Aviva is not ‘knee jerking’ in reaction to ‘tough’ commercial lines market – Jason Storah

Aviva commits to “hold our discipline” and “not knee jerk” in the face of “tough” market softening in commercial lines, which has seen rates decline by “about 6% to 7% overall”, according to Jason Storah, the insurer’s UK general insurance (UKGI) chief executive for UK and Ireland.

Speaking exclusively to Insurance Times following the publication of Aviva’s 2025 full-year financial results on 5 March 2026, Storah explained that there is “more volatility in commercial lines because the market is softening”, with “rates down [by] about 6% to 7% overall” – and global corporate and specialty lines being particularly affected.

“Our global corporate and specialty business – that’s where trading is harder,” he confirmed.

“Financial lines have been tough for the last year or so. Cyber [and] financial lines, the rates have just been going one way and it’s been the wrong way – and there’s been some carriers looking to take market share.

“So, we’ve been very prudent in those lines versus something like specialty, where we have seen some really great wins in renewable energy, marine, construction, contingency M&A, political violence and terrorism – that was something that we’ve really grown into over the last year or so.

“But commercial [lines is] a tough market, particularly that global corporate and specialty space. UK retail commercial rates are probably down about 6% to 7% overall, but we’ve held on to a couple of points of rate compared to the market and we’ll see how long that lasts.

“We’re certainly expecting that the tough trading conditions are going to continue in commercial [lines] through this year.”

Storah is adamant that Aviva will not panic or overreact to cyclical market conditions and rate decreases.

He continued: “We’re not going to just follow the trend on commercial rate softening. We are going to hold our discipline. If that means that the top line isn’t quite as strong year-over-year, that’s ok because we’re focused on the underwriting profit and discipline.”

Long-term lens

Despite this market analysis, Storah noted that Aviva grew its UK commercial lines premiums by 7% over the course of 2025, which he said felt like a “really good” achievement.

He added: “We took a very disciplined approach when brokers are coming to us looking for underwriting decisions or pricing decisions based on the short-termism that there is in the market at the moment and we will continue to be disciplined and just take a long-term view with our brokers.

“We’re not going to knee jerk on where the market is at the moment. We need brokers that are healthy for the long term and that’s what the team are focused on.”