The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS or Android App Edition on the App Store or Google Play respectively or read the Post Digital Edition online.
In this issue, Deloitte warns that insurers are in danger of making an underwriting loss in the home insurance market in 2016 if the current decline in premium continues.
Calculations complied by the business advisory firm showed that gross written premiums fell to £6.6bn in 2014 across the industry, down 4% on the previous year, and net combined ratios will be close to topping 100% in 2016 if the trend continues.
In other news, the Liechtenstein financial regulator has flagged an uptick in insurance companies looking to establish a presence in the principality despite analyst scepticism about the benefit of the territory as an outpost for UK insurers; there have been calls from the insurance industry for the Ministry of Justice to introduce a fixed-fee regime and expand the existing Claims Portal to include industrial deafness although those claims have been met with staunch opposition by the claimant legal fraternity; insurers have defended their data collection processes following the publication of a critical Competition and Markets Authority report and calls from a consumer champion for greater transparency around how telematics data is used; and schemes designed to attract more women into the insurance industry are starting to show signs of success, despite a piece of research that suggests female millennials are being put off a career in the sector.
In the C-Suite this week AIG's UK managing director Jacqueline McNamee explains how while the internet of things presents opportunities for business, it also brings questions of liability.
In this week's interview, Ryan Direct Group CEO Derek Coles tells Post why he is ready to come out from under the radar at a company that has grown from 45 people to 475 under his stewardship.
This issue also includes the first in Post's new research series State of the Young Broker Nation, which looks at the broking market through the eyes of those new to the sector. Part one focuses on the route today's young brokers have taken into the industry.
Also, RSA chief information officer Darren Price explains how the insurance industry can learn a few lessons from the recent London Technology Week Festival, particularly in terms of driving company engagement; and following a recent survey aimed at finding out how insurers and managing general agents view broker networks, Deloitte's Mark McQueen and Laura Scarpa ask if broker networks can justify their position in the supply chain.
And with just three years to go until London's Crossrail transport link is operational, Post investigates the experience so far for the insurance industry players involved in the project.
To view the latest edition as a PDF please click here
Enjoy the read!
A huge well done to all involved with organising our Remembrance Day event on Friday, including our Corporate Real Estate team. One of them, Ibrahim, took this incredible footage of poppies dropping as he (along with others) leaned (safely!) over the gantry to let them go. pic.twitter.com/pSbapkWBBR— Lloyd's (@LloydsofLondon) November 12, 2018
- Aviva to transfer 1.39m policies to Irish post-Brexit hub
- John Doyle unveils Marsh-JLT Specialty
- RSA pulls out of three London market lines
- Bollington Wilson Group opens Manchester HQ
- Axa XL's Paul Greensmith on why film underwriters deserve an Oscar
- Mike Brockman reveals plans for ‘next generation’ telematics
- Amazon to shake up the insurance market by 2023, warn insurers