Six proposals to modernise Lloyd’s, including setting up two digital platforms, have received widespread backing from market participants following a 10-week consultation.
Event registration has opened for the 2019 Dive In festival, which aims to promote diversity and inclusion in the insurance industry and will year take place from 24 to 26 September.
US on-demand commercial drone insurtech Skywatch AI has expanded into the UK, where its policies will be underwritten by specialty reinsurer Chaucer.
Payouts on household flood claims could rise above the cost of damage in order to enable claimants to make their homes more resilient to future incidents, under proposals outlined by Flood Re.
110 financial services firms will pay 61% of the Financial Service Compensation Scheme’s levy in 2019/20, according to indicative numbers published by the compensation fund.
Lloyd’s market participants will soon be required to clearly state whether policies cover cyber-related losses, such as cyber-attacks and loss of data.
A fraud response initiative set up by managing general agent Pen Underwriting has more than halved the amount of money lost in cases of cyber conveyancing fraud since 2017.
Lloyd’s has confirmed electronic placement targets for the rest of 2019, mandating syndicates place at least 60% and 70% of risks electronically in the third and fourth quarters respectively.
Lloyd's CEO John Neal has addressed concerns about the workplace culture at Lloyd’s, saying “whatever we’ve done so far, it’s not enough”.
BGC has appointed Philip Smaje as CEO of its global aviation and space reinsurance brokerage.
Allianz Insurance has appointed Tom Leonard as its London regional manager.
Setting up a managing general agent is now much harder than at any time previously, according to a survey of over 100 MGAs and insurers conducted by Clyde & Co.
The FSCS was forced to raise a supplementary £14m levy in January to cover the cost of the collapse of Alpha Insurance, according to its annual report.
Zurich UK CEO Tulsi Naidu has been appointed as chair of the Financial Conduct Authority’s practitioner panel.
ABI accuses consumer panel of 'overlooking practicalities' in dual pricing automatic upgrade recommendation
The Association of British Insurers has criticised a proposal from the Financial Services Consumer Panel for an automatic upgrade rule to tackle dual pricing, saying it “overlooks the practicalities of underwriting and product choice.”
RSA has appointed Rachel Conran as chief underwriting officer for its global risk solutions business.
The Federation of European Risk Management Associations has elected Dirk Wegener, global head of corporate insurance at Deutsche Bank, as its next president.
Major financial services firms had spent nearly £4bn preparing for life after Brexit as of 31 May, according to EY.
A proposal by the Competition and Markets Authority to place targeted price caps could change pricing and marketing models and put pressure on profitability in the insurance sector, Fitch Ratings has warned.
The Financial Services Compensation Scheme has helped compensate tens of thousands of policyholders following the collapse of five unrated insurers over the past three years. Chief operating officer Jimmy Barber talks to Post on efforts to recover cash…
Lloyd’s of London has established two advisory committees featuring prominent industry figures to support its ongoing modernising strategy.