Aviva plc recently released a summary of its insurance sales for the third quarter of this year and for the first nine months of 2024.
In its report published on November 14, Aviva also noted the impact on claims of major catastrophe losses in the summer of 2024. As was the case in 2023, the company's combined ratio exceeded the 100% mark.
Direct written premiums in Canada amounted to £1.2 billion in the third quarter of 2024, an increase of £84 million or 8% compared with the same quarter of the previous year. At constant currency values, this represents an increase of 12%, stated Aviva.
For commercial lines, direct written premiums in Canada stood at £405m in the third quarter of 2024, up £30m or 8% on the same period in 2023. At constant currency values, this represents an increase of 13%, the company reports.
In personal lines insurance, direct written premiums in Canada totalled £784 million in the third quarter of 2024, compared with £730 million in the same quarter last year. This represents an increase of 7%. At constant currency, the increase is 12%.
Direct written premiums in commercial lines climbed by 4% after the first nine months of 2024 compared with the same period in 2023. At constant currency values, the increase is 8%.
In personal lines insurance, direct written premiums in Canada are up 9% after the first nine months of 2024. At constant currency values, this represents an increase of 13%.
Combining the two markets, direct written premiums in Canada increased by £225 million or 7% after the first nine months of 2024, to £3.4 billion.
Combined ratio
The undiscounted combined ratio in Canada was 110.0% in the third quarter of 2024, compared with 104.1% in the third quarter of 2023. This represents a difference of 5.9 percentage points.
After the first nine months of the year, the undiscounted combined ratio in Canada stood at 100% in 2024, compared with 96.7% in 2023. This represents a difference of 3.3 percentage points.
