Axa and Bluefin both report drop in revenue

stuart-reid

The insurer blamed the winter freeze for the drop in earnings claiming it cost the business £118m, adding 3.3 percentage points to a total combined ratio of 105.3%.

UK Personal Insurance revenues rose by 17 % to £1.4bn, which Axa attributed principally to growth of the private motor account in the direct channel (+71%) – taking total property and casualty revenues to £3.6bn (+3%).

In a statement, Axa said that further personal insurance premium increases were likely in 2011 as the market

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