News

Ecclesiastical hit by £59.7m loss due to Covid-19 impact

By 2020-08-21T07:14:00

coronavirus, financial loss

The insurer’s chief executive describes the headline loss as ‘disappointing’, attributing it to the ‘uniquely challenging’ circumstances arising from the coronavirus crisis

Charity owned insurer Ecclesiastical has reported a £59.7m loss before tax for the first half of 2020 – the firm attributed this decline to the impact of the Covid-19 pandemic on financial markets.

The insurer’s 2020 H1 results have been heavily influenced by the coronavirus outbreak; not only has the firm experienced a large headline loss, compared to a £42.8m profit before tax at this point last year, but Ecclesiastical has also recorded an investment loss of £48.9m and an underwriting loss of £1.3m, compared to a profitable £9.5m in H1 2019.

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