Canopius accuses industry of "folly"
Canopius chairman Michael Watson has accused the insurance and markets of “folly” as rates continue falling despite 2010 being “one of the six” most costly years for insured catastrophe losses.
In its annual results the insurer reported profit after tax of £43m (2009: £50m) and gross written premium: £564m, down from £592m in 2009.
Its combined ratio deteriorated to 92% (2009: 88%), which
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