Banks' reluctance to process payments is a major barrier for insurers wanting to conduct Iran-related business following European Union sanctions relief last month, while legal research has found remaining US primary sanctions are quelling the appetite of London market insurers to conduct Iranian business.
On 16 January, known as "implementation day", the vast majority of Iran-related EU sanctions and US secondary sanctions - those that target the conduct of non-US persons, including London-based insurers...
Lloyd’s of London underwriter Hiscox said it has shortlisted two European Union countries and was in talks with regulators to set up a new insurance base to continue servicing clients after Britain leaves the EU.
QBE will move £500m of business, around 20% of its European operation, out of the UK in the wake of Brexit.
Hiscox’s London market business has presented an inconsistent and mixed operating year for the insurer, according to Steve Langan, CEO of Hiscox Insurance.
Aviva has asked staff if a robot could better perform their job. If the answer is yes, the company will offer employees the chance to be retrained.