The motor insurance market has been almost impossible to make money out of for about as long as I can remember. Investors in esure, then, owner of the Sheilas’ Wheels brand, will be well aware of this. Esure shares were floated at 290p in March 2013 and have struggled to stay above this level since; they lost another 25½p to 240p after halfway figures that were no worse than they should have been.
Esure warned not long after floating that the market was a difficult one. There is little sign of any improvement, although the company says it is making every effort not to write unprofitable business. The combined operating ratio, the main measure of performance for insurers and the difference between money out in