Private motor losses increase underwriting deficit by 51%

The highly attritional UK motor market doubled overall underwriting losses in 2008

Despite a turbulent year for the British economy in 2008 non-life insurance business managed to maintain a modest rate of premium growth in most lines, as well as improve materially its underwriting results. However, the year’s trading result at £4,483mn was 18% lower than in 2007, due to the 37% drop in investment income.