Underwriters of UK property risks will make a significant loss in 2007, ending a four-year run of profitability, ratings agency Standard & Poor’s (S&P) predicted.
This year’s three large weather events could add more than 30 percentage points to the UK’s property gross loss ratio for 2007, and 10 percentage points to its overall gross loss ratio for the year, according to analysis published today in the Top 50 Insurers guide.
S&P predicts a £3.35bn aggregate loss for the property line of business – slightly more than the £3.3bn loss caused by the high winds of early 1990.
