AA report showed car insurance premiums rose for the first time in three years during the second quarter of 2015, with the average cost of annual comprehensive car insurance up 5.2%.
Including one-off items, Esure's pre-tax profits actually increased by 84.% to £105.4m - but the firm said this was largely due to a gain from its acquisition of GoCompare.