News
Caravan thefts lead to 34% increase in premiums
An increase in caravan thefts has led to the average insurance premium for a caravan increasing by 34% since 2021, according to Go Compare.
Aviva chiefs reveal how the provider achieved 13% GWP growth
Aviva bosses have revealed the part rate and new product lines played in pushing general insurance premiums up 13% in the first half of 2023.
Admiral CEO claims the cycle is turning for motor
Admiral Group CEO Milena Mondini de Focatiis is expecting business to pick up in the latter half of this year after reporting a £298m UK motor business profit in the first half of 2023.
Ecclesiastical sees surge in financial lines claims from charities
Ecclesiastical has received hundreds of financial lines claims from charities post pandemic with the provider predicting these organisations are seen as “easy targets”.
Biggest risk factor for adopting generative AI revealed
Companies are not fully prepared for the widespread use of generative artificial intelligence, or the business risks these tech tools may bring, research from McKinsey & Co has found.
Lloyd’s refresh won’t usher in ‘dystopian digital future’
The ongoing refurbishment of the Lloyd’s underwriting room is not a step towards a “dystopian digital future”, the market’s chairman Bruce Carnegie-Brown has said.
Insurance M&A activity continues to slow down
Lack of demand for insurtech businesses plus concerns about a target company’s data security resulted in less merger and acquisition activity in the UK in the first half of 2023, according to Clyde & Co.
Greensill administrators sue Zurich for unpaid trade credit claims
The administrators of Greensill Bank are suing Zurich, alleging the insurer wrongfully refused to pay claims under a trade credit insurance policy.
Motor insurance premiums hit record high
The average price of motor insurance has been pushed higher by the rising cost of vehicle repairs, according to ABI analysis.
Aviva expands underwriting appetite; Flood Flash with Hiscox; Dual deal
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Allianz CEO anticipates 'strong rate' environment for rest of 2023
Colm Holmes, CEO of Allianz Holdings, has warned the insurance giant will need to continue to rate “to cover the impact of inflation” in the latter half of this year.
Hiscox achieves tenfold increase in H1 profits
Aki Hussain, group chief executive of Hiscox, has revealed how a decision to preserve capital over the last few years has paid off with bumper profits at the start of 2023.
Three NZIA insurers fail to disclose targets by deadline
Tokio Marine, Sompo and MS&AD have been named by non-government organisations as failing to disclose intermediate targets that were still required, despite their exit from the Net-Zero Insurance Alliance.
Food delivery fraudster faces jail
A food delivery driver who fraudulently claimed nearly £80,000 from Aviva in motorbike hire costs has been jailed for seven months.
Sedgwick Legal Services accelerates build-out plans in disrupted sector
Sedgwick has stepped up plans to build out its legal services arm as it capitalises on trends in the insurance defendant law firm sector, partner Paul Squires has said.
Earnix aims to offer insurers a path to true operational AI
Robin Gilthorpe, who joined Earnix as CEO in February, plans to grow the business by offering UK insurers a route map to “true operational AI.”
RSA posts £9m loss for first half of 2023
RSA has posted a £9m loss for the first half of 2023 and hired Aviva’s former transformation director James Godfrey to try to future-proof its technology, digital and data capabilities.
FWD Research to create dashboards to check Consumer Duty compliance
Martin Grimwood, director of FWD Research, has revealed plans to help general insurers create management information dashboards to demonstrate their compliance with the Consumer Duty.
Climate change activists target Hiscox and Travelers
Coal Action UK campaigners have graffitied Hiscox and Travelers offices this week, demanding the insurers withdraw support for the East African Crude Oil Pipeline project.
HDI in hiring spree; GRP enters pet market; Flood Re appoints chair
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Insurtech funding slips below $1bn for first time in three years
On a quarterly basis funding for insurtechs appears “quite volatile” but trends developing are in line with longer-term sustainability, a Gallagher Re report says.
Bank to gain power to intercede as insurers collapse
The UK government has announced plans to establish a dedicated regime to deal with the failure of insurance companies.
Creditors set to lose out amid Plexus collapse
Documents show Plexus Group, which has entered administration, owes creditors about £21.5m, and that some are unlikely to receive the full payout, with most unlikely to receive anything at all.
Government launches consultation to ban scam calls
Plans to ban cold calls for financial products such as insurance have been set out with the launch of a government consultation.