News
Vicarious liability broadening unlikely to impact policy wordings
Insurers are unlikely to tighten policy wordings in light of a Supreme Court ruling relating to the vicarious liability doctrine, as lawyers warn the industry to expect further widening of the principle in the future.
Risk management must improve as some slavery reporting falls short
Companies must step up their risk management activities as reporting requirements around the new Modern Slavery Act come into force this year, with lobby groups claiming some of those already reporting are falling short.
Data breaches caused by hacking or malware on the rise, Beazley finds
Beazley’s specialist breach response services unit responded to 60% more data breaches in 2015 compared to the previous year, the insurer has revealed.
RSA appoints Martin Strobel to board
Martin Strobel, CEO of Baloise Holdings, will join RSA’s board as a non-executive director and a member of the audit, investment and remuneration committees on 1 May.
Industry bosses unite to warn government against further IPT hike
The industry is rallying against a further potential increase in insurance premium tax ahead of the 16 March Budget.
Apil CEO hopes to restore claims 'credibility' with cold calling ban
The CEO of the Association of Personal Injury Lawyers has come out in support of the banning of cold calling in a bid to restore some “credibility and respect” to the claims sector.
Underlying profit drops at Esure amid challenging market in 2015
Esure recorded a deterioration in its combined operating ratio to 97.8% in 2015 (FY 2014: 91.9%) as underlying profit dipped by 22.7% to £82.9m (FY 2014: £107.2m) amid “highly competitive” market conditions.
Aviva flood loss of £100m predicted by analyst in otherwise 'good year'
Aviva is expected to reveal a £100m loss in earnings for 2015 as a result of the extensive flooding that swept the UK during the months of December last year and January.
Eight countries see reduction in political risk, Aon finds
For the first time in three years, more countries have experienced a reduction in political risk than an increase, Aon's 2016 political risk map shows.
Fraudsters ordered to pay £40,000 in crash-for-cash scam
A group of four people found to have deliberately caused a car crash with an innocent van driver has been ordered to pay £40,000 to the victim.
Driverless HGVs to be trialled in UK under government plans
Driverless lorries will be trialled on UK motorways this year with funding for trials expected to be earmarked in the 16 March Budget, according to reports.
Qatarlyst founder Sutherland passes away
James Sutherland, commercial director, Asia-Pacific, at AM Best and founder of Qatarlyst sadly passed away suddenly on 26 February in Hong Kong at the age of 58.
Health insurance division drives Bupa UK's 5% revenue growth
Bupa UK reported a 5% increase in revenues in 2015 that was largely driven by its health insurance division, which saw an increase in new business in the SME and corporate segments.
Axa invests in German digital health start-up
Axa Strategic Ventures, the €230m (£178m) venture capital fund set up by the French insurance giant, has announced it is leading an investment round in Medlanes, a Berlin-based digital health start-up.
Iprism strikes deals with QBE and Gallaghers after Gable pulls two lines mid-term
Liechtenstein-based insurer Gable Holdings has exited the tradesmen and high-net worth household lines of business it offered through the Iprism Underwriting Agency portal mid-term.
Jail for insurance fraudster after failure to repay £13k
A man who failed to repay more than £13,000 following his conviction for medical insurance fraud has now been jailed.
Perils revises down Desmond flooding costs estimate
Catastrophe data specialist Perils has revised its storm Desmond flood property insurance market loss estimate to £662m down from £717m.
Northern Australia taskforce warns on government cyclone mutual
A Northern Australia taskforce has found a government mandated cyclone insurance scheme would cost taxpayers around A$5bn (£2.6bn) to help reduce premiums.
Pool Re boosts reinsurance cover to £1.95bn
Mutual reinsurer Pool Re has increased its reinsurance programme from £1.8bn to £1.95bn, after renewing cover it bought last March for a further three years.
Reduced Admiral underwriting share to have little financial impact
Admiral Group's 3% reduction in its underwriting share announced in the company's 2015 full-year results today (3 March) will not have a significant financial impact on the business, according to chief financial officer Geraint Jones.
Digital insurance is starting to bite high street brokers as Swinton closes branches
The rise of digital insurance starting to bite high street brokers, although the model still has some life left in it.
Admiral reports motor profit rise as Confused takes hit
Admiral has reported an 8% increase in 2015 group turnover to £2.12bn (2014: £1.97bn) and a UK motor combined ratio of 81% (2014: 83%).
PMI consolidator Chase Templeton completes fourth 2016 acquisition
Private medical insurance consolidator Chase Templeton has completed its fourth acquisition of the year with the purchase of Wellbeing Health Insurance.
Big data take-up slower among mid-tier UK insurers
Fewer mid-tier UK insurance firms are prioritising big data, with less than half prioritising such strategies compared to 82% of their large counterparts, according to a market survey.