Early reporting showing the impact of COVID-19 and the rapid short-term investment loss from financial markets downward trends.
"Despite the initial bad news held within Ecclesiastical’s H1 results, Hews added that the firm’s “underlying performance is resilient and we are starting to see activity returning to normal levels”.
For example, its gross written premium (GWP) has increased by 9%, rising from £185m in 2019 to £202m this year. Furthermore, Ecclesiastical’s broking and advisory businesses contributed £1.4m of profit within H1 of 2020, despite the impact of Covid-19; the June income levels for these divisions has also now returned to 2019 levels."
Katie Scott Insurance Times 21st August 2020
Like all insurers there will be a focus on risk particularly if COVID-19 were to further hinder site inspections at renewal and for new policies. . Not to mention combating claims inflation and seeking efficiency across the claims value chain whilst also maintaining personalisation and service.
The insurer’s 2020 H1 results have been heavily influenced by the coronavirus outbreak; not only has the firm experienced a large headline loss, compared to a £42.8m profit before tax at this point last year, but Ecclesiastical has also recorded an investment loss of £48.9m and an underwriting loss of £1.3m, compared to a profitable £9.5m in H1 2019.
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