This is a quarterly update of the
'Our approach remains to deliver long-term profitable growth and we will achieve this through providing excellent customer service and building strong relationships with our partners. Our business is well-balanced and has proven its resilience in exceptional circumstances underpinned by the stability of our team and consistency of our approach to market.'
Gross Witten Premium (GWP) Q1 2021 Q1 2020 Variance
Allianz Holdings plc GBP917m GBP1026m (10.6%)
Allianz Insurance GBP451m GBP514m (12.3%)
LV =General Insurance GBP466m GBP512m (8.9%)
Commercial lines GWP was down in the first quarter compared to Q1 2020 as we see the economic impacts on our customers play through into our revenue. However, actions which have been put in place to address specific challenges in various lines of business are having a positive impact on performance and the business is well-positioned to build on its strong base.
Overall Personal lines GWP was also down due to the planned withdrawal from a Corporate Partner arrangement. However,
We continue to manage COVID-19 Business Interruption claims proactively and efficiently with payments made on well over 80% of accepted claims, comparing favourably with the market in the
To help our policyholders navigate the fast-changing environment as the country is coming out of lockdown, we introduced free legal advice via Lawphone and provided restarting business guidance for brokers and customers on our website. We've also launched an information campaign to help our customers and brokers avoid the pitfalls of underinsurance. With businesses diversifying to stay open, the change in operations may mean there are gaps in cover, or customers may have reduced cover and will need to consider if they still have the right protection in place as lockdown restrictions ease.
2021 has seen the launch of
GWP in the first quarter dropped by almost 9% compared to Q1 2020, to
Operationally, throughout the first three months of the year we've continued to support our customers during these difficult times, especially those suffering financially, by reducing premiums, waiving excesses and removing admin charges where possible. We're proud that our efforts to support our customers by providing good products with an excellent service have again been recognised. We were ranked the top insurer by the
The start of 2021 also saw us announce two major community partnerships. As part of our commitment to ensure we have a positive influence on society, we are partnering with
We also continued our involvement in cricket by becoming the title partner of domestic men's and women's Test matches and the County Championship until the end of 2023.
Outlook for
Looking ahead to the next quarter, trading conditions will continue to be challenging, especially on motor, but we expect demand for travel insurance and breakdown to pick up, with more people on the roads and the planned resumption of foreign travel. We anticipate an improvement in top line performance for Commercial lines and continued growth for
The launch of the much-awaited whiplash claims portal will hopefully make a significant difference to how these claims are managed and ensure genuine claimants get the right compensation.
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