News
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%.
ERS reports a decrease in COR following discount rate change
Specialist motor insurer ERS has reported a profit of £3.1m, a decrease on £5.6m for the same period last year.
FCA sounds alarm over Instagram brokers
The Financial Conduct Authority has issued a warning over two brokers operating without a license via Instagram.
Insurers on standby over ‘unprecedented’ Whaley Bridge emergency
Insurers confirmed they have boots on the ground at Whaley Bridge, after 1000 people from areas surrounding a nearby reservoir were evacuated.
Gallagher Bassett acquires Welsh claims management firm
International risk services firm Gallagher Bassett has acquired the assets of Welsh claims firm, Adjusting Associates, to expand its offerings in the UK.
Allianz commercial COR slips
Allianz UK has seen commercial lines underwriting profit slip in the first half.
Replacement cover for 30,000 former Alpha policyholders in jeopardy
Broker CRL had found a replacement insurer to take on almost 30,000 Alpha policies, but the potential suitor has raised “several last-minute issues” that are holding up a deal.
Lloyd's Lab selects third cohort for insurtech incubator
Lloyd’s has selected 11 insurtech companies to join the market’s incubator at the beginning of September.
ERS refreshes senior team
ERS has made changes to its senior team, as chief finance officer Kate Wade has chosen to take some time out of the market.
RSA to ‘remain vigilant’ on London Market business
RSA UK & International CEO Scott Egan hailed progress in the first half of 2019, but said the insurer will remain “vigilant” where it comes to its London Market business.
Holiday sickness fraudster given 12 months prison sentence
A holiday sickness fraudster, who persuaded holidaymakers to put in false claims in order to receive a pay-out, has been handed a 12 month prison sentence.
IPT becoming government's 'golden goose' as income hits record high
Government income from insurance premium tax hit a record high of £6.3bn in 2018/19, up 7% from £5.8bn collected the previous year, according to an accountancy firm.
Half of insurance firms have not accessed FCA Brexit guidance
Half of general insurance firms have not accessed official guidance on Brexit preparations, a survey found.