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Top risk for UK businesses; WTW’s latest launch; Lloyds Bank’s head of insurance
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Carbon neutrality in home repairs to cost £9.8m
Carbon neutrality in UK domestic property claims repairs would cost the industry £9.8m, according to Sedgwick.
FCA is banging its head against a wall on fair value
News Editor’s View: Following yet another thematic review where the Financial Conduct Authority says firms are unable to show fair value, and are even breaching rules, Scott McGee considers how the regulator could tackle poor conduct and asks if a commission cap could be on the cards?
Pet insurance complaints hit five-year high
The latest Financial Ombudsman Service complaints data for Q1 has been released, revealing that pet insurance complaints have hit a five-year high.
Axa UK GI records £103m underwriting loss in 2023
Axa’s UK general insurance company made a £103m underwriting loss in 2023, accounts filings have revealed.
Changes at the top of FOS as Rachel Lam leaves post
Insurance Post has been informed that Rachel Lam is no longer in her position as ombudsman director of insurance at the Financial Ombudsman Service.
Brokerbility targets member GWP growth of 20%
Brokerbility MD John Dunn says that while members are on average growing at about 16% per year, he wants growth to hit 20%.
Consumer group warns of insurers overcharging vulnerable customers
The Financial Services Consumer Panel has published a research paper raising concerns that vulnerable customers may be at risk of overpaying for insurance.
Q&A: Theo Duchen, Acturis
Theo Duchen, co-CEO and co-founder of Acturis, discusses Astorg’s increased stake in the company, how best to implement artificial intelligence, and why he thinks his business is well placed to take on rivals in the US and Canada.
If Labour wants economic growth, it should cut IPT
Editor’s View: As insurance premium tax receipts head ever closer towards £1bn a month, Emma Ann Hughes reckons the sector’s ambition to axe or significantly cut this regressive tax needs to be linked to Labour’s growth plans.
Editor’s Choice
How ‘Baby Reindeer’ and streaming services are affecting insurance
As the way we consume media changes, Scott McGee considers how the furore over Baby Reindeer, and changing nature of the content we watch has had an impact on insurance.
Regulator to reduce red tape for general insurers
Editor’s View: Emma Ann Hughes reflects on how general insurers should be careful about what they wish for from the Financial Conduct Authority's review of the rules governing financial services.
Why data-sharing is essential to fighting travel insurance fraud
Following Scott Clayton, head of claims fraud at Zurich, stating the industry needs to share travel insurance data and create a database to crack down on fraud, Tom Luckham examines what it will take to stop travel being an easy target for false claims.
Is it time to ditch lithium ion batteries?
News Editor's View: Scott McGee considers if government legislation to make lithium ion batteries safer is too little too late for electric vehicle insurers and whether providers’ appetites for covering such cars will only return when manufacturers switch to safer alternative charging devices.
Insurance matrix
Why insurers must become enablers of energy transition
Insurers have a critical opportunity to shift from being viewed as capacity providers to becoming proactive partners and enablers of the energy transition, according to Vince Tizzio, president and CEO of Axis.
Industries with the greatest underinsurance gaps revealed
Data Analysis: The push by insurers and brokers to prompt policyholders to review values appears to be having some effect in certain sectors but is failing to get through to others, data from Charterfields shows.
Best Insurance Employers to work for in 2024 revealed
First Central and Konsileo are the greatest large and small to medium-sized insurance employers in the UK respectively to work for, according to Insurance Post’s Best Insurance Employers survey.
Concerns raised about EV insurance profit margins
Swiss Re Institute has predicted electric vehicles will be half of all new car sales globally by 2035, with 73 million units estimated to be sold in 2040, resulting in the insurance market for this type of motor growing at a similar rate.
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