L&G sees GI profit drop of 48% from escape of water claims
Legal & General saw a 48% drop in profits for its general insurance unit due to higher than expected costs from escape of water claims.
L&G’s GI business profit before tax fell from £41m in the first half of 2016 to £21m in the same period this year.
Its combined operating ratio worsened to 95% from 85% the previous year.
“This was
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
Is AI negligence the next legal fault line for PI insurers?
David Pryce, senior partner at Fenchurch Law, explains why unchecked reliance on artificial intelligence is already exposing legal professionals to negligence risks and potential gaps in insurance cover.
FCA rejects calls for further Covid BI interventions
The Financial Conduct Authority has rejected calls for further interventions on Covid business interruption claims, sayings its current position “continues to be appropriate”.
Chief claims officer lifts the lid on how Allianz caught £93m of fraud
Allianz chief claims officer Matt Cox has told attendees at the ITC London conference that the insurer was able to create a “hostile environment” for fraudsters without damaging customer experience through using voice analytics technology.
What does 2026 have in store for claims professionals?
Trade Voice: John Bissell, executive director of the Chartered Institute of Loss Adjusters, looks at the key topics that will dominate the claims agenda in 2026.
Perils gives final estimate for Storm Éowyn
Perils has given its final estimate for the insured loss resulting from Storm Éowyn, which affected the British Isles on 24 and 25 January 2025.
Hidden pipework increasing scale of escape of water losses
Concealed pipework and long-term maintenance gaps are allowing minor escape of water issues to escalate, fresh claims data from McLarens has shown.
Blog: Claims standards are tightening, but rebuild costs are the real stress test
Claims handling is under FCA scrutiny, but rebuild factors may be shaping home insurance outcomes just as much, says Matthew Ward of RebuildCostASSESSMENT.com
Tesco Law and the insurer legal services revolution that never was
Content Director's View: More than a decade ago many insurers could not wait to seize the opportunities afforded by a change in the law that allowed them to set up their own legal services arms. Jonathan Swift reflects on what happened next - and the prospect of a one-stop-shop claims provider in the future.