Allianz reports increased GWP but says market remains "challenging"
Allianz Insurance has reported a 6.8% improvement in gross written premiums (GWP) for the first three months of 2012, but cited recession related claims costs as a hindrance to the commercial division of the business.
The insurer reported GWP of £473.6m for Q1 2012, compared with £443.5m GWP reported for the same period of 2011.
The commercial division of the business showed a slight decline in GWP, at £253.3m in the first quarter of 2012, down from £254m in Q1 2011.
Andrew Torrance, CEO at Allianz Insurance, said flat GWP in this segment of the business was indicative of how competitive the market was on the whole.
The retail division reported a 16% improvement in GWP, up to £220.3m in Q1 2012 from £189.5m
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