RSA hit by £50m UK weather claims

by Gill Montia

Story link: RSA hit by £50m UK weather claims

Following the wettest June on record in the UK, RSA estimates that the net loss across its UK household, motor and commercial property portfolios from last month’s adverse weather is around £40 million.

In addition, the impact on the insurer’s balance sheet of the continued rainfall to date in July will be around £10 million.

The group has also announced a net loss in relation to the two earthquakes in the Emilia-Romagna region of Italy in May of around £35 million.

However, assuming a more normal level of weather losses in the second half, the group’s combined operating ratio for the full year 2012 is expected to be better than 96%.