News
Hong Kong protests highlight civil unrest exposures as risk appetites wane
Brokers have warned policies may include exclusions for strikes, riots and civil commotion, as insurer risk appetites in the region wane amid continued protests in Hong Kong.
QBE International posts loss following £51m Ogden hit
QBE has reported a one-off hit of $62m (£51m) as a result of the change in the Ogden rate in its first half results, without which it would have broken even.
Barton steps down as CEO of Wrisk
Niall Barton has stepped down as CEO of insurtech start-up Wrisk to become executive chairman.
Admiral sees £33m Ogden blow in first half
Admiral has reported a hit of £33m from Ogden in the first half of 2019, with a total estimated hit of between £50m and £60m.
Gruelling season and big wages result in record hit to Premier League clubs: Marsh
Injuries cost the Premier League clubs £221m in the 2018-2019 season, 3% more than in the previous season.
Insurers throw support behind calls to ban use of hands free devices while driving
Insurers have welcomed a Parliamentary report calling for tougher restrictions on using hands free mobile devices while driving.
Allianz creates digital claims role
Allianz Insurance has appointed Shelley Hughes to the newly created role of digital claims propositions manager.
Industry body calls on government to protect vulnerable road users
The Association of Consumer Support Organisations has called on the government to match the Financial Conduct Authority in its approach to all types of vulnerable road user.
More than half of London market risks placed electronically in Q2
Lloyd’s syndicates placed 60.2% of in-scope risks electronically during the second quarter of 2019, surpassing the 50% target set in December.
This month in Post: Insurtechs, results and discount rate
London seems strangely quiet in the summer, most people are away on holiday, and out of office replies are basically a given.
Insurtech Pluto teams up with Blink after £300,000 seed raise
Zurich backed start-up Pluto has entered partnership with travel insurtech Blink.
Aviva UK profit dips as result of restructuring but excludes £45m Ogden hit
Aviva’s UK general insurance business delivered an operating profit of £172m for the first half of 2019, though the result excludes the £45m expense of strengthening reserves following last month’s discount rate decision.
Zurich posts a 144% profit increase in H1
Zurich UK GI has seen an increase of 144% in operating profits for the first half of 2019.
Cyber insurance payout rates at 99% but uptake still too low
Cyber insurance payout rates at 99%, but the take-up rate of cyber insurance by businesses in the UK still worryingly low, warn insurers.
Trov partners with Lloyds Banking Group to relaunch UK insurance offering
Insurtech Trov has today unveiled a white-label insurtech platform in partnership with Lloyds Banking Group.
Hastings share price dives after profit slashed to £38.2m following Ogden hit
Hastings share price fell over 8% within the first two hours of trading this morning after it reported a profit after tax of £38.2m (30 June 2018: £72.9m) for the first six months of 2019.
Ageas UK CEO slams government over discount rate review
Ageas UK CEO Andy Watson has criticised the government’s handling of the recent discount rate review, saying decisions made by some insurers to release reserves in anticipation of a higher rate were “a reasonable thing to do.”
QBE replaces Munich Re as underwriter for invoice insurtech
Invoice insurance startup Nimbla has replaced its previous underwriter Munich Re, with QBE.
Ageas sees payout for refusing to gamble on Ogden
Ageas UK saw a £27.6m bounce as a result of the discount rate change, offsetting large motor losses for the half.
Guidewire appoints Mike Rosenbaum as CEO
Guidewire has appointed Mike Rosenbaum as CEO, replacing Marcus Ryu who will become chairman of the company’s board of directors.
LV sets deadline for L&G GI integration
LV will complete the transfer of business from L&G General Insurance by the beginning of 2023.
LV eyes premium increases following £13m Ogden blow
LV has been hit with a £13m blow as a result of the Ogden rate, which the insurer said could push up premiums by 1%.
Sedgwick acquires Nordic loss adjuster
Sedgwick has acquired Nordic Loss Adjusting and related entities, for an undisclosed amount.
ABI mulls legal action against government over discount rate
Exclusive: The Association of British Insurers is considering legal action against the government, after the Ogden discount rate was set at -0.25%.