RSA is blown off course

RSA Insurance has warned that weather-related losses have dented profits.

The insurer said its UK and London business made an underwriting loss of £70m in the third quarter as it was stung by large losses from three hurricanes in the US and Caribbean as well as earthquakes in Mexico, and attritional claims, particularly in its marine division.

As a result, it said profit so far is higher than 2017 but lower on an underlying basis.