Leading insurer Allianz seems to have weathered the summer storms.

Despite the devastating floods of the summer having cost the group £83 million it is on track to record a decent end of year profit, according to a statement announcing third quarter results.

Group net written premiums (NWP) have risen by 8.6 per cent and commercial line NWP grew by 11.3 per cent over the same period last year.

Personal lines NWP rose 9.6 per cent compared to the same period last year and broker motor business went up an impressive 22 per cent in the same timescale.

In the statement chief executive Andrew Torrance gave an upbeat message saying that if it wasn't for the summer floods the company's profits would have "comfortably exceeded" the performance in the same period last year.

He added: "The weather losses have provided a wake up call to our industry that we have recently been receiving too little premium for the exposures we assume on behalf of our customers."

Premium levels, already raised for car insurance, would have to go up across the whole product range, he added.

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