News
Rathi reappointed FCA CEO
Chancellor Rachel Reeves has reappointed Nikhil Rathi as CEO of the Financial Conduct Authority for a second term.
Rachel Lam named interim ombudsman MD
Rachel Lam is now interim managing ombudsman director of the Financial Ombudsman Service, as Jenny Simmonds and James Dipple-Johnstone temporarily step into the shoes of Abby Thomas.
Covéa finally swings back to profit
Covéa Insurance has swung from an £87.3m loss in 2023 to posting a £32.9m profit for 2024.
Four more brokers try to increase fees
After Aon tried to increase its insurance service brokerage rate to 5% last year, it is now understood four more large brokers are trying to do the same.
Wave of cyber resilience legislation a boon to insurers
Forthcoming and recent legislation prescribing minimum cyber security standards for certain businesses and organisations will be welcomed by cyber insurers, experts have said.
Saga losses deepen as board members depart
Saga has reported a loss before tax of £160.2m for year ending 31 January 2025, increasing its losses by almost a third compared to the year before.
Careless to target influencers with cyber product
Newly launched lifestyle insurance brand Careless plans to create an individual cyber insurance product targeted at influencers.
Aviva detects £127m worth of fraudulent claims in 2024
Aviva reported a 14% increase in the number of claims it declined in 2024 due to fraud, uncovering more than 12,700 fake claims worth a total of £127m.
FCA prioritises innovation and fighting crime in latest strategy
The Financial Conduct Authority has this morning (8 April) set out its latest work program for the 2025/26 period.
PRA launches consultation to help insurers rapidly invest
The Prudential Regulation Authority has outlined plans for a matching adjustment investment accelerator to reduce the barriers to rapid investment insurance firms face.
Insurers eye increase in terrorism cover sales
Insurers are tentatively anticipating an uptick in the number of businesses buying terrorism cover, following changes to the Pool Re reinsurance scheme last week.
Aviva and Axa hit back at claims made by Which?
Aviva and Axa have refuted claims by Which? that their “potentially unfair definitions of storms and floods” are being used to reject claims made by customers who have had their property damaged.
California scheming costs fraudster £60k
A man has been sentenced for making an insurance claim worth £59,987, after he pretended he crashed a hire car while on holiday in California.
Earnix CEO warns against ‘either/or’ AI strategy
Choosing between generative AI and traditional machine learning could prove limiting, says Earnix CEO Robin Gilthorpe, who is urging insurers to harness both to unlock a powerful springboard effect.
Acorn GWP surges amid sale speculation
Acorn Group has this morning revealed gross written premium for 2024 reached £742m, reflecting a 41% year-on-year increase.
MP says social media firms in ‘last chance saloon’ over ad spoofing
Both social media firms and insurance companies must do more to tackle ghost broking, Luke Charters, MP for York South told the Association of British Insurers’ fraud conference.
IFB votes to expand membership scope
Members of the IFB have voted to approve the firm’s new articles of association at its annual general meeting earlier today (4 April).
Martyn's Law receives Royal Assent
Businesses have been given two years to implement the requirements of Martyn’s Law, landmark piece of counter-terrorism legislation.
Yutree plans tech investment following management buyout
Insurance broker and underwriting agency Yutree Insurance has completed a management buyout, stating that it wants to “deliberately” buck the trend of selling to consolidators.
Ardonagh Advisory buys firm; NBS x Hiscox; Tokio Marine’s head of compliance
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
‘Boomier and bustier’ cyber market needs to grow more sustainably
Gallagher Re CEO Tom Wakefield has challenged the cyber insurance market to act now to avoid future volatility, after saying that recent cycle management had cost the class of business in terms of growth.
Trump’s tariffs impact on insurance laid bare
The introduction of US president Donald Trump’s tariffs on Wednesday (9 April) will increase the cost of claims, particularly in motor and home insurance, experts have warned.
Pen Underwriting sets sights on £1.75bn GWP target
Pen Underwriting has set a target of increasing gross written premiums to £1.75bn by 2030, CEO Tom Downey has told Post.
AI could lower the bar for start-up insurtech founder expertise
Artificial intelligence could enable more insurtech start-up activity from founders with insurance backgrounds, as opposed to tech expertise.