Covéa sees GWP and profit decline
Provider attributed GWP reduction to challenging personal lines market.
Covéa Insurance has announced a 17% drop in gross written premium (GWP) for 2013.
The provider, which formed in 2012 following the integration of MMA, Provident and Gateway Insurance, saw GWP drop to £385.8m from £462.7m the previous year.
According to Covéa, the reduction principally relates to the personal lines motor account, where market rates fell to an extent that “the company believes is unjustified by the more modest savings in claims costs that have been delivered by the Laspo reforms”
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