LV= however saw more positive results

Allianz Insurance recorded a 5% drop in GWP in the first three quarters of the year, compared with the same period last year.

In a trading update, the business said GWP had fallen to £1418m compared with £1491m last year.

“2020 continues to present unprecedented challenges as we face the ongoing impact of Covid-19,” said chief executive Jon Dye, adding: ”It is important to recognise that there are many other external issues facing our business and it is essential we are ready to meet those.

”The Commercial lines market is still under pressure and events in 2020 have demonstrated that the market is not in a place where it has been able to adequately absorb the shock of major events, whether that be severe weather, Covid-19 or increased recessionary trends.”

LV=, which now reports alongside Allianz Insurance as part of the wider Allianz Holdings group, reported a strong three quarters of the year, with GWP up 31%  compared with the same period of 2019.

Chief exec Steve Treloar said: ”I’m pleased with the results we’ve delivered in the third quarter.

”It’s most certainly been an eventful three months both from an industry perspective and within our own business but our people have continued to maintain their focus on ensuring our customers get great products and an excellent service which I’m incredibly proud of.

”We have strong foundations as a business and I’m confident that we’re very well positioned for the future.”

Dye said this year remains “extremely challenging” for businesses. 

”We don’t yet know what the economic impact of a potential second wave of Covid-19 will have and this is currently combined with the ongoing uncertainty caused by Brexit.

”Despite this, I believe there will be areas where new opportunity presents itself for profitable growth.

”An example of this is the government’s commitment to invest in the construction sector, which we believe could lead to new prospects for us.

”I’m confident that we are in a strong position to manage the challenges of the future while taking advantage of new opportunities that arise.”