News
Direct Line Group appoints Aviva’s Winslow as CEO
Direct Line Group has this morning announced that Adam Winslow, formerly CEO of Aviva’s UK and Ireland general insurance business, as its group CEO.
How insurers are tentatively embracing AI
Analysis: Frances Stebbing explores how insurers are using generative AI, while recognising the risks and preparing for the incoming regulation for this type of technology.
Markel launches construction proposition; Pen secures solcitors' PI capacity; Partners& acquires Nex Gen
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Value of average insurance fraud hits record £15,000
The Association of British Insurers has revealed the value of the average fraudulent claim in 2022 rose 20% to £15,000.
Updated – Insurer results directory H1 2023
Insurance Post tracks insurers' half-year 2023 results, including gross written premium and combined operating ratio.
Specialist Risk Group's latest deal; Animal Friends partners with Costco and Gauntlet joins Brokerbility
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
WTW tells insurers to up their data science game
Tim Rourke, UK head of P&C pricing, product, claims and underwriting at Willis Towers Watson, has warned the era of data science as a research and development activity has passed and insurers need to ensure those employed in this area deliver operational…
Hurricane victims’ claims to be sped up with 360-degree imagery
McKenzie Intelligence Services has piloted CAT360 to boost insurers’ responses to US hurricane losses and speed up claims by providing ground-level imagery.
Caravan thefts lead to 34% increase in premiums
An increase in caravan thefts has led to the average insurance premium for a caravan increasing by 34% since 2021, according to Go Compare.
Biggest risk factor for adopting generative AI revealed
Companies are not fully prepared for the widespread use of generative artificial intelligence, or the business risks these tech tools may bring, research from McKinsey & Co has found.
Insurance M&A activity continues to slow down
Lack of demand for insurtech businesses plus concerns about a target company’s data security resulted in less merger and acquisition activity in the UK in the first half of 2023, according to Clyde & Co.
Motor insurance premiums hit record high
The average price of motor insurance has been pushed higher by the rising cost of vehicle repairs, according to ABI analysis.
Aviva expands underwriting appetite; Flood Flash with Hiscox; Dual deal
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Is Hiscox no longer the big bad BI wolf?
Editor’s View: Scott McGee considers how lessons can be learned from how Hiscox, which bore the brunt of the initial reputational hit from Covid-related business interruptions claims, has moved on.
Three NZIA insurers fail to disclose targets by deadline
Tokio Marine, Sompo and MS&AD have been named by non-government organisations as failing to disclose intermediate targets that were still required, despite their exit from the Net-Zero Insurance Alliance.
Earnix aims to offer insurers a path to true operational AI
Robin Gilthorpe, who joined Earnix as CEO in February, plans to grow the business by offering UK insurers a route map to “true operational AI.”
RSA posts £9m loss for first half of 2023
RSA has posted a £9m loss for the first half of 2023 and hired Aviva’s former transformation director James Godfrey to try to future-proof its technology, digital and data capabilities.
FWD Research to create dashboards to check Consumer Duty compliance
Martin Grimwood, director of FWD Research, has revealed plans to help general insurers create management information dashboards to demonstrate their compliance with the Consumer Duty.
Climate change activists target Hiscox and Travelers
Coal Action UK campaigners have graffitied Hiscox and Travelers offices this week, demanding the insurers withdraw support for the East African Crude Oil Pipeline project.
HDI in hiring spree; GRP enters pet market; Flood Re appoints chair
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Insurtech funding slips below $1bn for first time in three years
On a quarterly basis funding for insurtechs appears “quite volatile” but trends developing are in line with longer-term sustainability, a Gallagher Re report says.
Bank to gain power to intercede as insurers collapse
The UK government has announced plans to establish a dedicated regime to deal with the failure of insurance companies.
Creditors set to lose out amid Plexus collapse
Documents show Plexus Group, which has entered administration, owes creditors about £21.5m, and that some are unlikely to receive the full payout, with most unlikely to receive anything at all.
Government launches consultation to ban scam calls
Plans to ban cold calls for financial products such as insurance have been set out with the launch of a government consultation.