News
Willis Re sees "encouraging signs" as reinsurance renewal rates fall again
Willis Re's latest reinsurance report has identified some encouraging signs for the market despite April reinsurance rates falling for the fourth year in a row.
South East, Yorkshire and Humber named among Flood Re hotspots
Flood Re expects policyholders in the South East of England, East England, North West England, Yorkshire and Humber, and London to be the biggest beneficiaries of the scheme that went live today (4 April).
Gallagher's international bosses praised in wake of Towergate defections
Arthur J Gallagher has attributed the "underperformance" of its UK arm in 2015 to the departure of its former management team in a proxy statement released this week ahead of its annual general meeting on 17 May.
Fraudsters are 'hijacking' genuine claims as crash-for-cash detection improves
Hijacking of genuine claims is a new tactic being employed by fraudsters as insurance fraud is increasingly being picked up by insurers
Flood Re reveals Aviva, Direct Line and Lloyds Bank among launch insurers
Flood Re has revealed that more than half of the UK household insurance market by premium will be offering products backed by the provider when it formally launches next week
Open APIs mooted by Brolly co-founder after insurtech Downing Street summit
The slower pace of insurtech growth has been recognised by government during a Downing Street meeting of leading industry players on Wednesday (30 March).
Motor prosecution insurer Road Halo to partner with Arc Legal
Road Halo’s motor prosecution defence cover will be offered as an add-on or stand alone product through a partnership with Arc Legal.
European windstorm tops Perils exposure list for 2016
European windstorm has topped Perils’ industry exposure database in 2016 with €54trn (£42trn) of insured property values.
Swiss Re completes $152.5m IHC Risk Solutions takeover
Swiss Re Corporate Solutions completed its acquisition of stop loss underwriter IHC Risk Solutions from Independence Holding Company yesterday (31 March).
Ryan Direct Group completes Midas purchase
Insurance services firm Ryan Direct Group has completed the acquisition of Northern Ireland-based managing general agent Midas Underwriting for an undisclosed amount.
FCA to carry out thematic review into thematic reviews - updated
The Financial Conduct Authority has begun a thematic review into its previous thematic reviews at the behest of new CEO Andrew Bailey, Post can reveal.
Lloyd's to apply for Mumbai reinsurance branch
Lloyd's has started talks with the Insurance Regulatory and Development Authority about a reinsurance branch license in Mumbai, India.
Friendsurance secures funding for Australia expansion
Berlin based peer to peer insurance firm Friendsurance has secured $15m (£10.4m) of funding for expansion.
UK-based insurtech firm Instanda grabs spot in Microsoft programme
Instanda has become the only insurance-based technology firm to be accepted onto Microsoft Ventures’ London accelerator programme.
Bank of Scotland launches car insurance with BGL's Junction
Bank of Scotland, part of the Lloyd’s Banking Group, has partnered with BGL Group’s Junction to offer car insurance.
Keoghs to focus on PI changes as it joins ABI as associate member
Law firm Keoghs has become the third associate member of the Association of British Insurers and aims to work closely with the trade body on changes to the personal injury process.
Flood Re gets PRA and FCA authorisation
Regulators have confirmed Flood Re will be authorised from tomorrow ahead of the scheme’s 4 April start date.
Gable expects losses of £7-8m for 2015 as it updates on Solvency II compliance
Gable Holdings has confirmed its regulator the Financial Market Authority Liechtenstein has approved its funding arrangements announced in December, whereby its subsidiary Gable Insurance AG has a two-year transitional period to meet the Solvency Capital…
Metlife wins 'too big to fail' court hearing
US life insurance giant Metlife has won a court victory over the US Treasury's decision to classify the insurer as a systemically important financial institution.
40% of Singapore companies to have cyber insurance by 2020, says AIG
The cyber insurance market is forecast to grow 50% in Singapore this year according to AIG Asia-Pacific.
Aviva uncovers new crash for cash claim every three hours
More than 3,000 organised crash for cash claimants were detected by Aviva in 2015 - one every three hours - with accidents targeting innocent motorists remaining high.
FM Global blames dollar strength for premium decline as combined ratio rises
FM Global said its financial results for 2015 were ‘outstanding’ despite a drop in its gross in-force premium and an increase in its combined ratio.
RAC reveals drop in convicted uninsured drivers, but warns IPT rise might reverse trend
There has been a 9% fall in the total number of convictions for driving without insurance among men holding full driving licences, according to a Freedom of Information request made by the RAC to the DVLA.
FCA finds PPI complaints rise but other GI concerns continue to fall
Payment protection insurance complaints have increased but general insurance claims outside of this category have continued to fall, according to the Financial Conduct Authority's latest report.