Poor underwriting has meant UK property and casualty (P&C) insurers have destroyed more than £3bn...
Poor underwriting has meant UK property and casualty (P&C) insurers have destroyed more than £3bn in shareholder value over the past ten years, according to a report released today.
The report, by financial consultant Mercer Oliver Wyman, claims on average £100 of capital invested in an underwriter would have destroyed £2 per year over the past ten years.
UK insurers have failed to capitalise on the hard market of the last three years, and are likely see one of the slowest periods of growth in the world over the next ten years, according to the report.
The consultant blames the sector's poor performance on a lack of customer focus among the majority of P&C insurers.
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.
