Ogden drives Zurich to UK general insurance loss in 2017
COR soars to 110.9%.
Zurich has reported a £151m business operating loss for 2017 for UK general insurance.
The insurer flagged that if the Ogden rate had not changed – it moved from 2.5% to minus 0.75% last March – it would have made a profit.
In 2016 the provider had achieved a profit of £147m.
Gross written premium of £2.37bn was the same as reported a year ago.
However, the combined operating ratio (COR) soared to 110.9% from 97.1% in the previous 12 months.
Again the insurer flagged that excluding the
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