Ticker reports £107 million in premiums
Ticker , a connected motor insurance provider, has released its 2023 annual results, reporting £107 million in premiums—a 165% increase from £40.3 million in 2022. With a loss ratio currently in the mid to low-50s, the company expects it to fall below 50% in 2024, aligning with leading UK motor insurers and outperforming other insurtechs.
The company’s operational loss was £4.6 million, down from £8.5 million in 2022.
Policy sales nearly doubled to 79,530, with active policies at year-end growing to 58,948 from 29,918 in the previous year.
Key Metrics
- Premiums: £106.7m (2023) vs. £40.3m (2022)
- Turnover: £16m (2023) vs. £5.3m (2022)
- Operating Loss: £4.6m (2023) vs. £8.5m (2022)
- Policy Sales: 79,530 (2023) vs. 40,965 (2022)
- “Live” Policies: 58,948 (2023) vs. 29,918 (2022)
Product Expansion
Ticker currently offers four products targeting niche segments: novice drivers, van drivers, drivers with convictions, and pay-per-mile insurance for low-mileage drivers. It recently added a new product for drivers over 65, addressing a market of ~9 million drivers in the UK.
Its capacity partners are Accredited and Hannover Re. Accredited provides a fronting service, while the majority of Ticker’s capacity is supplied by Hannover Re.
