Reserve release of £245m
Norwich Union saw general insurance operating profits more than halve on the back of weather-related claims in the first six month of 2007.
The insurer reported operating profits of £269m, compared to £561m in the first half of 2006. The combined ration deteriorated to 102% from 92% in 2006.
Net written premiums fell to £2.7bn in the half year from £2.9bn from in the previous year.
NU said it suffered £235m in losses from adverse weather, with £175m from the June floods and £60m from the January storms.
It said the impact of the losses was mitigated by a £245m release of prior year reserves.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
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.
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.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
