Zurich UK GI reveals H1 loss after Covid-19 claims hit £140m
CEO Tulsi Naidu points to positive working relationships with brokers throughout a "time of great stress" as she maintains that the provider is "very well positioned" for the future.
Zurich UK has reported a business operating loss of £35m in its general insurance division for the first half of 2020.
The provider stated that this included £133m of Covid-related items, adding that excluding Covid-19 it would have achieved a business operating profit of £98m.
The business posted an operating profit of £185m in its GI division in H1 2019.
In addition, its combined operating ratio worsened to 103.4% including Covid-19 impacts. Zurich noted that its COR on an underlying basis
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
Transparency, team and targets – Zurich boss David Nichols ready to meet and greet brokers at Biba
One year on from his first British Insurance Brokers’ Association conference in the Zurich hotseat, UK head of retail David Nichols shares his key messages for brokers ahead of the upcoming event in Manchester.
Aurora launches policy in partnership with Axa
Managing general agent Aurora has launched its second specialist offering, a management liability policy in partnership with Axa.
Broker Insights launches AI-enabled Propensity Lens
Broker Insights has unveiled a product designed to improve efficiency for insurers by helping to predict the possibility they will win business.
FCA chair admits surprise at “stern reaction” to name-and-shame proposals
The chair of the Financial Conduct Authority has admitted that it was not expecting such a “stern reaction” to its consultation on its “name-and-shame” proposals.
Arch expands terrorism insurance solution
Arch Insurance UK regional division has enhanced its standalone terrorism insurance product for businesses across the country, available via its new broker portal.
EY predicts three years of slowing premium income growth for insurers
EY has forecast UK non-life insurance premium income growth will slow to 7% in 2024, from 8.7% in 2023, dropping again to 5.1% in 2025 and 3.8% in 2026.
ABI records 3% home premiums rise in Q1
Average home insurance premiums for buildings and contents cover rose by 3% to £375 in the first quarter of this year, pushing the year-on-year rise up to 19%, according to the Association of British Insurers.
Flood Re raises levy and liability and loss limits
Flood Re has increased the annual insurance industry levy by £25m to £160m from next April, in a string of changes it said were designed to keep flood insurance available and affordable.
Most read
- Cost-of-living crisis pushes up premium finance demand
- Ardonagh strikes A$2.3bn PSC deal
- Video Q&A: Close Brothers Premium Finance MD Shaun Hooper