Moneysupermarket rakes in record revenues as households search for cheaper insurance

Moneysupermarket raked in record revenues last year as households searched for better deals on their insurance.

The comparison website, whose adverts feature actress Dame Judi Dench, said revenues rose 11 per cent to £432.1million in 2023 while profits were up 8 per centto £92.1million.

While there was little incentive for customers to switch energy providers due to the price cap, business was boosted as households tried to find cheaper car and home insurance in the face of ‘exceptionally’ big price hikes. 

But it said the ramp-up in car premium costs started to stabilise towards the end of the year and the group is expecting it to become harder to match the same levels of insurance revenues over 2024, particularly in the second half.

The group said car insurance premiums jumped by 35 per cent to the end of November, while home cover rose by 34 per cent.

Chief executive Peter Duffy said: ‘We helped customers save a record £2.7billion in 2023.’