UK insurers could soon see their claims costs increase as a result of social inflation similar to that which is challenging carriers in the US, law firms RPC and Hinshaw and Culbertson have warned.
Jon Hancock has been appointed CEO of AIG’s international general insurance division, and will join the company this spring.
Hastings is hoping that investment in its anti-fraud capabilities and supplier partnerships secured in the tail-end of last year will mitigate the impact of claims inflation on its bottom line.
Jon Dye, the chair of the Association of British Insurers, has called for government flood defence investment to rise to at least £1.2bn a year.
Storm Dennis has caused a second weekend of claims surges across the UK, and together with last weekend’s Storm Ciara, could be on track to exceed the impact on claims volumes of 2018’s Beast from the East.
Organisers and event insurers face uncertainty over what cancellations stemming from the ongoing Covid-19 coronavirus outbreak will cost them, as wordings are pored over and new policies have cover for the virus stripped out.
Cybercriminals are increasingly using crisis events such as the ongoing Covid-19 coronavirus outbreak to breach the security systems of businesses and individuals.
Travel insurers are keeping a close eye Foreign Office travel advice and have taken differing positions on whether travelling to China amid the ongoing coronavirus outbreak would invalidate policyholders' coverage.
Businesses seeking to use insurance to recoup costs incurred by the ongoing coronavirus outbreak are likely to find their cover wanting, due to a raft of exclusions, stringent notification criteria and sublimits.
Beazley hopes to slash its expense ratio in half as a result of the proposed widespread reform of the Lloyd’s market and internal investment in automating simpler classes of business.
Allianz has called on brokers to be more proactive in discussing the implications of financing agreements on clients’ insurance policies, warning that the conditions being requested by lenders are becoming increasingly onerous.
Aviva general insurance CEO Colm Holmes has said that claims inflation is far exceeding expectations, pinning the blame on poor driving.
The Motor Insurers’ Bureau is waiting on a number of government decisions in order to meet the slated 6 April launch date for its whiplash portal.
The Motor Insurers’ Bureau is confident in delivering the Official Injury Claim portal “that is fit for anyone who needs it”.
Pressure from manufacturers to extend the definition of what counts as an autonomous vehicle could lead to more accidents, Axa’s David Williams has warned.
The government has told the Motor Insurers' Bureau that it will enact legislation to allow ‘black-and-white green cards’, allowing insurers to distribute green cards electronically if the UK is unable to strike a deal with the EU by the end of the…
The Motor Insurers’ Bureau is continuing efforts to secure agreements with France, Poland and Romania to preserve so-called ‘protection of visitors’ rules that would otherwise fall away if the UK is unable to strike a deal with the European Union by 31…
Allianz CEO Oliver Bäte has said that the amount of assets institutional investors commit to reaching net-zero greenhouse gas emissions has to increase tenfold before 2050 in order to avert a climate apocalypse.
Gibraltar-based motor insurer Quick-Sure has been placed into administration.
A non-profit seeking to draw up open industry data-sharing standards to address the climate crisis has launched with £1m funding and a consortium of partners that includes Aon and Brit.
Lloyd’s has added Angela Crawford-Ingle to its board as chair of its audit committee, also appointing her as the market’s whistleblowers’ champion.