News
Aviva takes £385m hit from discount rate cut
Aviva expects to take an exceptional charge to its 2016 profit after tax of approximately £385m as a result of the decision to cut the discount rate.
AGCS to reduce headcount by up to 10%
Allianz Global Corporate & Specialty is to reduce staff numbers by as much as 10%.
Biba commits to reducing premiums for young drivers
The British Insurance Brokers’ Association is set to urge the government to support its plan to reduce driving premiums for young drivers.
Fatal crash for cash scammers given prison sentences
Three crash for cash fraudsters have been sentenced after their scam killed an 88-year-old woman.
Crawford & Company reports improved financial results for 2016
Crawford & Company has reported improved financial results in 2016 with a net income attributable to shareholders of $36m (£28.9m), up from a net loss of $45.5m in 2015.
15 top insurance CEOs to meet Chancellor today over discount rate cut
The CEOs of 15 of the UK’s biggest motor and commercial liability insurers will today meet Chancellor Philip Hammond to urge an intervention on the government's decision to slash the Ogden discount rate.
R&Q raise £16.9m through share placing
Randall & Quilter has conditionally raised £16.9m through a placing of new ordinary shares with institutional shareholders and directors as the group looks to simplify its business model.
JLT profits fall in 'challenging' trading environment
JLT has decried a “challenging” trading environment as it posts a 13% drop in pre-tax profits.
QBE estimates UK discount rate liabilities of £129m
Australian insurer QBE is expecting a one-off increase of $160m (£129m) for outstanding claims liabilities following a UK Ministry of Justice decision on the personal injury discount rate.
Brokers believe further IPT increases will stop consumers buying insurance
Nine out of 10 brokers anticipate that households and businesses will dramatically scale back their insurance if insurance premium tax increases in the forthcoming Budget.
Financial Ombudsman reveals 5% increase in complaints about insurers
Insurers had 5% more complaints made about them in the second half of 2016 than in the first half of the year, up to almost 18,000.
Government opens consultation on Insurance Distribution Directive
The government has opened a consultation on the transposition of the insurance distribution directive.
Hiscox shortlists two locations for post-Brexit base
Lloyd’s of London underwriter Hiscox said it has shortlisted two European Union countries and was in talks with regulators to set up a new insurance base to continue servicing clients after Britain leaves the EU.
QBE looks to move £500m of business to new territory
QBE will move £500m of business, around 20% of its European operation, out of the UK in the wake of Brexit.
'Mixed bag' for London market says Hiscox MD
Hiscox’s London market business has presented an inconsistent and mixed operating year for the insurer, according to Steve Langan, CEO of Hiscox Insurance.
Aviva will retrain staff affected by automation roll out
Aviva has asked staff if a robot could better perform their job. If the answer is yes, the company will offer employees the chance to be retrained.
Insurers' share prices tumble as profits hit by discount rate changes
More insurers have posted swingeing losses as a result of the discount rate cut.
Travelers threatens start-up broker over use of umbrella logo
Start-up broker Brolly is looking to crowdsource a new logo following the threat of legal action from Travelers.
Costs for SMEs could rise £6.8bn over 2017
Seven out of 10 small to medium enterprises expect their revenues to shrink or stay the same in 2017.
Asta invests in Arma Underwriting
Lloyd’s managing general agent Asta is to finance the development of Arma Underwriting, a London and Dubai reinsurance MGA.
Hiscox posts 'record' 2016 as UK and Europe profits double
Insurer Hiscox has reported a "record" profit of £354m for 2016, an increase of 64%, driven by a benign claims environment and strong investment return.
QBE Europe reports increase in COR due to weakened sterling
Australian insurer QBE has reported an increase in its combined operating ratio for its European division and a dip in it profits in the year 2016.
Insurers to face £3bn bill from discount rate cut
Insurers could face a £3bn bill from the discount rate cut, with individual motor premiums rising by an average of £100.
MS Amlin boosts marine with Phoenix acquisition
Global specialty insurer MS Amlin, is to acquire 100% of the equity of Phoenix Underwriters, a Hong Kong based managing general agent specialising in yachts, super yachts and commercial craft.