Insurers call on reserves
It was a mixed picture for insurers announcing their H1 results, as their accountants pored over the...
It was a mixed picture for insurers announcing their H1 results, as their accountants pored over the loss ratios and summarised some pretty bad news.
For Axa, Storm Kyrill and the floods hit its H1 underlying earnings by £41m with this year's H1 earnings of £83m down from £124m in H1 2006. The insurer's general and health combined operating ratio rocketing to 102.4% from 96.7% over the same period. Weather losses accounted for £115m in total.
Norwich Union limited the damage of Kyrill and the June
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