Aviva Canada 2021 Results: Efforts Reward

Meanwhile, Aviva Canada’s specialty personal line GWP increased 3% to £ 724m, while high net worth insurance policies increased 13%.

“2021 was a really strong year,” Storah said. “It’s really the result of years of efforts to improve the performance of our business. We have achieved top-line growth across our business, including double-digit growth in our commercial business by rate, but with a number of basic policies. There was also customer growth. On my personal line, it grew despite price cuts in the largest market, Ontario cars. “

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For the past three years, Aviva Canada has been strategic and has carefully considered its growth goals. The company has identified areas that seek market-level growth and areas that want to achieve growth beyond the market, both geographically and in terms of business segments.

“We don’t just want to grow everywhere, we want to grow in a particular segment,” Storah explained. “To see it happen [in our results] It was really positive during 2021.

“In the personal line, we have outperformed the market in specific areas such as specialty personal line, group, affinity business. In the commercial line, we are deliberately looking for bigger premium, bigger account opportunities, and GCS business. Has expanded with multinational capabilities. Last year, the GCS business alone achieved a $ 1 billion GWP, so it’s really great to see such growth. “

The success of Aviva Canada’s commercial line portfolio was underpinned by the harsh valuation environment that has pushed pricing up over the past few years. Insurance companies have also achieved strong organic customer growth. This hopes Storah will continue as rate growth slows.

However, the CEO issued a warning. “Currently, there is so much pressure on premium rates, including inflation, supply chain disruptions and labor shortages, so we haven’t had time to finish strengthening interest rates yet. From a future rate perspective, It’s interesting to see what happens in the commercial market.

“Six to twelve months ago, we might have said we would start watching. [the rate hardening] It’s tapering, but in reality, there’s just as much, if not more, short-term pressure to keep commercial premium rates rising. “

read more: Exposure shift, change in business operations as a top priority for commercial car insurance

According to Storah, it will be about the same as Aviva Canada in the future, in providing the best possible services and solutions to brokers, customers and partners, and strengthening corporate transformational initiatives on technology and sustainability. am.

“I think the Canadian insurance market is in its healthiest state when it’s stable, not volatility,” he said. “We need to keep working. What are your long-term needs? What advice do they receive? Do they understand why prices are rising?

“People can understand inflation. They experience pricing pressure when they go to grocery stores or fill their cars with gas. Our job is for people in need of insurance. I think it’s easy to support your partner so that you can understand what is right for you and what you need. [and why it’s priced the way it is], Returning to the similarity of world normality after COVID. “

Aviva Canada 2021 Results: Efforts Reward

Source link Aviva Canada 2021 Results: Efforts Reward

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