News
Insurers see 300% surge in claims as a result of Storm Doris
Insurers expect to see as many storm claims in the next two days as they’ve seen for the whole of the year so far.
Allianz sponsors Asian Champions League
Global general insurer Allianz has signed a four year sponsorship agreement with the Asian Football Confederation for three major cup competitions.
RSA says more than 900 jobs culled last year, as it looks to further efficiencies
RSA made more than 900 redundancies last year and plans to make an additional £50m in cost savings.
Telematics data helps to disprove fraudulent car hire claim
Information gathered from blackbox telematics has been used successfully to reveal a dishonest customer claim involving a hire vehicle.
PI firms will have 'no other choice but to close' following whiplash reform
More jobs could be lost as a result of the government's whiplash reforms than were lost in the South Wales steel industry last year, Access to Justice told Post.
Expected discount rate cut shaves £10m profit from ERS
The expected discount rate reduction has shaved off £10m of profit from motor insurer ERS.
Solvency II risk margin is ‘fundamentally flawed’: PRA
Solvency II is broadly fine but there are some bugs that need to be ironed out, the CEO of the Prudential Regulation Authority has said.
Swiss Re CUO to step down
Swiss Re’s Matthias Weber is to step down as group chief underwriting officer.
Swiss Re Q4 profit drops 45% due to nat cat claims
Reinsurance giant Swiss Re has reported a 45% drop in fourth quarter net profit, citing costly natural catastrophe claims for the fall in profit.
Axa CEO: Discount rate cut could wipe out benefit from whiplash reform
The reduction of the discount rate may wipe out any reduction in premiums that consumers might see from whiplash reforms, the CEO of Axa has warned.
Axa sees profits rise by 12% in 2016
Axa has seen underlying profit rise by 12% to £263m in the UK and Ireland business.
Government to raise small claims track limit for whiplash to £5000
The Ministry of Justice has confirmed there are to be fixed tariffs capping whiplash compensation payouts.
RSA's profit climbs 25% in 2016 as annual cost savings hit £290m
RSA's UK operating profits increased 76% in 2016 to £259m - the best result in a decade.
Underwriters of Express Gifts will contribute to £12.5m FCA redress
Two firms that underwrote insurance that offered “little or no value” to customers, will contribute to a £12.5m redress.
'Heat is on' to be Europe-friendly ILS hub
Global insurance centres are under competitive pressure to be a Europe-friendly base for insurance linked securities, said PWC's Marta Abramska
Scor Global P&C posts GWP of €5.3bn for 2016
Scor Global P&C reported gross written premiums of €5.3bn (£4.4bn) at the end of 2016, an increase of 1.2% at constant exchange rates.
Cyber controls are 'not fit for purpose'
Organisations' cyber controls are not fit for purpose, including those recommended by government, according to research from the University of Oxford and Novae.
Former Direct Asia managers launch Singapore insurtech firm with BGL parent
The owner of BGL group has teamed up with the co-founder of Direct Asia to launch a new insurtech start-up in Singapore.
Gallagher sues Scottish broker over client poaching
Arthur J Gallagher is suing a former member of staff and his new employer over allegations of client poaching.
Former RSA Ireland CFO fined and banned for misconduct
The former chief financial officer and two former actuaries of RSA Insurance Ireland have admitted misconduct and agreed to fines following a Financial Reporting Council investigation.
Ex-Brightside boss to ‘breathe life’ into Towergate partnerships
Towergate has hired ex-Brightside distribution boss Colin Wallace to “breathe life” back into the business’ partnerships proposition.
Lloyds Banking Group's GI division takes hit from softening home market
Lloyds Banking Group’s general insurance division saw gross written premiums fall by 3% in 2016, to £1.1bn from £1.14bn in the previous year.
Suncorp buys 11% of New Zealand's Tower following Fairfax bid
Australian giant Suncorp has bought 11% of listed New Zealand general insurer Tower and is offering NZ$219m (£126m) for a full acquisition of the firm.