Specialist insurers Ecclesiastical have reported profits of £35.6million for 2007, a drop of over 50% on the previous years figure of over £77million.
Ecclesiastical specialise in insurance for charities, schools, the care sector, historic buildings and churches. The company was founded in 1887 to provide cover for the Anglican church, but in more modern times has developed business into the commercial sector along with home, travel and wedding insurance.
The company says that the summer floods and theft from churches prompted the biggest claims they had seen for several years-25% up on 2006. Competition for their market business also continued to be strong during last year, putting pressure on premiums.
Chief Group Executive Michael Tripp was not overly concerned with the figures, saying;
“All-in-all in the context of difficult market conditions I’m very pleased with these results, and we continue to look forward to a positive future.”
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