AXA is the only insurer analysed to record an underwriting profit in commercial property in 2015
AXA was the only insurer analysed to make an underwriting profit from its commercial property business in 2015, with a COR of 98.5%, according to an investigation of PRA Returns by Insurance Times, a sister publication of StrategicRISK.
This is despite reserve strengthening adding 0.7 percentage points to its current year COR, making it the only insurer to strengthen reserves in 2015.
However, reserve releases were not enough to help Allianz, RSA and Aviva turn an underwriting profit, with the three insurers knocking 3.3, 2.7 and 2.9 percentage points off their respective current year CORs.
Ageas reported the worst performance of the group, with reserve releases equivalent to 17.12 percentage points not enough to make its 128.5% current year COR profitable.
On aggregate, the seven insurers analysed in this research knocked a total of 2.8 percentage points off a current year COR of 107.4% for a loss-making overall COR for commercial property business of 104.6%.
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