News
Premium finance outlook ‘improving’ as FCA begins review
Following increased regulatory scrutiny from the Financial Conduct Authority, Pearson Ham research has found that average premium finance costs for motor and home insurance decreased over the last year.
Storm damage behind one in five of Aviva’s home claims
Aviva has revealed that 19% of all UK home claims between 2020 and 2024 were related to storm damage.
Rachel Lam expands remit at ombudsman
It has been confirmed to Insurance Post that Rachel Lam has been given a wider remit at the Financial Ombudsman Service.
Pen’s cyber revamp; Chubb’s construction practice; Unum CEO joins ABI board
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Allianz and theatre group await court ruling
The Ambassador Theatre Group and its insurer, Allianz, are expecting a judgment in their ongoing dispute over Covid-related business interruption cover before the end of the year.
PRA chief admits losing Solvency UK ‘row’ with MPs
Sam Woods, CEO of the Prudential Regulation Authority, has admitted the regulator lost the “spectacular row” it had with the Conservative government over the Solvency UK reforms.
Markerstudy Group to cut 750 jobs by the end of 2025
Following the completion of the £1.2bn acquisition of Ardonagh-owned Atlanta, Markerstudy Group CEO Kevin Spencer has confirmed that the process of cutting 750 jobs has begun.
Axis cuts application processing time by 97% using AI
Axis has reduced its insurance application processing time from an average of 30 minutes to 60 seconds using Sixfold’s artificial intelligence underwriting solution.
Clearspeed in talks with each of the ‘top eight’ UK insurers
Following the announcement that RSA is adopting Clearspeed’s voice analysis technology, the firms MD Ranjit Mana has confirmed to Insurance Post that the firm is in talks with several UK insurers.
Specialist Risk’s Lebecq joins Miller as COO
Miller has hired Clare Lebecq as chief operating officer following her departure from Specialist Risk Group last month.
Labour unveils motor insurance taskforce to crack down on costs
Labour transport secretary Louise Haigh has promised her party’s motor insurance task force will “crack down on spiralling costs” and deliver a “fair deal” for drivers.
FCA launches premium finance market review
The Financial Conduct Authority has launched a review of the premium finance market, alongside the launch of a government motor insurance taskforce.
Top 100 UK insurers of 2024 revealed
Aviva has once again topped Insurance Post’s Top 100 UK Insurers 2024 list, but this year’s top 10 was shaken up by tough times for motor insurers in 2023 and a shift to more profitable lines among major players in the market.
Extinction Rebellion issues fossil fuel ultimatum to 52 insurance firms
Extinction Rebellion has given insurers 14 days to announce they will no longer be insuring new fossil fuel projects.
Hiscox’s Hemming reveals ‘bold ambition’ for distribution
Gareth Hemming, who joined Hiscox UK as chief distribution officer a year ago, has shared what brokers can expect from the insurer in the next 12 months.
Hurricane Milton insured losses to run into the tens of billions
The insurance industry is likely to suffer losses of tens of billions of dollars from damage inflicted by Hurricane Milton last week, according to early estimates.
Ex-Crawford UK president Lisa Bartlett resurfaces at Gallagher
Lisa Bartlett has been appointed as managing director of Gallagher’s Birmingham office, following her resignation from Crawford earlier in the year.
HMRC tax credit swings CII into surplus
The Chartered Insurance Institute has finally swung back into a surplus of funds thanks to a tax credit from HM Revenue & Customs.
ISC Group names Powell CEO
After six months as interim managing director of ISC Group, Carmen Powell has been made CEO of the organisation dedicated to the development and advancement of women in insurance.
Lloyd’s risk code offers ‘breathing space’ for transition support
Lloyd’s transition TCX class offers syndicates “breathing space” for supporting the energy transition, according to class underwriter for onshore energy at Chaucer Alex Nelson.
FCA’s Mills says Consumer Duty needn’t inhibit growth
Sheldon Mills, the Financial Conduct Authority’s executive director for consumers and competition, has insisted that the Consumer Duty is not the block to growth that some people think it is.
First black Lloyd’s broker champions diversity lectures
Lloyd’s of London’s first Black broker David Flint said the Inclusive Futures Flint Lectures provide ethnic minorities with the means to survive at Lloyd’s.
Ageas confirms exclusive talks over Saga ‘partnership’
Ageas has confirmed it has entered into negotiations with Saga for the distribution of motor and home insurance products to Saga's customers.
Ageas’ AI fraud tool; Clear’s Wycombe partnership; Moonrock’s COO
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.