Amlin premium rates up 4%
Insurance firm Amlin said premium rates are up 4% this month – the time when companies traditionally renew their cover – compared to January 2007.
In January 2008, premium rates fell 8%.
Premium income so far this month is £389 million, an increase of 30.6% compared to the same period last year.
The rate environment will continue to improve this year, a statement from the company said.
Chief executive Charles Philipps said the journey through the bottom of the insurance cycle has ended.
Philipps expects rates to harden across Amlin’s business.
He added that the current economic climate puts Amlin, with it’s strong balance sheet, in an ‘excellent position’ to take advantage of opportunities to grow the company.
The company also reported a 0.2% investment return in the fourth quarter, with a 26.5% loss on its equity portfolio offsetting 3.2% gains on bonds and cash.
Category: Financials, Insurance News
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