Aviva UK&I GI boss Storah “bullish” commercial rates to hold steady throughout 2024
Aviva UK and Ireland general insurance CEO Jason Storah is confident that most of the wider commercial sector will continue to hold its nerve over rate and not chase short-term market gains – for now, at least.
Speaking after his business reported its premiums had increased 18% to £3,809m in the first six months of 2024 (HY23: £3,219m) with operating profit 25% higher at £287m (HY23: £230m), Storah noted rate was responsible for half of its growth in both commercial and personal lines.
“In personal lines on motor, we took rate ahead of most of the competition over the last 12 to 18 months. We are not expecting to [repeat that] over the next six to 12 months and we have seen increases start to come down
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