Ecclesiastical reports interim losses
Ecclesiastical has announced a loss of £9.9m in the first half of 2010. The figure is in stark contrast to the same period in 2009 when the insurer made a profit of £25.7m.
The company cited its highest claims ratio in the past ten years as being behind an underwriting loss of £15.5m (2009 H1: £15.1m profit). The group combined operating ratio similarly deteriorated to 111.3% from 87.9% in 2009.
The insurer did however see an 8.8% increase in gross written premium to £250.3m. It also confirmed that for the rest of 2010 it will be taking action on its UK motor account and revising its casualty rates as third party claims escalate.
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