Provident cuts losses with improved underwriting but prior year claims still haunt book
Provident slashed its operating loss to £2.8m in 2011, compared £10.1m in 2010, largely due to strong rating and underwriting action, 2011 accounts from MMA Holdings (UK) reveal.
The motor insurer continued to remain in the red though, as it had to strengthen reserves to cope with prior year claims.
Gross written premium increased to £197m last year, compared to £187m in 2010. Total loss after tax was £2.1m compared to £6.7m in 2010.
Provident’s current year combined ratio for 2011 was 92.3% (2010: 104.9%). The company’s reported combined ratio, which includes the impact of prior years, was 103.6% (2010: 108%).
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
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