News
Insurtech funding slips below $1bn for first time in three years
On a quarterly basis funding for insurtechs appears “quite volatile” but trends developing are in line with longer-term sustainability, a Gallagher Re report says.
Bank to gain power to intercede as insurers collapse
The UK government has announced plans to establish a dedicated regime to deal with the failure of insurance companies.
Creditors set to lose out amid Plexus collapse
Documents show Plexus Group, which has entered administration, owes creditors about £21.5m, and that some are unlikely to receive the full payout, with most unlikely to receive anything at all.
Government launches consultation to ban scam calls
Plans to ban cold calls for financial products such as insurance have been set out with the launch of a government consultation.
Axa slammed for weakening ESG commitments around new gas projects
Campaigners have pleaded that Axa ends the expansion of oil and gas production after the insurer revealed it is allowing exceptions for companies it considers to be “in transition”.
Apil alleges ‘clear justice gap’ within personal injury claims
Analysis of the latest Official Injury Claim data by the Association of Personal Injury Lawyers alleges that a “clear justice gap” is present when it comes to road injury claims.
Start-up MGA platform sees surge in interest
Andy Colbran, CEO of NuVenture, said there has been a surge in interest in setting up managing general agents post Covid-19 pandemic, but his business would only consider investing in less than 10% of the plans he sees.
Axa pulls two home products in run-up to Consumer Duty
Following an internal review, Axa has announced it plans to pull Axa First and Axa Residential Let policies in the UK.
Ghost broker sentenced for £302K insurance policy scam
A ghost broker who charged more than 900 unsuspecting motorists £300 each for fraudulent motor insurance policies has been sentenced.
UK tourists to be offered extreme heat insurance
After tourists across Europe suffered delayed, diverted or cancelled flights as temperatures hit highs of 47C, US-based insurance start-up Sensible Weather has announced plans to offer UK travellers ‘extreme heat’ insurance.
UK insurtechs continue to face access to funding challenges
Research by McKinsey & Co has revealed that access to funding and acquiring customers are the two biggest challenges insurtech leaders face.
Arron Banks claims Barclays closed his account in 2018
In the midst of the saga surrounding Nigel Farage’s Coutts bank account, Arron Banks has also claimed to have had his accounts shut down.
Pen restructures; Percayso raises £2.7m; Axa’s Foley successor
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Former Tif Group doctor suspended for misconduct
Tif Group’s former medical director, Dr Miguel Nadal, has been suspended from practicing medicine for 12 months after a Medical Practitioners' tribunal found his ability to practice to be impaired as a result of misconduct.
Half of boardrooms do not have expertise to tackle climate risks
A survey by Willis Towers Watson and the Nasdaq Center for Board Excellence has revealed that almost half of respondents reported their boards lacked expertise to respond to climate risk.
Claims management companies face personal injury exile
Financial Conduct Authority figures reveal the number of claims management companies that cover personal injury has dramatically dropped to just 30.
Wildlife populations plummet 70% as IFOA publishes biodiversity policy
The Institute and Faculty of Actuaries has published its Biodiversity and Nature-Related Risks policy as biodiversity loss becomes a top global concern.
Insurance broking sector’s vulnerability to cybercrime uncovered
More than 38,600 pieces of data have been leaked from the top 75 UK insurance broker domains since 2016, according to a scan of the dark web conducted on behalf of Insurance Post.
FCA extends latest product governance survey deadline
Having originally given brokers only a few weeks to send back a “demanding” survey into product governance and distribution practices, Post can reveal the FCA has extended its deadline from 11 August to 1 September.
Icmif CEO to tackle climate change before he retires
Before stepping down as CEO of the International Cooperative and Mutual Insurance Federation, Shaun Tarbuck plans to stop insurers simply talking all all ‘blah blah’ and PR, and get them actually tackling climate change.
How insurance boardrooms are changing
Data analysis: An EY survey has reviewed the movements of board members, with insurance showing a higher turnover rate than last year, which might be representative of new focuses within the boardroom.
Axa XL’s carbon emissions product; Defaqto’s updated Matrix software; Flock appoints CFO
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
FCA to make Digital Sandbox permanently available for insurers
Following two successful pilots, the Financial Conduct Authority will make its Digital Sandbox available permanently for firms in the insurance sector from 1 August 2023.
Business fraud market to increase nearly 20% by 2025
Allianz Trade claims the current business fraud market GWP in the UK is around €280m (£244m), and it is expected to increase to €330m by 2025.