News
Litigation likely to test limitation clauses in data breach cases
Litigation will test the effectiveness of companies seeking to absolve themselves of data protection and data security responsibilities via clauses in contracts as companies increasingly believe it's "worth a go", according to cyber insurance experts.
US sanctions strong disincentive for Iranian cover despite lifting of EU restrictions
Banks' reluctance to process payments is a major barrier for insurers wanting to conduct Iran-related business following European Union sanctions relief last month, while legal research has found remaining US primary sanctions are quelling the appetite…
London market at odds with Mayor Boris over EU vote
Key bodies in the London market have sought to emphasise that ‘Brexit' from the European Union could see the capital lose international business, in the wake of London Mayor and Conservative MP Boris Johnson's decision to support the ‘leave' camp in the…
QBE improves COR but sees 7% drop in GWP
QBE Insurance Group announced an improved combined operating ratio of 94% (2014: 96.1%) in its full-year results report today (23 February) against a 7% drop in gross written premiums to $14bn (£9.9bn) (2014: $15.9bn).
#PostPeople: 23 - 29 February 2016
All the latest insurance industry market moves between 23 and 29 February 2016 in full and in one place.
Swiss Re income jumps 31% as CEO steps down
After four years as CEO, Swiss Re’s Michel Liès will step down on 1 July with reinsurance head Christian Mumenthaler named as his replacement.
Peak Re appoints underwriter manager and head of analytics
Hong Kong-headquartered reinsurer Peak Re has appointed Iain Reynods as head of analytics with Lawrence Cheng moving to head of product underwriting.
Steadfast's profit climbs 81% in first half
Australian broker network and underwriting agency Steadfast saw after tax profits climb 81% in the first half of fiscal year 2016 to A$37.9m (£19.4m).
Baxter rejoins Chubb as Asia-Pacific arts specialist
Previous Chubb employee Regina Baxter has returned to the global insurer to become the insurer's fine arts portfolio specialist for Asia-Pacific.
FCA to draw up strategy on older consumers
The Financial Conduct Authority has released a paper to spark debate on how to better address the needs of the UK’s ageing population.
Swinton appoints Gallagher's Monnington as commercial head
Swinton has appointed Arthur J Gallagher's Birmingham office managing director Tony Monnington as its commercial head.
Charles Taylor completes Bestpark disposal
Charles Taylor subsidiary LCL Acquisitions has completed the sale of its holding in run-off insurer Bestpark International to Ashbrooke Financial Group.
Scam sees three convicted over £10k Esure claim
Three people have been sentenced in a crash for cash scam uncovered by Esure, with the Insurance Fraud Enforcement Department appealing for information to find a fourth person wanted in connection with the fraud.
Aegis looks to Aspen for COO hire
Aegis London has appointed Aspen UK operations director Kevin Miller to the newly created role of chief operating officer.
ABI backs EU deal as 'valuable' for sector
The Association of British Insurers has welcomed a “valuable” deal for the financial sector as Prime Minister David Cameron announced reforms agreed between the UK and the European Union late on Friday (19 February).
New Zealand remembers victims of Christchurch earthquake five years on
Christchurch has held a public memorial to remember the 185 people who died in the devastating 22 February 2011 earthquake.
20 dead after strongest storm in Fiji's recorded history
At least 20 people have died after the strongest storm ever recorded in the southern hemisphere smashed into Fiji over the weekend.
Allianz keen for UK to stay in Europe
Allianz UK CEO Jon Dye has confirmed the German-owned insurance company would like the UK to remain within Europe ahead of the planned referendum on the UK's membership of the European Union.
Allianz UK reports 102.6% COR alongside £93m storm loss
Allianz UK has reported a 2015 combined ratio of 102.6% (2014: 97.6%) with the December 2015 storms costing the business £93m.
Quiz of the week – 19 February
Test your knowledge of the week's insurance news, with the Post insurance quiz of the week.
‘Challenging environment' takes toll on Brit's 2015 profits
Lloyd's insurer Brit saw its post-tax profit plummet to $15.6m (£10.8m) in the 12 months ended 31 December 2015 from $229.3m in 2014.
Theresa May visits Ifed officers as new fraud taskforce is launched
Home Secretary Theresa May MP visited officers and staff from the Insurance Fraud Enforcement Department last week as she launched a new fraud taskforce geared towards achieving a more joined-up approach to tackling fraud.
First ruling on 'fundamentally dishonest' NIHL claim awards Allianz costs
The first “fundamental dishonesty” ruling has been made on a noise induced hearing loss claim, with the insurer behind the case, Allianz, able to recover costs as a result.
Negative outlook for reinsurance market
Ratings agency Fitch has maintained a negative outlook for the reinsurance sector, with anticipated further premium price falls and low investment yields contributing to the forecast.