CO-OPERATORS GENERAL’S INCOME FALLS 39% ON CAT LOSSES

Canadian multi-line insurer Co-operators General Insurance’s second-quarter net earnings fell 39% to C$47.9m after posting C$115.8m in catastrophe losses from two severe weather events in Alberta. The group swung to an underwriting loss of C$33.6m from income of C$36.8m and the combined ratio added 8.6 points to 104.0%. Direct written premiums fell 3.2% to C$1.02bn, reflecting the C$35.5m in refunds it returned to motor insurance customers in recognition of reduced driving amid Covid-19 pandemic-related lockdowns. For the first half of the year, the Ontario-based group swung to a net loss of C$1.0m from income of C$100.9m owing to investment losses tied to pandemic-driven market turmoil. The six-month combined ratio improved by 0.8 points to 99.0%, as underwriting income rose to C$16.1m from C$3.5m.