The traditional flurry of insurer half-year results has painted a mixed picture on profitability and combined operating ratios (COR).
For those with deteriorating figures the most widely cited factor was the bad weather, although most had at least one other, slightly more interesting, reason to back it up – Zurich for instance claimed a “one-off pension blip” was a main culprit behind its 26% drop in operating profit.
But while insurers clamoured to justify their situations, and to be fair there
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