’We have delivered high levels of premium growth whilst also increasing prices to cover fully forward-looking claims inflation,’ says chief executive
Sabre chief executive has said that the motor insurer’s “outlook for the year remains unchanged” as it posted its Q1 2024 financial results.
In the four months ended 30 April 2024, the motor insurer achieved gross written premiums (GWP) of £85.7m – a year-on-year increase of 61% from Q1 2023, when it posted a GWP of £58.9m.
The vast majority of Sabre’s GWP was owned through its motor vehicle book, which represented £77.1m of the quarter’s total. Motorcycle and taxi business made up £.5m and £5.1m respectively.
In a statement, Sabre said that this motor growth came alongside its implementation of price increases to cover ”anticipated claims inflation of approximately 10%” across 2024.
It added that it remained committed to a strategy of profitability over volume, with policy counts as of 30 April 2024 sitting at 242,000 for motor, 42,000 for motorcycle and 12,000 for taxi.
As of 31 December 2023, policy counts sat at 234,000 for motor, 44,000 for motorcycle and 11,000 for taxi – meaning that, while total policy count numbers grew, there were slight dips in both the taxi and motor cycle books.
Positive contribution
Carter said: ”I am very pleased that the strong trading we experienced throughout the latter half of 2023 has continued into 2024.
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”We have delivered high levels of premium growth whilst also increasing prices to cover fully forward-looking claims inflation of circa 10%, illustrating both our commitment to, and the success of, our long-standing ’profitability as a target, volume as an output’ strategy.
”It is encouraging that both expected profitability and volume are in a strong position and our outlook for the year remains unchanged. We are particularly pleased that all three of our products are expected to make a positive contribution to profit this year.”
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