Renewal rates down 3.5% in first nine months of 2014: Amlin
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Average insurance and reinsurance renewal rates fell by 3.5% for the first nine months of 2014, Amlin P.L.C. said Wednesday.
In its interim management statement, London-based insurer and reinsurer Amlin said “the underwriting environment has become more challenging in property catastrophe reinsurance.”
For that line of business, Amlin said, the average renewal rate decrease was 8.2% during the first nine months of 2014.
Noncatastrophe lines of reinsurance business in Europe saw a 0.3% average rate increase, Amlin said, while U.K. fleet auto rates increased by an average of 5.7% in the first nine months of the year.
Rates for property/casualty business underwritten in London fell by an average of 1.2%, the company said, while rates for marine and aviation business underwritten in London fell by an average of 3.9%, with energy classes seeing an average rate fall of 8.9%.
Rates in Continental European markets were stable, Amlin said.
The third quarter of the year saw no major catastrophes for lines of business that Amlin underwrites, it said.
For the first nine months of 2014, Amlin posted gross written premiums of £2.29 billion ($3.59 billion), up 4.2% over the first nine months of 2013.
“We are pleased with our progress to date in 2014 and are confident that we can continue to deliver healthy returns for shareholders,” Charles Philipps, CEO of Amlin, said in the statement. “Against a backdrop of intensifying competition as a result of increasing industry capital, we have successfully maintained underwriting discipline while making good progress in building a more diversified business which is better suited to meeting the challenges of the current environment.”
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