
Post magazine – 5 June 2014

The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS App Edition on the App Store or read the Post Digital Edition online.
In this issue, Callum Brodie meets Stephen Hester. The former RBS chief executive took the reigns at beleaguered insurer RSA in February and immediately had to deal with concerns over his lack of insurance pedigree. However, he explains it was his appetite for what he terms “business change situations” at companies with “the right underlying ingredients for future success” that first attracted him to make his third major sector change.
“I never said [I didn’t want to return to financial services],” he says. “I probably would have said I wasn’t keen to be involved with a government-owned company again – that was clear in my mind, as it’s not an ingredient for enjoyment or success.”
In the news, the Insurance Fraud Enforcement Department has rejected calls to establish regional offices to tackle growing levels of insurance fraud across the country following claims the police unit is “London-centric”; LV and Zurich are among the major insurers looking to capitalise on RSA’s motor cuts, despite question marks being raised over the business sense of such a ploy; and general insurance players have backed calls from the Financial Conduct Authority for firms to take steps to identify conduct risks earlier.
QBE Europe’s director of property Peter Fice and Towergate Group chief executive Mark Hodges are in the C-Suite; Fice argues that insurers must stop unsustainable commodity pricing in commercial property claims, while Hodges points to a busy 12 months of M&As across the insurance sector as an encouraging reminder that the industry remains as dynamic as ever.
Our countdown to the 20th British Insurance Awards continues with a Q&A with something of a legend in the insurance industry, Robert Hiscox. Post asked Hiscox how he thinks the market has changed since the BIAs began.
The insurance industry has made a big noise about increased anti‑fraud efforts in recent years, but how significant has the impact been – and where could firms do more? Francesca Nyman reports on a roundtable Post recently hosted on the subject, in association with Callcredit, in which a selection of industry fraud specialists discussed how lessons learnt from tackling home and motor fraud can be transferred to niche classes such as pet and travel insurance.
Katie Marriner reports how the importance of the Arctic as a rich mineral reserve and the logistical benefits of its shorter shipping routes have not escaped oil and gas companies and cargo carriers, which want to boost their presence in the area, and looks at the opportunities and risks facing insurers in the region.
Francesca Nyman investigates the ownership of legal firms by non-lawyers via alternative business structures and finds out whether the existing structures are being used as ‘quick fix’ for lost revenue.
Enjoy the read!
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Climate Change
Post-#Brexit reforms to financial regulations could release £95bn to boost the UK economy and tackle climate change.
— ABI (@BritishInsurers) February 23, 2021
Find out more here - https://t.co/7oee00IPYF#SolvencyII #ABIConf21 #UKEconomy pic.twitter.com/hMg6trdAD3
Most read
- Advertising feature: The Electric Revolution is closer than you think – are you ready?
- Blog: Motor repairs - how are insurers responding to consumer behaviour?
- Interview: Rob Gibbs, RSA
- Briefing: Ex-Aviva CEO Mark Wilson's insurtech electric dreams
- MoJ publishes long awaited pre-action protocol as it confirms May debut for whiplash reforms
- £77m Covid impact drives RSA UK loss
- For the record: Aviva disposals, Beazley creates digital unit, Fenchurch & Partners launches, new D&O MGA Rising Edge and Zurich invests in insurtech