Insurer RSA says severe weather events to hit FY return on equity

Reuters

LONDON (Reuters) - RSA Insurance Group PLC (LSE:RSA) warned on Tuesday that a pattern of adverse weather events across its core markets in 2013 had led to insured losses "materially above assumptions", pushing expected full year returns on equity to under 10 percent.

The insurer blamed October's severe Northern European windstorm and similarly unsettled weather in Canada for the hit to returns, which offset a 7 percent rise in net written premiums to 6.7 billion pounds.

RSA said its initial estimates on the net loss across its UK, Scandinavian and Baltics business as a result of the October storm to fall between 45-65 million pounds.

Net losses in Canada as outlined in its interim results in August have reached 83 million pounds.

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