UK - Market conditions remain tough in non-life
Wednesday, 10 07 2015, Category: Insurance and Reinsurance, Country: United Kingdom
Market conditions for UK non-life insurers are challenging as pricing remains weak across most business lines amid fierce competition, according to a new report by ratings agency AM Best.
The firm claims that first-half results in 2015 have benefitted from the absence of large flood and storm losses but the frequency and severity of weather-related events in the remainder of the year will be a key driver of final performance.
According to the report, the motor sector has recently seen a positive impact on claims experience from recent legal reforms, however, it is predicted that this will be at least partly offset by last year’s pricing actions.
Source: Intelligent Insurer