As part of its broader strategic plan, MS Amlin pulls out of the UK household market

MS Amlin has pulled out of the UK household market.

Serving its mid and high net worth business, renewals were offered until 31 May 2018.

It is believed the company has put its UK household account into run-off.

However, this move will not affect the company’s overall HNW business, as that will stay active.

Binder agreements will continue, but only for a limited amount of time.

A spokesperson for the company declined to comment.

In March 2018, MS Amlin confirmed that it is progressing a number of ongoing projects aimed at repositioning the business for a sustainable and profitable long-term future, amidst the continuing challenging market conditions.

This move was reported to have put approximately 140 jobs at risk.

UK household difficult 

MS Amlin’s exit comes at a time when the UK home insurance market is undergoing challenging conditions.

Insurers were hit by escape of water claims. ABI figures released last November showed that in the first nine months of 2017 domestic escape of water claims cost £483m – 24% more than in the first nine months of 2014.

Meanwhile, customer churn is increasing as people flock to price comparison sites upon seeing the old and new price required under FCA transparency rules. 

Subscribers read more

The biggest headaches in personal lines

 

iStock-639360904