Covéa reveals £22.3m underwriting loss in 2019
Provider also posts increases in GWP and profit after tax as it reports "disappointing" personal motor result impacted by claims inflation and a "lower than anticipated" Ogden rate.
Covéa Insurance has revealed an underwriting loss of £22.3m in 2019, down from a profit of £1.8m in the preceding year.
However, the provider’s profit after tax increased to £3.7m, compared to £1.5m in 2018, and gross written premiums rose by 1.9% to £779.6m in 2019 (2018: £765.1m).
Covéa’s combined operating ratio deteriorated to 103.9% (2018: 99.7%), according to the figures, which were published on Companies House.
Personal
Looking closer at the separate divisions, the personal lines
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