The year started with an executive merry-go-round but this week proved that less senior people were also liable to redundancy, as it was revealed that a total of 480 jobs are at risk as a result of the LV/Allianz deal.
Executives weren’t completely out of the firing line however, with “a lack of competence” in handling client money resulting in a £468,600 Financial Conduct Authority fine for One Call CEO John Radford, and a £684,000 fine for his company.
Axa CEO Amanda Blanc hit back at criticism of the insurer’s response to the Liverpool car park fire, warning firms that have waived excesses for victims that they are “setting a dangerous precedent”. In the same month as being described as “the Starship Enterprise” by Lord Hunt, the British Insurance Brokers’ Association secured a star speaker of its own in the form of Canadian astronaut Chris Hadfield for its 2018 conference.
The February issue of Post features an interview with the ABC Investors. With their restrictive covenants now expired, the former LV general insurance management team speak to content director Jonathan Swift about their new consortium, digital innovation and what it would take for them to do it again.
In reportages, reporter Ryan Hewlett examines how the January reinsurance renewals dashed the hopes that a catastrophe-ridden 2017 may result in a hardened market. He focuses on how the worst year on record for insured cat losses affected rates.
Though not catastrophic, rumours of a sale and months spent flirting with insolvency spelled a turbulent year for Markerstudy. I look at the road that led to the sale of the group’s Gibraltar-based companies to Qatar Re.
Sexual harassment cases continue to make headlines, as national papers reported hostesses had been groped at the Presidents Club male-only gala dinner. Reporter Rosie Quigley analyses how the increased awareness around sexual harassment will affect the insurance industry.
In our C-suite columns this month, BGL Group’s chief information officer Stuart Walters argues that the insurance industry needs to push for amendments to the Data Protection Bill. And JLT Specialty partner Adrian Donald argues that risk managers need to speak the same language as chief financial officers to demonstrate the value of insurance.
Though the first month back at work after the Christmas break can be a slog for some, an Investors in People survey revealed the one in four employees are unhappy at work, with half actively looking for new roles in 2018. With this in mind, reporter Rachel Gordon explains how insurers are investing in employee benefits as a way to recruit and retain staff.
Another issue causing headaches for insurers is the rising level of escape of water claims. Reporter Sam Barrett explores the damage this can cause for high-net-worth clients. In addition, Tara Parchment, Chubb’s head of European personal risk services, points out HNW clients are most worried about physical attacks.
Finally, reporter David Worsfold takes a look at how insurers are wrestling with climate change as underwriters, as major investors and as large employers with their own substantial carbon footprints.
You may now download the February issue of Post as a PDF.
Enjoy the read!
Will Kirkman, reporter
Zurich disappointed in new #discountrate. David Nichols, Ch Claims Officer: "The failure to change the discount rate to a balanced level will only serve to increase the cost and, therefore, affordability of certain types of insurance - especially for higher risk customers." pic.twitter.com/ac1CfBzfxX— Zurich Insurance UK (@ZurichInsUK) July 15, 2019
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