News
LV reveals surge in flood claims where drains can’t cope
A report by LV General insurance has revealed there has been a 211% increase in the number of flood claims where drains were unable to cope over the last four years.
Judge gives go-ahead to BI appeals and awards Greggs 60% of costs
Parties in three business interruption disputes have been given the green light to appeal the findings of judgments handed down last month in relation to issues including the deduction of furlough payments and the aggregation of losses.
Fixed recoverable costs regime extension delayed
Fixed recoverable costs will not be extended until October next year in move welcomed by legal sector.
Government sides with insurers over PRA
Chancellor Jeremy Hunt’s first Autumn Statement delivered the tax hikes and spending cuts that were widely expected as well as the Solvency II overhaul insurers had long hoped for.
Insurers scramble to secure Musk's Twitter 'validation'
Leading UK insurers are paying the contentious monthly premium for 'blue check' verification after Elon Musk's Twitter takeover - a privilege that was previously free of charge.
Cop27: WTW collaborates with Unicef to provide climate protection to 15 million children
WTW has joined forces with The United Children’s Fund to protect millions of children and families from climate change
Automated, standardised criteria on simple repair cases allows greater efficiency as complexity increases
Standardising and automating the criteria of whether a damaged part in a motor vehicle has to be repaired and replaced on simple repair cases allows greater efficiency as complexity increases, according to BDEOs head of sales Sebastián González.
Bank of England director calls for end to elite institutions
Bank of England executive director Victoria Saporta has warned financial services companies they need to do more to understand why women were impacted by the Covid-19 pandemic.
Consumer Duty success will be measured against number of complaints going to FOS
Financial Conduct Authority CEO Nikhil Rathi has said that the regulator has set itself a target to reduce the number of complaints going to the Financial Ombudsman Service on the back of the incoming Consumer Duty measures.
Cost of dated technology preventing rate changes revealed
The majority of insurers are at risk of prolonged financial losses due to the time taken to implement a significant rate change to their systems, according to research by Earnix.
Q&A: Dan Martin, Markel International
Markel International recently appointed Dan Martin as managing director of distribution strategies and business development. He speaks to Post about supporting Markel’s long-term ambitions of sustainable growth, and operational effectiveness by working…
Early notification ‘key’ to avoid increasing property damage claims costs
Insurers could see higher claims costs and longer claims lifecycles as inflation creeps into the casualty and liability space, but educating policyholders on importance of early notification is ‘key’.
'Off the shelf' products and 'ridiculous' coverage components driving up insurance prices: Aurora's Finn
Aurora, a digital commercial insurance platform for micro, small and medium-sized businesses, has gone live with the launch of its initial offering.
Roundtable: Digital claims - how can insurers best reap the benefits of digital claims for customers?
Digital claims processing offers significant benefits for both insurers and their customers. Based on this assumption, Post and PayPal held a roundtable to explore how the sector can keep up the momentum, and discuss what might be considered as a best-in…
Cop27: Three more insurers join Flood Re's 'Build Back Better' scheme
Flood Re CEO Andy Bord has announced that three more insurers have joined the Build Back Better Scheme, speaking at the COP27 climate summit in Sharm El-Sheikh on Monday.
Airmic tips parametrics for key role as members label traditional policies' nat cat coverage inadequate
Over three quarters of corporate insurance buyers think that traditional property damage and business interruption policies do not adequately cover natural perils, according to a survey by Airmic.
DWF’s Nicola Critchley elected Foil president
Partner at law firm DWF Nicola Critchley has been appointed president of Forum of Insurance Lawyers.
Analysis: What do the Resilience judgments mean for ongoing Covid BI claims cases?
After three major decisions were handed down in high-profile business interruption claims cases, Harry Curtis looks at those rulings, and asks what repercussions they could have for insurers and policyholders.
Hurricane Lisa causes first pay-out of Mesoamerican Reef Insurance Programme
The first pay-out has been made by the Mesoamerican Reef Insurance Programme when the Turneffe Atoll, off the coast of Belize, was hit by Hurricane Lisa on 2 November.
Court allows legal bodies to intervene in whiplash test cases
The Court of Appeal has given permission for the Association of Personal Injury Lawyers and Motor Accident Solicitors Society to intervene in two test cases that are set to help establish levels of compensation to be awarded for mixed whiplash injuries.
Questgates acquires CP Adjusting; Pen UW rolls out cyber risk management suite; Brokerbility shakes up leadership team
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Underwriters and brokers to face post-Protect Duty learning curve, says Aon's Bolton
Consensus on how to underwrite casualty programmes affected by the proposed counterterrorism Protect Duty will take time to develop, Aon’s director of GBC crisis solutions Scott Bolton has told Post.
Insurers facing claims from mini-Budget pension fallout
Law firm RPC warns insurers to expect claims from pension fund trustees that suffered losses as a result of the disastrous mini-Budget
Axa XL's McGovern to take up LMG chairmanship
Axa XL CEO for the UK & Lloyd’s Sean McGovern is set to become chair of the London Market Group from the start of next year.