Vátryggingafelag Íslands : Combined Ratio and Investment Returns in July 2020

VIS: Combined Ratio and Investment Returns in July 2020

The combined ratio* was 89.9% for the month of July 2020, versus 111.8% in July 2019. The combined ratio for the year so far stands at 111.3% and the trailing 12-month combined ratio is 104.6%. The loss development has been positive in recent months, which is reflected in the July combined ratio.

In July, VIS paid out almost ISK 1.2 billion in claims** to its customers and has paid more than ISK 10 billion in claims for the year so far.

Investment returns were 0.8% in July, and are 4.8% from the beginning of the year to the end of July.

*The combined ratio measures the ratio of claims losses, reinsurance costs and underwriting-related operating expenses as a percentage of premiums earned, in accordance with Guidelines No.1/2020 issued by the Financial Supervision division of the Central Bank of Iceland.

**It should be borne in mind that claims losses incurred by insurance companies are subject to monthly fluctuation.

For further information, please contact Erla Tryggvadóttir, Director of Communications, at [phone] or [e-mail].