Novae suffers £6m loss before tax in "torrid year" for general insurance
Specialist insurer Novae has reported an underlying loss before tax of £6m for the year to 31 December 2011 in a "torrid year for the non-life insurance industry" compared to £36.2m profit in 2010.
However, gross written premium jumped by 6% to £624m from £587m in 2010. Around 37% of the GWP was from the reinsurance segment. This is up from 28% in 2010 and 19% in 2009.
The combined ratio
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Claims
Insurance Post Census exposes employment progress and problems
While insurance may have more women reaching CEO and C-suite roles than ever before, Insurance Post’s 2026 Census exposes how progress is not being experienced evenly across the workforce.
Are insurers ready for autonomous vehicle crashes?
William Balfry, member of the motor sector focus team at the Forum of Insurance Lawyers and senior associate at DWF, examines the increasing rollout of automated passenger services and insurers will soon have to handle claims resulting from collisions.
Policy Expert’s Hardy on pricing home insurance for new risk reality
As extreme weather, rising repair costs and geopolitical instability reshape the risk landscape, Steve Hardy, CEO of Policy Expert, argues the home insurance market must price for long-term resilience rather than chase short-term affordability.
Allianz’s Fletcher on blurred insurance fraud boundaries
Ben Fletcher, director of fraud and financial crime at Allianz, has highlighted the blurring lines between insurance claims fraud and other forms of criminal activity.
Big Interview: Chris Knight, Financial Conduct Authority
The Financial Conduct Authority’s new director of insurance, Chris Knight, speaks exclusively to Insurance Post about premium finance, why enforcement action against firms that fail to comply with the Consumer Duty is looming plus whether the watchdog could soon scrutinise ChatGPT.
UK claims service hits new record high
Six out of eight general insurance business lines showed improvement when it comes to claims service in the second quarter, with only energy and marine declining, the latest data from Gracechurch revealed.
Staff will reject ‘Ask Jeeves’ AI tools if options are limited
Ed Jackson, chief commercial officer at MGA HomeProtect has urged firms not to give staff “the Ask Jeeves equivalent of artificial intelligence” and establish some key principles in how to use the technology from the outset.
How 9/11 still shapes insurance
Editor’s View: On the 25th anniversary of 9/11, Emma Ann Hughes reflects on how the attacks changed terrorism risk, catastrophe modelling and insurance capacity forever and reminds the sector of how it must always help people recover from loss.