News
Coronavirus disruption not covered by BI policies, says Aviva
Aviva's business interruption policies will not cover disruption caused by the coronavirus outbreak, the insurer’s general insurance CEO Colm Holmes has confirmed.
Aviva has axed 1200 of 1800 jobs set to be cut
Operating profits for Aviva’s UK general insurance business fell 35% to £250m in 2019, though the result excludes the £45m cost of strengthening reserves following July’s Ogden rate revision, as it revealed it has cut 1200 jobs across the company so far.
‘Light at the end of the tunnel’ on claims inflation says Admiral CEO Stevens
Admiral saw profits rise in 2019 as its UK insurance results were buoyed by positive development in prior year claims costs, reserve releases and commission.
Admiral CEO and co-founder David Stevens to step down
David Stevens, group CEO and co-founder of Admiral, will leave the role and board in 12 months’ time, the insurer has confirmed.
L&G pegs sale of loss making GI business to Allianz at £255m
Legal & General has booked an estimated consideration of £255m for the sale of its general insurance business to Allianz as the division reported an operating loss of £35m for 2019.
Coronavirus to gain notifiable disease status across UK
Businesses disrupted by the coronavirus outbreak may be able to recoup their losses if they have purchased insurance policy extensions indemnifying losses stemming from “notifiable disease”, following updates to public health statutes.
Regulators scrutinise firms' coronavirus contingency plans
Firms must be ready for coronavirus disruption, the Financial Conduct Authority has cautioned, with organisations’ contingency plans being reviewed and concerns remaining around call centres.
Covéa agrees $9bn deal for Partner Re
Covéa has signed up to buy Bermuda-based global reinsurer Partner Re from the Ferrari-owning Agnelli family for $9bn (£7bn) in cash in a deal scheduled to complete in the fourth quarter of this year.
Guernsey Finance names Rupert Pleasant as CEO
Guernsey Finance has appointed Rupert Pleasant as CEO to replace Dominic Wheatley.
Motor Mouth Podcast 6: Whiplash reforms fatigue and building a stronger customer journey
This week’s podcast brings you two topics in one episode. Jonathan Swift, content director for Insurance Post, interviews Simon Gallimore, vice-president for casualty and motor claims at AIG, on the topics of whiplash reforms and the customer journey.
Manchester and Williams call on MGAs to sign up to chartered status
Managing general agents have been called on to apply for the Chartered Insurance Institute's chartered title, which launched yesterday.
Lloyd's silent cyber mandate leads to 'challenging conversations' over cover
A mandate issued by Lloyd’s of London with the aim of tackling the issue of insurers’ exposure to silent cyber coverage has led to questions over how some cyber-related risks will be underwritten in future.
Aviva puts 30 digital roles at risk
Around 30 people are at risk of redundancy at Aviva's 'digital forge' in Sheffield.
Direct Line profits slump under weight of restructuring and Ogden rate
Direct Line’s profits slumped by 12.2% in 2019 as the group incurred the first of a multi-year package of restructuring costs and strengthened reserves in response to the revised Ogden rate.
Fewer than 10% of Hiscox events customers have pandemic cover
Hiscox yesterday played down worries over coronavirus as it revealed it had seen some small claims.
Post launches the Insurance Post Podcast
The new podcast will provide interviews and news from the world of insurance.
Jorge claims volume ‘much lower’ than previous storms
The insurance impact of Storm Jorge is expected to be less severe than its predecessors Ciara and Dennis.
Pukka owner Freedom Services Group buys Homelyfe
Exclusive: Freedom Services Group has bought insurtech business Homelyfe from Aventus for an undisclosed sum in a deal that closed last week.
Insurtech Digital Risks outlines global SME ambition after BHL investment
Digital Risks has hailed new lead investor BHL Holdings as a potential game changer in terms of the SME specialist insurtech realising its global ambitions.
Northern Irish discount rate of minus 1.75% proposed
The Northern Irish Department of Justice plans to change the Northern Irish personal injury discount rate to minus 1.75%, pending a statutory consultation.
Covéa boosts paternity pay programme
Covéa Insurance has enhanced its paternity pay by offering six weeks fully paid leave for dads of new babies.
Ardonagh adds agricultural specialist Rural to MGA suite
Ardonagh has acquired agricultural specialist Rural Insurance Group from Primary Group for an undisclosed sum.
Hiscox profits dive 61% in 2019
Hiscox Group has reported a slump in pre-tax profits to $53.1m (£41.6m) in 2019 as catastrophe costs of $165m took their toll despite a significant rise in investment income.
ERS posts record profit under Aquiline ownership of £13.9m
ERS has recorded profit of £13.9m for 2019, its best performance since being bought by Aquiline in 2013.