News
Semiconductor sector looks to the insurance industry to help close protection gap
A joint report from Lloyd’s and WTW has highlighted significant scope for collaboration between the semiconductor industry and insurers to address supply chain risks.
Multiple insurers join neurodiversity campaign
The Group for Autism, Insurance, Investment and Neurodiversity has launched a campaign to push the way the insurance industry operates to better enable and equip neurodivergent employees.
FCA contacts insurers over Consumer Duty concerns
The Financial Conduct Authority is already reaching out to insurance firm bosses to raise concerns the businesses won’t comply with the Consumer Duty when it comes into force in July.
US insurtech eyes UK commercial motor insurance market
Tony Beirne, of US commercial trucking insurance provider and insurtech Cover Whale, has revealed the business is “very open to other geographies”.
Breakdown insurers sceptical over £200m investment to fix potholes
Chancellor Jeremy Hunt pledged a further £200m to help tackle the pothole problem in Wednesday's budget, but breakdown insurers are sceptical over its effectiveness.
SVB collapse sparks long-term funding fears for UK tech sector
The collapse of Silicon Valley Bank and a rescue deal from HSBC has raised questions about the future of the UK tech space and startups’ access to funding.
Law firm reprimanded after criminal employee defrauds Aviva
Harwood has been found liable for losses, damages and costs incurred by Aviva after recruiting a solicitor with a criminal record.
End of Energy Bill Relief Scheme could be ‘final nail in the coffin’ for SMEs
SMEs could face more hardship as the Energy Bill Relief Scheme comes to an end, after the cost of living and energy crises led to over half a million insolvencies in 2022.
One Call director killed in car crash
Oliver Rose, a director of Doncaster-based insurance broker One Call and a former Biba Young Broker of the Year, has died aged 37.
Aercap protests fail as Russian aircraft claims to be heard together
Five lawsuits in which aircraft leasing companies are collectively seeking more than $4bn for the loss of planes stranded in Russia are to be heard concurrently in one trial, a Commercial Court judge has decided.
Lloyd’s appoints Bob James as chief operating officer
Lloyd’s has appointed Bob James, previously market transformation director, as chief operating officer.
Insurtechs send Chancellor ‘thank you’ letter after HSBC rescue of SVB UK
The UK insurtech sector has praised HSBC’s acquisition of the UK arm of Silicon Valley Bank, following its collapse on 10 March.
Amazon to scale up Insurance Store activity after slow sales
According to sources, only around 250 policies have been sold through the Amazon Insurance Store since it was launched back in October.
Ghost broking accounts for third of insurance fraud investigations
Ghost broking now makes up over a third of the cases being investigated by the Insurance Fraud Enforcement Department at the City of London Police and there has been a surge in the number of scammers using Instagram to try and con consumers.on consumers.
Aviva CEO Amanda Blanc on Desert Island Discs: Five things we learnt
Amanda Blanc, Group CEO of Aviva, appeared on BBC Radio 4’s Desert Island Discs programme, where she selected eight tracks, a book and a luxury item to take with her to a desert island.
Direct Line posts £45m pre-tax loss as operating profit crashes 95%
After a well-documented difficult first three months of the year for Direct Line, financial results for 2022 show just how tough last year was.
Gallagher partners with Knight Frank Finance; Azur announces MBO; Criterion appoints MD
Friday Round Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Lloyd’s steps up worst-case scenario planning for cyber and geopolitical risks
Lloyd’s is conducting exercises with the aim of better understanding how a major cyber event or adverse geopolitical developments might give rise to losses for the market.
Aviva UK&I GI sees growth as it returns more than £5bn in capital since 2021
Aviva Group CEO Amanda Blanc has announced strong results for the UK and Ireland general insurance business, while launching a £300m share buyback scheme, having taken capital return to over £5bn in two years.
In it, to win it! The British Insurance Awards 2023 deadline is 8 days away
With a closing date of 17 March, you will need to start preparing your 2023 British Insurance Awards entries sooner rather than later to make the cut; and be in with a chance of winning at the industry’s most prestigious insurance awards show.
Q&A: James Baird and Paul Richards, Consilium
Consilium recently brought in Paul Richards to lead the business as co-CEO alongside James Baird, who was appointed CEO in November. Insurance Post asks them how the two-CEO structure works, and how being colleagues for 23 years helped shape the decision.
Hiscox’s UK & London Markets’ GWP drops for 2022 but sectors stay profitable
Hiscox’s UK and London Markets businesses both dropped gross written premium in real terms but continued profitability, as the insurer announced the launch of an ESG sub-syndicate.
Admiral builds on pre-pandemic profits in 2022 despite inflation pressures
Admiral has reported pre-tax profits of £616m from its insurance operations in the UK last year, despite markedly deteriorating loss ratios.
Insurtech 2.0 must embrace the concept of brokers
Flock CEO Ed Leon Klinger said in order for insurtechs to continue to grow their scale and distribution capabilities, they needed to use the concept of brokers.