Groupama sustains a loss on its commercial book in tough market

Groupama has said it is looking at "modest losses" on its commercial business after years of reported profit. The insurer attributed the poor results to several years of price erosion and heavy competition in the market.

Malcolm Smith, Groupama's commercial insurances manager, said: "Most insurers, especially large companies, have been very aggressive on new business. Groupama has been pushing for rate increases and has been moderately successful on renewal business, but new business pricing has