But new business and retention was up for the first of the year
Covid-19 claims pushed Zurich UK into the red for the first half of the year, with a reported operating loss of £63.
The insurer took a £212m hit from Covid-19-related items, which also pushed the half-year combined operating ratio into negative territory at 103.4%.
Excluding Covid, the COR was still down in the first six months of the year compared to the same period last year - to 90.8% from 85.6%.
GWP for the half grew 11% across all lines though, to £1,339m from £1,204 m in H1 2019.
”The first half saw a significant earnings impact of £140m from Covid-19 claims. This comprises claims for personal travel, school trips, event cancellation, and, where policies respond to the pandemic, business interruption,” Zurich said in a statement.
Zurich also said its new digital SME platform had ”delivered a 42% year-on-year increase in new business and a 23% uplift in customer numbers”.
Commenting on the general insurance results, chief executive Tulsi Naidu said: ”Despite the highly challenging operating environment, we achieved continued momentum across all our business areas and have delivered on our commitments to customers.
”Although pandemic claims have impacted half-year earnings, our underlying business is strong and performing well.
“From day one of the pandemic, our servicing of customers and brokers didn’t skip a beat, contributing to stronger than expected new business and retention.
”We have also benefited from a flight to quality as customers look for financial strength and stability during these uncertain times.
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.
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