Business

Allianz sees 2020 GWP fall 5.6%

The insurer said the total impact of Covid-related business interruption claims came to £175m, net of reinsurance

Allianz Insurance has reported a 5.6% fall in gross written premium (GWP) in its financial results for the full year ended 31 January 2020.

The insurer, a subsidiary of Allianz Holdings, said the total impact of Covid-related business interruption claims came to £175m, net of reinsurance.

By the end of January, Allianz had already made payments on 75% of all valid claims, which received positive feedback from brokers.

Personal Lines insurance performed well during the pandemic, with Petplan being the “primary driver” of its success and becoming a business worth £500m.

Jon Dye, CEO of Allianz Holdings, said: “The strengths that have delivered these robust results in 2020 will also serve us well as we look to the future. The UK is still in the midst of the coronavirus crisis and is yet to work through the implications of the Brexit deal. 

“But Allianz has a strong platform from which to deliver further profitable growth and we will maximise this potential by continuing to invest in the skills of our people and the products and services we provide to our customers, focusing on our digital and data capabilities.”

 

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