News
Hiscox claims director to retire next year
Jeremy Pinchin, Hiscox group claims director, will retire at the end of February 2019, after 13 years at the company.
MIB working with Aon to secure £400m of terrorism reinsurance cover
The Motor Insurers' Bureau hopes to secure £400m worth of reinsurance cover with an excess layer of £100m, ahead of the demutualisation of terrorism risks for third party motor on the 1 January 2019.
Folgate assigned rating ahead of relaunch
Folgate, which will relaunch as an insurer next month, was assigned a financial strength rating of B from AM Best.
Insurers cast doubt on impact of ‘cycling awareness’ scheme on premiums
Insurers have cast doubt over the viability of government proposals to reduce insurance premiums for motorists who have signed up to a cyclist awareness course.
Architect of Lloyd’s modernisation drive to step down
The architect of Lloyd’s modernisation drive, Shirine Khoury-Haq, has stepped down from the Corporation.
Aviva takes majority stake in Neos
Aviva has acquired a majority stake in connected home insurtech Neos.
Whiplash bill clears final hurdle before receiving Royal Assent
The Civil Liability Bill has been sent for Royal Assent after final amendments were approved by the House of Lords yesterday.
Four insurance businesses among latest Women in Finance Charter signatories
CNA Hardy, Hastings, LV and NFU are among the 33 latest firms that have signed up to the Women in Finance Charter.
Insurers warned a 'robust' system will be in place to monitor discount rate savings
Parliament expects the insurance industry to deliver on pledges to pass on discount rate reform savings and will be monitoring its progress, Lord Keen of Elie told a conference.
Insurtech funding in 2018 close to all time record
Insurtech start-ups deals reached $2.6bn (£2.3bn) in 2018, with a highest ever volume of 204 deals, research found.
Motor insurers paying out record £23m in claims every day
Motor insurers have paid £23m to motorists every day of the year so far, Association of British Insurers’ research has found.
Polaris appoints Gallagher’s Vivek Banga as MD
Polaris has hired Gallagher’s ex-chief digital officer Vivek Banga as its managing director.
Industry raises £50,000 for dementia research
Insurance firms came together to raise £50,000 in support of dementia research.
Insured losses for the California wildfires could hit $13bn
Insured losses from the California wildfires could be between $9bn (£7bn) and $13bn (£10bn), RMS estimates.
Relaunched insurer Folgate to write £35m in first year
Exclusive: Folgate will write £35m in premium in its first year of operations following its relaunch as an insurer, the company said.
FSCS mulls raising levies on brokers using unrated
Exclusive: Brokers that continue to use unrated capacity, despite the collapse of insurers like Alpha and Gable, could pay higher levies to the Financial Services Compensation Scheme next year.
FSCS issues warning over insurer records
Exclusive: Insurers that have complicated distribution models are failing to maintain accurate records of policyholders, the CEO of the Financial Services Compensation Scheme has warned.
This week: No alarms and no surprises
After more than two years of contingency planning, this week’s news that a proposed Brexit deal was likely to lead to a loss of passporting was met with no more than a shrug of the shoulders.
Staff at collapsed RIIG owed thousands in unpaid wages
Exclusive: Failed loss adjuster RIIG did not pay staff their full salaries for the 10 months prior to the company’s collapse.
Passporting ‘unlikely’ under terms of Brexit deal
Insurers are calling for greater clarity over a Brexit deal on financial services that could see a loss of passporting.
Lemonade rival Hippo secures $70m in funding
Lemonade rival insurtech Hippo has secured $70m (£55m) in Series C funding, led by Felicis Ventures and Lennar Corporation.
Sedgwick expects revenue in Ireland to grow up to 15% following acquisitions
Exclusive: The loss adjuster's latest purchase, Sproule Graham, will rebrand under the Sedgwick Ireland banner and the group has revealed that it expects to see a revenue increase of 10-15% in its Ireland division.
Telematics insurance cuts younger drivers' claims losses by a third
Telematics insurance has helped insurers to curb on claims losses by a third among younger drivers, according to research.
Wider sector may face similar scrutiny to 'too big to fail' insurers
In 2020 the International Association of Insurance Supervisors hopes to make key changes to how systemic risk in the insurance sector is measured and dealt with, in a move that could see more insurers face similar scrutiny to 'too big to fail' insurers…