Axa blames injury claims for motor reserve top-ups
Axa has denied its need to top-up motor claims reserves for the last five years is because of its acquisition of Swiftcover, blaming instead high claims costs.
Axa had reserve surpluses of between 25.2% and 32.7% from 2001 to 2005. For each year from 2006 to 2010, it reported having to make up deteriorated reserves by as much as 46.9%. Axa announced its
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