Business liability insurance provider Allianz reported The insurer that gross written primums increased to £914 million so far this year. However, operating profid decreased to £77.5 million.
In its commercial insurance lines, Allianz reported a gross written premium increase to £512 million with a combined written ratio of 95.9 per cent. Meanwhile its retail business experienced a combined written ratio increase to 96.4 per cent with £393 million in gross written premiums.
Allianz chief executive officer, Andrew Torrance, expressed his pleasure that the insurance firm has been able to increase its top line by 6.1 per cent in the first six months of 2011. Mr Torrance attributed the slight drop in operating profit for the firm to 2011 claims development that was lower than favourable.
Commercial motor policies were to blame for the ‘modest’ amount of growth in gross written premiums in commercial lines, according to the Allianz chief executive. He attributed this to a market that has been consistently competitive, with policyholders operating in a still-fragile economy that has been showing sluggish signs of recovery.
However, Mr Torrance remarked that the indemnity insurance market for legal protection has been growing way ahead of the insurer’s projections in both profit and the number of gross written premiums. Allianz was carefully taking into account the impending changes to the personal injury litigation process that the government has plans to institute, said Mr Torrance, with predictions of significant profit growth until at least 2015.