News
IPT rise would not have ‘significant impact’ on Hastings
A speculated insurance premium tax hike in the 16 March Budget would not disadvantage Hastings Insurance Group due to the company’s high market share from comparison websites, according to its chief financial officer, but customers would be worse off.
Helvetia COR improves but IFRS profit down 21% due to “accounting effects”
Swiss-based Helvetia Group saw its IFRS after tax result fall to SFr309m (£220m) (2014: SFr393m) but there was an improvement in its combined operating ratio to 92.1% (2014: 93.5%) and other profit metrics.
Admin fee transparency in the spotlight as insurers report 2015 results
Insurers' reporting of administration fees and non-risk income came under scrutiny in the 2015 full-year results reporting period as firms' balance sheets were dominated by commercial flood losses.
Munich Re CEO to step down
Nikolaus von Bomhard will depart as CEO of reinsurer Munich Re in April 2017, with his role to be filled by Joachim Wenning.
Cyber criminals increasingly moving from privacy breaches to extortion
Increasingly sophisticated malware and ransomware attacks are rising to the top of the cyber threat list, with industry cyber experts predicting a surge in ransomware incidents in 2016.
#Postpeople 15 -21 March
All the latest insurance industry market moves between 15 and 21 March 2016 in full and in one place.
Concern expressed as 'rigorous' SIMR adds pressure on senior roles
Insurers have welcomed the launch of the Senior Insurance Managers Regime, however, there remains uncertainty as to what extent top ranking employees will be impacted.
Storms cost L&G £15m as GI operating profit drops
Legal & General paid £15m of claims related to the December 2015 storms as its general insurance operating profit reduced to £51m (£59m) for the year ended 31 December 2015.
Hastings sees GWP rise 27% as it announces first dividend
Hastings has reported a 27% increase in gross written premiums to £614.9m (2014: £483.4m) for the 12 months ended 31 December 2015 and expects to pay shareholders a maiden dividend of 2.2p per share.
Sompo Canopius hires from Chaucer for Asia head of engineering
Global specialty insurer Sompo Canopius has hired Wah Chuang Ng to become head of engineering for its Asia operations.
Ageas settles Fortis legal claims for €1.2bn
Ageas, the insurer spun out of banking group Fortis, yesterday agreed a settlement of €1.2bn (£934m) for outstanding legal claims from the 2007 and 2008 financial crisis.
CII apprenticeships up by 50% since 2013
Technical insurance apprenticeships at the Chartered Insurance Institute have increased by 50% since 2013.
O'Roarke confident broker division will return to profit
Bad weather, claims inflation and the distribution of large losses were the drivers of LV's general insurance broker division reporting a loss in 2015, but GI managing director John O'Roarke is confident that segment will make a return to profit.
Over-50s worst hit from motor premium hike
Those over the age of 50 are being worst hit from the rise in motor insurance, according to insurance market researcher Consumer Intelligence.
Lloyd's underwrites first blockchain solution for sharing economy
The first blockchain insurance product for the sharing economy - underwritten at Lloyd's - has launched.
Post Digital Insurance Collective: Aviva CDO Brem - digital needs its own P&L to make it a board room reality
To succeed in the digital space insurer boards need to have the "guts" to make it a strategic priority, pull capital in from elsewhere to prove it, give it its own profit and loss "teeth" and build a few icons to underline a commitment to the cause.
Insurers need 'massive mind-shift' to create Amazon one click revolution, claims Aviva’s Brem
Insurers need to focus on the "ultimate tailoring" of their offerings and take the plunge on "appification", if they are going to compete with online giants like Amazon.
Carrot suggests IPT exemption for young drivers
Telematics provider Carrot wants Chancellor of the Exchequer George Osborne to exempt young drivers from paying insurance premium tax if they buy an approved safe driving telematics programme within one year of passing their driving test.
LV's GI operating profit drops 22% alongside broker division loss
LV's general insurance business has reported a 22% drop in operating profit to £72m (2014: £92m) and a 14% decrease in underwriting profit to £44m (£51m) for the 12 months to 31 December 2015.
Telematics policy take-up accelerates by 40% in past year
The number of live telematics based motor insurance policies has increased by 40% of the course of the past year, according to research by the British Insurance Brokers’ Association.
Post 'Shaping the Profession' Webinar: Hong Kong qualifications
In the first of a quarterly webinar series hosted by Post, in association with the Chartered Insurance Institute, four experts discussed the role and scope of qualifications in Hong Kong insurance.
Aon's Hong Kong CEO resigns
Winnie Wong, CEO of Aon's Hong Kong operations, resigned last Friday (11 March) and is now on gardening leave.
Anbang offers $6.5bn for US hotel chain
Chinese insurance giant Anbang has offered around $6.5bn (£4.5bn) for Blackstone-owned Strategic Hotel Resorts which runs 16 luxury US-based hotels and resorts.
IPT could rise to 12.5% at March budget, AA warns
The AA has warned that insurance premium tax could rise from 9.5% to 12.5% in next week's Budget announcement.