Axa points to referral fees to explain continued rise in costs
Axa UK has reported an improved combined ratio for the first half of 2011 but is still at a break even point of 100% while the total UK and Ireland property and casualty revenues came in at £2bn.
According to the insurer, underlying earnings improved significantly to £69m compared to £13m last year but it appears that claims inflation is still hurting the insurer as Axa UK’s chief executive, Paul Evans, used the results as an opportunity to once again bang his referral fee drum.
“The rise in motor insurance premiums has continued, albeit at a slower rate, as insurers seek to restore profitability in the face of spiralling personal injury claims. Department of Transport statistics report
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