THE INSURER behind the garish Sheilas’ Wheels brand yesterday unveiled a healthy rise in revenue, despite fears that the UK motor insurance industry is entering a period of crisis.
Esure, which floated in London at the end of March, unveiled its trading update as a listed company and said it grew car insurance revenue by 3.1 per cent to £99.2m during the first three months of the year.
In an unlikely twist women-focused Sheilas’ Wheels has benefited from new EU rules that ban car insurers from charging different rates to male and female drivers. Because around 95 per cent of its customers are female it can afford to offer competitive rates to retain existing clients without being accused of pricing along gender lines.
Chief executive Stuart Vann said the new pricing regime had resulted in “an increase in overall retention” for the brand at a time when other insurers are struggling.
At the end of March Esure had 1.79m outstanding policies, up 1.8 per cent on the last quarter.
Total premiums written hit £124.2m during the period.