Zurich UK reports £62m loss
Insurer says loss is due to storm and flood losses.
Zurich has revealed an operating loss of £62m for its UK business, compared to profits of £214.9m in 2014.
The provider stated: "The 2015 loss is almost exclusively due to the exceptional volume of large losses and the storm and flood losses at the end of the year."
GWP also fell 4.4% to £1.64bn (2014: £1.72bn) something it said reflected soft market conditions and disciplined underwriting. COR also deteriorated to 109.5%, up from 91.6% in 2014.
Despite these figures UKGI CEO Vibhu Sharma
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