News
Irish regulator forces CBL Insurance Europe to close shop
The Central Bank of Ireland has ordered CBL Insurance Europe to cease writing business with immediate effect, until further notice.
Clear buys Robert Alexander and eyes further deals in 2018
Clear Insurance Management has bought New Malden-based broker Robert Alexander.
Slice to launch on demand products in Q2 following partnership with Legal & General
US on demand insurtech firm Slice has said that its on demand home sharing insurance products will be available by Q2 this year, following its partnership with Legal and General.
FCA signs agreement with US regulator to promote insurtech innovation
The Financial Conduct Authority has signed an arrangement with the US Commodity Futures Trading Commission to support each other’s insurtech initiatives, Lab CFTC and FCA Innovate.
Whiplash fraudster given two month prison sentence
A whiplash fraudster has been handed a two month prison sentence and been ordered to pay £14,000 in costs.
68% of homeowners think it’s acceptable to omit application information
Over half of UK homeowners believe it is acceptable to omit or adjust information in their application to keep their insurance premiums low, according to survey findings.
Insurers could face claims worth millions following British Steel Pensions Scheme transfers
Insurers could face millions of pounds worth of professional indemnity claims arising from negligent financial advice given to those transferring out of the British Steel Pensions Scheme last year.
Hiscox to use real time cyber attack data in 'first' for awareness campaign
Hiscox will display real-time cyber attacks to raise awareness of the threat that cyber crime poses to SME businesses, as part of its new ad campaign.
Softbank reported to be eyeing up stake in Swiss Re
Japanese tech-to-financial conglomerate SoftBank is exploring the possibility of taking a $10bn stake in reinsurer Swiss Re, reports suggest.
R&Q completes reinsurance to close legacy deal
Randall and Quilter has completed a deal to become the capital backer of Syndicate 3334’s 2014 and prior years of account.
IFB appoints claims officers Nichols and Gibson to its board
The Insurance Fraud Bureau has appointed two claims officers from major insurers to its board.
Swiss Re completes public share buy-back programme
Swiss Re has completed its 2017 public share buy-back programme.
Insurers to fund personal injury IT gateway
Exclusive: The government has accepted an offer in principle from the insurance industry to fund a new IT gateway to allow litigants in person access to the claims portal.
Saga appoints Patrick O’Sullivan as chairman
Saga has appointed Patrick O’Sullivan as chairman with effect from 1 May 2018.
Lloyds Bank insurtech and innovation head joins Oxbow as a partner
Christopher Hess, formerly the business development director at Lloyds Banking Group's insurance arm has joined management consultancy Oxbow Partners.
Hiscox found not guilty in ICO criminal prosecution
Hiscox has been found not guilty of breaching the Data Protection Act in a court case brought against it by the Information Commissioner’s Office.
Smartphone video insurtech sets its sights on Europe
Global insurtech Eviid is setting its sights on expansion across Europe following the successful partnerships with insurers across the UK, US and Australia.
Brit sees major losses of $250m
Brit saw its combined ratio rise to 112.4% last year following major loss claims of $250m (£177.8m).
This week in Post: Funding, fraud and finding life after Brexit
This week, the insurance industry received the news that the government’s controversial whiplash reforms are likely to be put into effect in April next year.
Cigna Insurance Services pulls out of travel market
Exclusive: Cigna Insurance Services has pulled out of the travel insurance market.
Lloyd’s to pilot use of artificial intelligence
Lloyd’s will launch a think tank to drive the use of analytics and artificial intelligence in the market.
Allianz P&C profits sink following ‘costliest year ever’
Allianz saw claims of €1.1bn (£970m) from natural catastrophes last year, as the company described it as “the costliest year ever for the insurance industry”.
TMK syndicates forecast 2017 loss
Tokio Marine Kiln expects its Lloyd’s syndicates to post a loss for the 2017 year of accounts as a result of fourth quarter catastrophe losses.
Nat cats push Lancashire into loss at full year
Lloyd’s insurer Lancashire reported a net loss of $71.1m (£50.5m) for 2017 as fourth quarter natural catastrophes took their toll on its bottom line.