Recession credit claims pushes combined ratio over 103%
Credit insurer Euler Hermes saw claims hikes wipe out profits as the recession bit, leading to a technical loss of €11.1m compares with a profit in Q1 last year of €53.1m.
Financial Highlights (2008 Q1 in brackets)
- Premiums €448.3m (€436.7m) up 2.7%
- Service revenues €100.2m (€90.4m) up 10.8%
- Total turnover €548.5m (€527.1m) up 4.1%
- Net technical result -€11.1m (€53.1) down 120.9%
- Net investment income €54.2m (€21.3m) 154.6%
- Operating income €43.1m (€74.4m) down 42.1%
- Net income €16.5m (€38.4m) down 56.9%
- Combined ratio 103.0% 83.2%
Wilfried Verstraete, chairman, said: “The economic climate remained unfavourable in the first quarter of 2009. Therefore the number of claims was high and continued to depress group profitability.”
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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.
