News
Ratings agencies assessing coronavirus impact on insurers' balance sheets
Ratings agencies have moved to assess the impact of the coronavirus pandemic on insurers. Among them is AM Best, which is developing stress tests that will assess the impact on insurance companies’ balance sheets.
Pukka confirms Biba conference pull back not linked to coronavirus pandemic
Pukka will not be taking a stand at Biba 2020 or hosting its traditional party at the event but the decision was taken before the onset of the Covid-19 crisis, CEO Sam White told Post.
Non-damage extensions could provide BI cover but claims will be difficult, says Marsh
Businesses’ insurance programmes are most likely to respond to disruption caused by the coronavirus pandemic through non-damage extensions but only after a difficult claims process, Marsh UK practice leaders have said.
Insurance firms roll out free services during coronavirus crisis
Equipsme, Zego and Qlaims have all offered free services to help business and individuals during the ongoing coronavirus pandemic.
This week: The bad news
What a week. The coronavirus may be an invisible threat, but its fallout – both within and beyond the insurance industry – is hard to miss.
Motor Mouth Podcast 8: The car is the star!
Content director Jonathan Swift sits down with Lexis Nexis’ senior director of personal lines insurance Martyn Mathews to discuss the latest in car technology innovation and how the connected car of the future will provide reliable, real-time data sets…
CMA seeks fining powers as it orders Paymentshield to refund £380,000 to PPI customers
The Competition and Markets Authority is seeking the authority to impose financial penalties for breaches after it ruled Paymentshield must refund customers over £380,000 for payment protection insurance breaches.
Updated: Insurers will continue to renew annual travel policies amid sales pause
Travel insurers that have pulled their products off the market due to the coronavirus pandemic will continue to offer renewals to existing customers.
Direct Line suspends share buyback as it reports 500% increase in travel claims relating to Covid-19
Direct Line Insurance Group has today suspended its share buyback programme as a result of the volatile conditions arising from the Covid 19 pandemic.
FCA calls on insurers to show 'flexibility' in dealing with customers amid pandemic
The Financial Conduct Authority has said it expects insurers to show flexibility in dealing with customers affected by the coronavirus outbreak.
Lloyd’s underwriting room to shut today
Lloyd’s has confirmed that it will close its underwriting room at 4pm on Thursday 19 March saying it was keeping in line with government advice to avoid all non-essential contact.
Stuart Reid takes first role post-Gallagher at Pikl
Former Gallagher, Bluefin and Stuart Alexander boss Stuart Reid has been appointed chairman of sharing economy insurance specialist Pikl.
Zurich UK pulls direct travel insurance
Zurich UK has paused the sale of direct travel insurance to new customers joining a long list of providers reacting to the ongoing coronavirus crisis, Post can reveal.
LV COR slips to 94.9% in 2019
LV General Insurance Group has posted a 13% fall in operating profit to £93m for the year ended 31 December 2019 as Ogden took another bite out of the insurer’s performance.
Experts line up insurance options for government e-scooter consultation
The Association of British Insurers has called for an appropriate regulatory framework to be introduced to keep all road users safe if the government allows micromobility vehicles to be used on the streets.
Not appropriate to change insurance policies retrospectively, says Chancellor
The Chancellor of the Exchequer, Rishi Sunak, has told the House of Commons that retrospectively changing insurance policies could cause insolvency issues for insurance companies and is not the most appropriate course of action.
Insurers' investment earnings face coronavirus blow
Insurers are facing depleted investment earnings this year, as the coronavirus pandemic translates to greater volatility in financial markets and falling bond yields.
Government clarifies BI payouts after insurer meetings
The Chancellor of the Exchequer, Rishi Sunak, has confirmed that businesses hit by yesterday’s government guidance for the public to avoid unnecessary contact through going out can claim on their business interruption policies where they have pandemic…
Existing travel policies likely to be eligible for cancellation claims as FCO discourages 'all but essential' trips
Direct Line reported facing increased calls from travel insurance customers on Tuesday after the Foreign Office advised against all but essential international travel in light of the coronavirus pandemic.
Lloyd’s stays open for business amid Covid-19 office closures
Lloyd’s has taken the decision to stay open including its underwriting room with a small office-based team keeping the London building open and critical services running.
Insurance tech firms confident of full service during coronavirus pandemic
All insurance technology suppliers contacted by Post are confident their business continuity plans will maintain a full service for insurer and broker clients as the UK increasingly moves to remote working due to the ongoing Covid-19 crisis.
ABI confirms 'most businesses' will not be insured for coronavirus closures
The Association of British Insurers has issued a statement confirming that most companies won't have purchased insurance cover that would enable them to claim following the government's advice yesterday on coronavirus.
Aspen reports ‘disappointing’ results for 2019 as it appoints CFO
Aspen Insurance has reported an operating loss after tax of $48.4m (£39.7m), which it says is driven by costs relating to the acquisition of the company by Apollo Global Management, restructuring costs, reserve strengthening, unrealised investment losses…
Insurance representative bodies update on coronavirus working plans
The London and International Insurance Brokers’ Association has remained open but is ready to close its office and work remotely according to CEO Chris Croft.