Aviva basic insurance coverage working revenue in Eire down 35%
UK insurer Aviva’s Irish basic insurance coverage working revenue fell 35% in 2020 as enterprise noticed decrease revenues and better bills.
The unit’s working revenue fell to 35 million euros from 54 million euros the earlier yr, whereas its web written premiums fell 7% to 440 million euros, primarily because of of the consequences of Covid-19.
The division’s mixed working ratio – the price of claims and administration over earned premiums – deteriorated to 95.2% from 92.6% in 2019. This represented an underwriting margin of 5%. %, the corporate mentioned Thursday.
Corporations within the sector typically purpose for a ratio of between 90% and 95%.
Declan O’Rourke, managing director of Aviva Insurance coverage Eire, mentioned the yr had been “combined” for the final insurance coverage trade.
“2020 has been a tough yr for all companies in Eire with the affect of Covid-19. Aviva responded with a spread of buyer help which has now been prolonged to the tip of April 2021, ”he mentioned.
“We’re totally conscious that many companies have continued to battle with the price and availability of insurance coverage.”
Mr O’Rourke added that Aviva was “totally in favor” of the federal government’s motion plan for insurance coverage reform.
“We name on the Judicial Council to implement sentences aligned with UK and Europe, particularly for minor / average accidents that are 4.4 occasions increased in Eire than in England / Nation of Wales ”.