News
Insurers paid out $50bn for natural disasters in 2016
Insurers paid out $50bn (£41bn) in natural disaster claims during 2016, making it the costliest year for natural catastrophe losses since 2012.
Insurtech firms could face Brexit brain drain
Insurtech start-ups could face a talent black hole as a result of Brexit, analysts have warned.
Japanese mutual to cut third of department staff after implementing AI system
A Japanese life insurance mutual is preparing to cut nearly a third of its payment assessment department's workforce after introducing Artificial Intelligence System IBM Watson.
Biba appoints Keith Frampton as chairman of its Motor Panel
Forces Insurance director of operations Keith Frampton has been appointed chairman of the British Insurance Brokers’ Association’s Motor Panel.
CII appoints new COO to drive modernisation agenda
John Bissell has been appointed chief operating officer at the Chartered Insurance Institute.
BP Marsh sells stake in Besso
BP Marsh has sold its stake in Besso, citing an inability to provide the “financial firepower” the Lloyd’s broker requires for further growth.
Penny Black's Social World - January 2017
Mustachioed movers, geeky girls and claims crooners
Career File: Matthew Wilson
Brit appoints Wilson as group CEO
Lemonade rolls out US-wide expansion
Lemonade will be expanding nationwide within the over the next year, with the company claiming its service is highly demanded in California, Michigan, New Jersey and Texas.
Reinsurers face year of cost-cutting due to weaker renewals
Reinsurers face a demanding year of cost-cutting after the December contract renewal season delivered weaker prices for the fifth year in a row.
Axa reveals £69m loss following Bluefin sale
Axa has revealed a £69m loss following the completion of the sale of its national broker Bluefin to Marsh.
Endurance sets date for shareholder vote on Sompo takeover
Endurance has set the date when shareholders will vote on the company’s $6.3bn (£4.96bn) takeover by Sompo.
FSCS pays out over £26m on Enterprise claims
The Financial Services Compensation Scheme has paid out over £26m in compensation on claims following the collapse of Enterprise Insurance.
IUA says Brexit representation is the London market priority for 2017
The strong representation of London insurers’ views on Brexit is a priority for 2017, according to the International Underwriting Association.
Post People 4 - 7 January 2017
Check out this week's movers and shakers.
Inga Beale awarded damehood in honours list
Lloyd’s CEO Inga Beale has been awarded a damehood in the Queen’s New Year Honours list.
Boris Johnson rounds on ‘insane’ Vnuk ruling
Boris Johnson has declared the EU Vnuk ruling as “insane”, even as the government launches a consultation on ways to incorporate the ruling into UK law.
Trumped out of Iran: US politics and the London Market ‘gold rush’
One year on from the lifting of sanctions on Iran, what has changed?
Merry Christmas from Post
Incisive Media's offices are now closed until Tuesday 3 January 2017 for the festive period. We would like to take this opportunity to wish you all a very Merry Christmas and a Happy New Year from the Post team.
Final Perils loss estimate for Storms Eva and Frank hit £504m
Catastrophe data firm Perils said flooding linked to storms Eva and Frank caused insured losses of £504m.
Ocaso rejects £50,000 claim due to policy holder withholding information
The Welsh assembly has criticised Ocaso Insurance’s refusal to pay out for a £50,000 flood damage claims, calling the decision ‘unreasonable’.
Court of Appeal finds insurers may only have to pay incurred reinstatement costs
Insurers may only end up paying for reinstatement costs that the insured has in fact incurred, the Court of Appeal has found.
RSA makes two senior appointments to its underwriting team
Robert Kemp and Leigh Langton have both joined RSA in senior underwriting positions within the firm’s Global Risk Solutions UK operation.
This week in Post: Scrooge, Vnuk and season's greetings
As Christmas day draws near lawyers this week branded the Association of British Insurers’ legal challenge over the government’s discount rate review as “worthy of Scrooge himself”.