News
Gladwell to leave Innovation Group amid flurry of exits
Innovation Group UK property head Greg Gladwell is to leave the company on 31 March after six months in his role.
Principal breaks into profit and doubles turnover
Manchester-headquartered Principal Insurance has reported a post-tax profit of £54,000 in the 2014/15 year from a £51,000 loss the year before.
Claims Club: SRA to conduct a thematic review following IFT’s call for tougher action on CMCs
The Solicitors Regulatory Authority will conduct a review into the issues and concerns raised by the Insurance Fraud Taskforce Report earlier in the year.
NIG moves Manser to lead broker and etrade markets
NIG has appointed a new managing director, Neil Manser, to oversee broker markets and etrade.
Esure responds to Lords on whiplash debate
Esure has responded to a House of Lords debate in which one of its cases was used as an example of why the UK is known as the "whiplash capital of the world".
RSA's Innes to chair ABI prudential regulation forum
The Association of British Insurers has launched an industry forum on prudential regulation with RSA group capital and financial risks director David Innes appointed as chair.
Claims Club: IFB will move to GWP levy in 2017 and broaden stakeholders to include aggregators and affiliates
The Insurance Fraud Bureau will move to a gross written premium levy from 2017 after undertaking a 2015 consultation of five key principles including its funding model.
Novae reports improved 2015 COR and GWP
Novae Group has reported a marginal increase in profit before tax of £54.9m (2014: £52.4m) and an improved combined ratio of 90.8% (2014: 91%) for the year ended 31 December 2015.
RAC buys Nebula Systems to boost telematics offering
RAC has acquired vehicle data company Nebula Systems, a deal the breakdown assistance provider said will boost its telematics offering.
Innovation Group appoints CEO replacement for Roberts
Outsourcing and solutions provider Innovation Group has hired Tim Griffiths to replace Andy Roberts, pictured, as its new group CEO.
GI CEO's urge against IPT increase in letter to Osborne
Twenty-three general insurance executives have written to Chancellor of the Exchequer George Osborne ahead of the 16 March Budget announcement, urging against a further increase in insurance premium tax.
Career Development: Big data will only bring big insights with human capital
Insurers and brokers are investing in big data, in a big way. But while many firms are spending significant sums on the tools and systems to pool and analyse this information, investing in the necessary human expertise to extract value from this data has…
#Postpeople: 1 - 7 March 2016
All the latest insurance industry market moves between 2 and 8 February 2016 in full in one place.
Confused awards £40m advertising contract
Aggregator Confused has awarded a £40m advertising contract to agency Karmarama.
Brokers stoic as RSA shrinks regional presence vowing to work with 'new structure'
Brokers resigned to changes at insurer RSA, which last week revealed further cost-cutting plans at several regional sites, amid predictions poor 2015 general insurance results will lead to regional cuts elsewhere in the market.
QBE comes under fire for price promise to undercut SME rivals by at least 5%
QBE has come under fire from a number of quarters following a guarantee to "beat any price" from major insurers on selected quotes before the end of March.
Hiscox teams up with start-up broker for pay-as-you-go host insurance
Online platform Belong Safe has today launched the first on demand host insurance product to cater for the rising home-sharing market.
Profit cannibalisation and regulation concerns pushed Google's aggregator exit
Cannibalisation of profits and regulatory concerns were among key reasons behind Google's decision to exit the competitive aggregator space, but this may not be its last venture into this sector according to market analysts.
Slater & Gordon says UK redundancies likely after 155% profit crash and £448m goodwill write down
Slater & Gordon has said there will “likely” be redundancies and office closures following a review of its UK operations and a goodwill write down of A$876.4m (£448.4m).
Insurers back Axa's call for consistent injury awards in Ireland amid 30% motor premium increases
Insurers in Ireland are backing a call by Axa for more consistent personal injury awards amid concerns the body established to handle personal injury claims and compensation in 2004 has lost its way.
FCA to pilot general insurance scorecards
The regulator has announced plans to pilot general insurance ‘scorecards’ on a select number of products.
Claims Club: Industry should be prepared for online court to become a reality in the near future
Insurers and their lawyers have been warned to take the prospect of an online court seriously and advised that the pace of change is likely to take many by surprise.
Claims Club: Late payment legislation to add ‘new pressure’ to difficult fraud cases
Insurers have been urged to prepare a late payment strategy now, after an insurance barrister warned the late payment clause, due to be introduced with the Enterprise Bill, will add additional pressures in suspected fraud cases.
Supreme Court ruling in Knauer could lead to 10% increase in reserves
A ruling by the Supreme Court looks set to add to insurers' difficulties in calculating what constitutes the appropriate lump sum to set aside for serious personal injury cases.