News
Lloyd's syndicates may need to revise plans as they grapple with unprecedented circumstances, says Tiernan
Many Lloyd’s syndicates may need to resubmit their business plans for 2023 in the New Year as they grapple with a set of market circumstances that are “without recent precedent”, Lloyd’s chief of markets Patrick Tiernan has said.
Cardiff City FC suing broker for £10m after player death
Cardiff City Football Club is suing Miller Insurance Brokers for £10m following the 2019 death of Emiliano Sala.
ABI appoints interim replacement for Dalton
Mervyn Skeet, currently head of taxation at the Association of British Insurers, has been appointed as interim director of general insurance policy.
IFB calls on insurance to support its counter-fraud strategy
Insurance Fraud Bureau has today announced a new counter-fraud strategy which aims to enhance innovation, calling on the insurance industry to support its transition into “more agile” organisation.
Should the industry fear 'sleeping giant' Amazon’s first steps into insurance?
After Amazon’s much anticipated entry into the UK insurance market fell a little short of the wow factor, Scott McGee explores the corporation’s chances at succeeding.
Review of the Year 2022: Insurers
Senior figures from the insurance market look back on 2022 and reflect on what 2023 might bring.
Court to hear ‘at the premises’ Covid BI arguments from Pizza Express, Excel London and ten insurers in April
Insurers and policyholders are set to exchange arguments on contentious ‘at the premises’ business interruption clauses during a series of expedited hearings in April.
Deadline today: Last chance to enter the 2023 season of Claims Apprentice
Have you – or do you know someone within your team – that has what it takes to be the Claims Apprentice 2023?
Insurance complaints declining says FOS
After reporting a surge in insurance complaints due to the impact of Covid‑19, the Financial Ombudsman Service received just 40,242 complaints regarding insurers in 2021 to 2022.
CFC's Holmes voices frustration with capital providers' nat cat 'opportunism'
CFC Underwriting’s chief underwriting officer Andy Holmes has voiced frustration with capital providers’ overlooking a “long-term opportunity in cyber” in favour of the natural catastrophe reinsurance market.
Analysts report decrease in cyber attacks so far in 2022
Cyber analysts have reported seeing both the number of significant cyber attacks and the value extracted through ransomware attacks fall this year.
Smaller insurers fail to provide written proof of meeting pricing rules
The Financial Conduct Authority has found many smaller insurance firms have few or no records to prove they meet the pricing requirements introduced at the start of 2022.
CFC moots independent body to identify and categorise ‘cyber hurricanes’
CFC Underwriting has proposed setting up an independent body to categorise the severity of cyber events, claiming it would enable insurers to tackle systemic risk and pave the way for a cyber catastrophe risk market.
FCA warns insurers against undervaluing written off cars
The Financial Conduct Authority has seen evidence of insurers offering consumers whose cars have been written off a price lower than the vehicle’s fair market value.
BGL and Covéa launch motor venture targeting 25 to 45-year-olds
Exclusive: BGL Insurance and Covéa have launched Nutshell, a motor insurance joint venture targeting 25 to 45-year-olds.
Zurich appoints Streidl as UK commercial head
Zurich has appointed Frank Streidl as head of commercial insurance in the UK, replacing Rob Kuchinski who is retiring at the end of the year.
SSP hit by cyber security breach and $7m ransomware demand
Software house SSP has suffered a cyber security breach by the Lockbit ransomware group, affecting its internal network and systems.
FCA to crackdown on insurers over ethnicity pricing penalty
The FCA will take enforcement action against insurers who fail to strip data biased against ethnic minority groups out of their product pricing and services, law firm Browne Jacobson has warned.
Regulator raises concerns over Copart's purchase of Hills Motor
The Competition and Markets Authority has ruled that the purchase could cause a ‘significant lessening of competition’ in the UK salvage market.
Cancer care delays could lead to spike in negligence claims
Negligence claims relating to Covid delays to cancer care are likely to increase in the next two years, law firm RPC has warned.
Rising interest rates 'a boost to solvency' despite equity losses
Rate hikes from the Bank of England will strengthen P&C insurers' solvency ratios, but cause unrealised losses for shareholders, according to analysis from Moody's.
Zego and QBE expand partnership; Needham takes GWP to £9m; Axa XL appoints head of cyber and Lloyd's
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
EY: Motor and home insurers set for biggest loss in over a decade
Motor and home insurers are expected to make significant losses this year and next, due to underlying inflationary pressures and premium rate falls, according to analysis by EY.
Ex-McLarens and GAB exec Trevor Latimer passes away
Trevor Latimer, the man who helped spearhead McLarens major push into the UK and Irish markets, has passed away.