Guaranteed Rental Insurance | Amlin UK sees market hardening
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The provider detailed that motor fleet had increased by an average of 9.4% while property rates rose by 1.9% in the ten months to the end of October 2012.
In a statement Amlin UK also highlighted that liability classes had begun to show signs of improvement with employers’ liability and public liability business achieving rate increases of 3.4% and 7.3% respectively.Guaranteed Rental Insurance
The results for the period came as the insurer delivered gross written premiums of £342.8m up from £269.7m in the same ten-month period of 2011.
The company added that recent strategic initiatives, including investment in new distribution channels and the addition of a new high net worth underwriting team, contributed to £99.6m of new business.
Amlin London also saw GWP grow to £981m from £880.8m the year before.Guaranteed Rental Insurance
Across the group GWP for the ten months ended 31 October 2012 was up 11.1% at £2.29bn from £2.052bn in 2011 while the average renewal rate increase was 3.8%.
Charles Philipps, chief executive at Amlin, commented: “Our strong first half performance continued in the third quarter with solid progress achieved on a number of fronts, including at ACI.
“While the complexity surrounding Hurricane Sandy means that it will take time to establish a meaningful estimate of loss, we believe it will be readily absorbed and that it will help continue the improvement in US property insurance rates that has been evident so far this year.”
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