News
Vulnerable customer numbers double as insurer conduct comes under the spotlight
The number of adults identifying as vulnerable in the home and motor insurance markets has doubled in the last year and insurers have been urged to ensure they are being inclusive as the regulator reviews their actions.
Insurance Covid Cast Episode Nine: Could Tiger King Joe Exotic cut it as a fraud fighter or handle big cats at Lloyd’s?
In the latest Insurance Post and Insurance Age video cast brought to you while our journalists are in isolation lockdown we present first in an irregular series - Covid Culture Club - where we discuss things to watch and do at home.
Your ‘business as usual’ April digest
We understand that while it’s important to keep bringing you up to date and important news on the Covid-19 pandemic and its impact on the industry, it’s also critical, especially while homeworking, to know what's happening outside of this. With that in…
Bought By Many to enter new markets after largest UK insurtech raise of $98m
Pet insurance specialist Bought By Many has secured $98m (£78.4m) in growth equity investment led by FTV Capital, having agreed terms sheets with the US growth equity investment firm and five other potential investors prior to Covid-19 lockdown.
Allianz latest coronavirus BI group action target
Allianz faces a potential group action lawsuit from policyholders that have had coronavirus-related business interruption claims rejected.
Direct Line saw motor claims slide 70% in April
Motor claims notifications fell 70% at insurer Direct Line Group in April compared to the same month in 2019, as drivers stayed indoors due to lockdown measures.
François-Xavier Boisseau reunites with Amanda Blanc at ERS
Former CEO of Ageas UK Insurance François-Xavier Boisseau has joined the board of ERS as a non executive director.
Direct Line standard BI policy wordings at ‘tight end’ of the industry: CEO Penny James
Direct Line Group CEO Penny James has said 99.5% of its business interruption customers have standard policies and the insurer believes the wording is “robust” enough that it will not be liable for coronavirus-related pay outs on these.
Hiscox predicts BI hit up to £250m
Hiscox has predicted its exposure to business interruption claims from Covid-19 could range from £10m to £250m net of reinsurance.
Insurance Covid-Cast episode eight: What is the insurance supply chain doing to keep the sector moving during the Covid-19 lockdown?
In the latest episode of Insurance Post and Insurance Age’s new series of video casts brought to you while our journalists are in isolation lockdown we bought together a diverse group of businesses to discuss how the supply chain has forged deeper…
Hiscox raises £375m
Hiscox has raised roughly £375m through sales of shares, having announced its intention to raise on Tuesday afternoon.
Hiscox looks to capital raise through share placement
Hiscox has announced an equity placing for up to just under a fifth (19.99%) of its issued share capital.
Fears for future of care home cover as sector sees coronavirus ‘revolution’
Brokers have raised concerns over the future of care home insurance cover as insurers stop quoting new business after care home responsibilities change in light of Covid-19.
Matthew Crane joins THB from QBE as CEO
Matthew Crane has joined THB Group as CEO and president of the international division of Amwins Group.
Biba unveils six board changes
The British Insurance Brokers’ Association has made six board changes across its smaller brokers, larger brokers, MGA and networks advisory groups, its standards council and an internal appointment.
Experts warn of potential broker insolvencies due to premium finance proposals
The British Insurance Brokers’ Association and premium finance providers have warned of a possible hit to broker solvency in the event of bad debts under the proposed guidance issued by the Financial Conduct Authority last week.
SMEs face legal threats from same insurers that are not paying out on their BI policies
Exclusive: Insurers seeking to recoup losses from other classes, such as event cancellation and wedding insurance, are threatening policyholders involved in business interruption group actions against them with legal action.
Alway exits chairman role at Bravo
Alex Alway has resigned as chairman of Bravo Group, the business has confirmed.
Hiscox BI action groups join forces
The two largest Hiscox policyholder business interruption action groups in the UK have formed a strategic alliance, together representing more than 500 businesses.
Iprism growth on track after restructure, says MD Ian Lloyd
Iprism Underwriting Agency is growing its underwriting and bottom line profits after its restructure last year despite the impact of the coronavirus pandemic, according to managing director Ian Lloyd.
FCA consults on insurance payment deferral guidance
Insurers, brokers, premium finance lenders and more have been told by the Financial Conduct Authority to consider giving payment deferrals and refunds as well as waiving cancellation fees to customers hit financially by the coronavirus epidemic.
Gallagher ‘wide open’ for acquisitions despite pandemic: CEO Pat Gallagher
Gallagher CEO Pat Gallagher has urged brokers “anywhere around the globe” to consider his firm as a merger partner, despite disruption posed by the coronavirus pandemic.
UK and US insured losses could hit $80bn under year-long lockdown: WTW
The UK and US insurance markets face losses of $80bn (£64bn) if lockdowns and social distancing measures to curb the spread of the coronavirus need to be kept in place for 12 months, according to Willis Towers Watson.
FCA scrutinises insurance value for money during coronavirus crisis
The Financial Conduct Authority has ordered firms to analyse if and how the coronavirus pandemic has impacted the value of personal and commercial lines insurance products and take appropriate actions.