News
Storm-related claims surge in Q4 2024
Verisk’s latest property report for UK claims has revealed a 62% surge in storm-related claims in Q4 2024 compared to the third quarter.
Cyber insurance ‘may become mandatory’ in the future
Johnty Mongan, head of cyber risk management at Gallagher, has said that it is his belief that cyber insurance may eventually be a mandatory purchase.
Beazley CEO says ‘it’s getting more difficult to grow’
Beazley has reported record pre-tax profits of $1.42bn (£1.12bn) for 2024, but is forecasting a slowdown in growth this year as market conditions turn.
Accenture acquires Altus Consulting
US management consultancy firm Accenture has acquired Altus Consulting from digital solutions provider Equisoft, for undisclosed terms.
Hannah Kate Smith leaves Lloyd’s for Guy Carpenter
Former Lloyd’s of London operations and engagement director Hannah Kate Smith joined Guy Carpenter last month as international head of distribution and market relations.
Lloyd’s predicts potential $2.4trn extreme space weather loss
The latest systemic risk scenario from Lloyd’s and the Cambridge Centre of Risk Studies has revealed that the global economy could be exposed to losses of $2.4trn over five years if a solar storm occurred.
Motor finance delays causing FOS complaints backlog
The Financial Ombudsman has this morning revealed complaints for the financial year 2024/25 are still “significantly higher than in 2023/24”.
Direct Line swings back to profit
Direct Line Group has this morning (4 March) revealed it has returned to operational profit, with CEO Adam Winslow praising the “significant progress” made so far in “transforming the business”.
Home premiums ‘still need to go up’ says Aviva’s Storah
In a repeat of his calls last year, Aviva’s UK and Ireland general insurance CEO Jason Storah has said home insurance premiums “still need to go up further”.
Cunliffe appointment continues Axa reunion at Markel
Nicola Cunliffe, formerly head of insurance operations at Flock and head of SME trading operations at Axa, has joined Markel as head of trading in the UK.
Broker banned for fraud that led to client’s collapse
The Financial Conduct Authority has banned David Robert Cooke, the former director of Weston-super-Mare broker Professional Construction Risks Limited, from working in financial services.
Pool Re reduces taxpayers’ exposure to UK terrorism risk
Pool Re has completed the placement of a new retrocession programme, shifting more of the financial risk arising from acts of terrorism away from taxpayers and back to the private market.
Flood Re appoints CEO
Flood Re has hired Perry Thomas as its new CEO, effective immediately, subject to regulatory approvals.
Howden hit with £20m negligence lawsuit
A luxury hotel group has lodged a professional negligence lawsuit against Howden, alleging oversights by the broker meant it found itself unable to claim for Covid-related business interruption losses in 2020.
Palestine Action targets Aviva for the second time
Palestine Action has targeted two Aviva offices in Scotland in the early hours of this morning (28 February), marking the group’s second protest against the insurer.
Allianz UK to drop LV brand in 2026
Allianz UK’s CEO Colm Holmes has confirmed to Insurance Post that the LV brand is to be dropped in 2026.
Admiral joins Build Back Better; PIB’s milestone; Lockton’s GM
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
More Cyber insurance education needed in mid-market
Insurers have been urged to do more to heighten cyber insurance education in the SME and mid-market space, amid concerns of underinsurance in the sector.
Compare the Market to allow providers to self-test
Ursula Gibbs, chief commercial officer of Compare the Market, has revealed the aggregator is “levelling the playing field” by giving 100% access to provider partners to self-service test.
Aviva’s Storah predicts volatility in commercial pricing this year
Speaking after Aviva announced its full year results, UK and Ireland general insurance CEO Jason Storah said rates are “lumpy”.
Aviva’s Morris calls for an end to building in flood zones
When it comes to helping households, communities, and businesses cope with the threat of climate change in the next decade, Owen Morris, managing director of personal lines at Aviva, said the UK must stop building in flood zones.
Axa’s PL growth held back by UK and Ireland
Axa has this morning published its financial results, revealing lower volumes in personal lines for the UK and Ireland.
Allianz CEO calculates Brexit cost for UK motor insurance
Colm Holmes, CEO of Allianz UK, said the insurance industry has done a poor job on explaining how Brexit pushed up the price of motor insurance in the UK, saying claims costs here are double that of Germany.
Ageas grows UK business by 21%
Ageas Group has this morning announced its UK business grew 21% compared with the year before.