- Xuber keeps in the headlines
- Survey suggests compliance may have a cautious impact on risk culture
- A UK government strategy for insurance sector announced to support global leadership
- Quindell secures five year software suite contract with top ten UK motor insurer
- Aon Benfield launches tools to quantify uncertainty in catastrophe models
- KCC releases WindfieldBuilder
- Fitch reports on statutory trends for US life insurers expired
- Chinese regulator issues draft regulatory Framework expired
- India joins NAIC MMoU expired
- AIG will maintain its 9.9% stake in PICC P&C after rights offering expired
- Equity to focus on motor and brokers in restructure expired
- ING cuts stake in SulAmerica expired
18th July 2012
RSA reveals UK adverse weather claims cost
Following the wettest June on record in the UK, RSA has announced that the net loss across the Group’s UK Household, Motor and Commercial Property portfolios from last month’s adverse weather is estimated to be around £40m. Current expectations are that the impact of the continued rainfall experienced to date in July will be around £10m.
In addition, the net loss to the Group in relation to the two earthquakes in the Emilia-Romagna region of Italy in May is estimated to be around £35m.
RSA continues to deliver a strong underwriting performance across its diversified international portfolio. However, reflecting the impact of the above events and assuming a more normal level of weather losses in the second half, the combined operating ratio for the full year 2012 is now expected to be better than 96%.