Following the wettest June on record in the UK, RSA has announced a net loss across the group’s UK household, motor and commercial property portfolios from last month’s adverse weather is estimated to be around £40m. Current expectations are that the impact of the continued rainfall experienced to date in July will be around £10m.
In addition, the net loss to the group in relation to the two earthquakes in the Emilia-Romagna region of Italy in May is estimated to be around £35m.
The impact of the above events and assuming a more normal level of weather losses in the second half, the combined operating ratio for the full year 2012 is now expected to be better than 96%.
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