Esure Group Plc's Chief Executive Officer Stuart Vann said investors will have to wait until next year before prices in the U.K.'s competitive motor insurance market start to improve.

Gross written premiums fell 1.9 percent in the first six months of the year to 260.4 million pounds ($438.2 million) compared with 2013 and are expected to continue to decline in the second half, the Reigate, England insurer said in a statement today.

"Our view hasn't changed — we think there needs to be one more reporting cycle before prices start to improve," Vann said in a telephone interview. "There's no point going for top-line growth in this type of market."

U.K. prices for new car insurance policies have fallen for 10 straight quarters amid changes in regulation and increased competition, a Tower Watson report showed last month. Admiral Group Plc, which reports earnings next week, said that it sees no sign of a recovery soon, while Direct LineInsurance Group Plc said it's too early to tell if prices have hit an inflection point.

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