News
Government looking to drop 'outdated' discount rate formula
The government is looking to move away from the “outdated” Ogden discount rate mechanism, the City Minister has said.
Businesses to face bigger costs for ransomware attacks
Businesses are being warned that they could face greater financial fall-out if they become victim to a cyber or ransomware attacks, following the Petya attack on Tuesday.
IAG lifts full year guidance on higher reserve releases
After a tough year of natural catastrophes Sydney-headquartered insurer IAG has raised its margin guidance range for the full financial year after announcing higher than expected reserve releases.
Awareness of many business covers in Hong Kong is low, says QBE
Research from Australia-headquartered insurer QBE suggests SMEs and large businesses have a costly insurance knowledge gap in Hong Kong.
New Zealand's Tower backs Suncorp's bid
New Zealand insurer Tower's board is now favouring Suncorp's bid for the company over Fairfax Financial.
Government should rethink stance on single market access: Scotland's Brexit Minister
Theresa May’s government should rethink its stance on a hard Brexit and single market access, Scotland's Brexit minister has said.
Watchstone names Stefan Borson as successor to outgoing CEO
Watchstone has named Stefan Borson as the successor to outgoing CEO Indro Mukerjee, who will resign at the end of the year.
Government to introduce ILS framework in the autumn
The Government is to introduce a framework for Insurance Linked Securities before parliament with the hope of getting it up and running in the autumn, the Economic Secretary to the Treasury, has said.
Equivalence is not a substitute for mutual market access agreement: ABI
Regulatory and Solvency II equivalence is not an adequate replacement for a proper agreement on mutual market drawn up by government, the industry has heard.
Autofocus employees sentenced to over five years for fabricating evidence
Seven former employees of Autofocus have been collectively sentenced to over five years after being found guilty of doctoring hire rate evidence to defend insurers in court.
No Brexit deal 'not acceptable' says ABI
Leaving the European Union without a deal is not acceptable if insurers are to continue to meet the needs of customers and remain legally compliant, the Association of British Insurers, will warn today.
New Zealand to increase EQC cover; Kaikoura claims hit NZ$1.84bn
New Zealand government reforms propose to increase insurance coverage for the state-backed Earthquake Commission scheme to NZ$150,000 (£86,000) from NZ$100,000.
Lloyd's to submit Brussels structure in September
Lloyd’s of London will submit a formal application for its Brussels hub structure in September, the corporation's CEO has said.
Lloyd’s to shed one in 10 jobs in cost-cutting drive
Lloyd’s of London is to strip headcount by 10%, roughly equivalent to 70 staff, as the corporation continues to tackle costs.
UK needs EU transition deal to prevent business failures: Euler Hermes
A transition deal on goods and services between the UK and the European Union is needed to prevent a sharp rise in UK business insolvencies in 2019, according to Euler Hermes.
Insurance adds £40bn to UK economy
The insurance and long term savings sector adds more than £40bn to the UK economy, new analysis shows.
Direct Line hit by unexplained IT outage
Direct Line’s online services suffered IT issues this weekend, leaving customers unable to renew their policies and thereby drive to work.
Law firms collaborate on global network
A group of insurance law firms have joined together to create a formal network to share knowledge and delivering legal expertise and service clients across four continents.
FCA seeks input on how to help vulnerable insurance customers
Insurance customers are increasingly finding it difficult to navigate the market, the Financial Conduct Authority has warned.
Axa appoints Bouas-Laurent as Hong Kong CEO
Axa Asia life CEO Etienne Bouas-Laurent will become Axa Hong Kong CEO on 1 September.
Expanding ICT sector brings more risks to Asia-Pacific
A booming information, communication and technology sector is heightening risks across Asia-Pacific according to an Insurance Post whitepaper in association with QBE.
Mayes swaps Cunningham Lindsey for McLarens in Australia
Global loss adjuster McLarens has recruited Paul Mayes from rival Cunningham Lindsey.
Long-awaited Hong Kong insurance regulator begins
The Insurance Authority has taken over regulating the insurance market in Hong Kong today.
New solution to allow customers to buy additional policies through Amazon Echo
Software provider CDL has integrated its retail solution, Strata, with Amazon Echo's Alexa bot to allow customers to change and check their insurance policies via a conversation with the robot.