News
Admiral facing 'difficult call' on claims frequency and inflation
Admiral has said it faces a “difficult call” with regard to whether or not claims frequency will return to pre-pandemic levels this year, reporting that it saw a 3-4% increase in road accidents last week alone.
FCA extends payment deferral guidance timeframe
The Financial Conduct Authority has kept the temporary measures to help insurance customers hit by the Covid-19 crisis in place until the end of October.
Claims Apprentice 2020: Episode five - Cyber challenge
With the country in Covid-19 lockdown the five remaining apprentices are given their latest task through the means of video conferencing.
BGL targets million policy mark for renewed Lloyds motor insurance deal
Compare the Market owner BGL Group is aiming to grow its partnership with Lloyds Banking Group to one million policies as the pair signed a five year extension on their exclusive motor and commercial vehicle insurance deal, Post can reveal.
Wales flood claims volume low so far as UK braces for storms
Loss adjusters are on standby following flooding in parts of Wales yesterday, as the Met Office warned of storms across the United Kingdom.
Abbey and Autoline merger to create £119m GWP acquisitive firm
The merger of Northern Ireland brokers Abbey Insurance and Autoline Insurance as Abbey Autoline on 1 September will create a £119m gross written premium growth focused firm that has an eye for striking takeover deals, managing director of the newly…
UK property pricing up 16% in Q2: Marsh
Global commercial insurance prices rose 19% in the second quarter of 2020, research by Marsh has revealed.
Beirut marine and port insured losses should not exceed $250m, says Guy Carpenter
The combined hull, cargo and port facility insured losses from last week’s warehouse explosions in Beirut should not exceed $250m (£191m), according to an initial analysis by Guy Carpenter.
CII teams up with UEA to promote insurance careers
The Chartered Insurance Institute has joined forces with the University of East Anglia to help students develop a career in insurance through a programme that includes substantial savings on CII qualifications.
Watchstone launches £63m claim against PWC following S&G settlement
Watchstone, formerly Quindell, has filed a £63m damages claims against PWC, alleging the firm breached contract and opened an “unauthorised and illicit” channel of communication with a corporate finance adviser to Slater & Gordon in relation to the 2015…
Government interventions to spare credit insurers the worst of pandemic losses
Credit insurers face pandemic-related claims continuing well into 2021 but will avoid losses on a similar scale to those seen after the 2008 global financial crisis thanks to government interventions, according to Fitch Ratings.
Ardonagh completes Bennetts buy as CMA orders no integration
The Competition and Markets Authority has ordered Ardonagh not to integrate with Bennetts, transfer control or stop competing with it as the consolidator completed the deal to buy the motorcycle specialist.
Analysis: Beirut blast – cost of humanitarian crisis could top $10bn
The explosion in Beirut, Lebanon at around 6pm local time on Tuesday 4 August tragically killed at least 157 people and wounded another 5000, with more than a hundred still missing as rescue efforts continue.
Second quarter performance pushes Ageas UK COR below 100%
Ageas UK has reported a post-tax profit of £22.8m for the first half of 2020 reversing a loss of £2.7m in the first quarter.
Beirut explosion unlikely to produce Tianjin-scale insured losses
The warehouse explosion in the port area of Beirut on Tuesday is unlikely to lead to insured losses on the same scale as those that followed a similar incident in China in 2015, industry figures have said.
I-Wonder stakes claim for industry first with Sorn site
I-Wonder has partnered with Go Compare for the launch of a Sorn insurance comparison service.
Claims Apprentice 2020: Episode four – Insurtech challenge
With Team KDA emerging as the winners of the podcast challenge, the apprentices now move onto their next task.
Aviva planning aggregator motor roll out after Confused pilot
Aviva is targeting this autumn for the next stage of its move onto aggregators after a trial with Confused, Colm Holmes, Aviva CEO of general insurance, told Post.
Amanda Blanc promises to shake up Aviva
It is abundantly clear that “meaningful change” is needed to unlock Aviva’s potential, according to CEO Amanda Blanc.
RSA cutting 300 roles
RSA has announced a voluntary redundancy programme as part of a process designed to reduce its headcount by the equivalent of 300 full time roles.
Sampo and RMI bid a ‘real vote of confidence’ in UK insurance, says Hastings CFO
The takeover offer from Finnish insurer Sampo and South African financial services firm Rand Merchant Investment holdings is a ‘real vote of confidence’ for UK Insurance, Hastings chief financial officer John Worth told Post as Hastings released its…
Markerstudy 'surprised' by union criticism as it confirms Co-op redundancies
Markerstudy's purchase of Co-op’s underwriting business could lead to up to 300 redundancies, with the group telling Post it has committed to keeping 700 staff and is actively engaging with Unite the union.
Business enquiries down 14% on last year at Allianz
While market conditions are slowly recovering in the wake of the coronavirus lockdown, the volume of new enquiries for commercial policies remain substantially lower than were last year, according to Allianz Insurance.
Axa offers £50 compensation after walking back BI cover confirmation
Axa has offered a UK policyholder £50 in compensation after rejecting a business interruption claim it had initially indicated would be covered.