News
RSA buys DLG’s commercial lines business for £520m
It was announced last night that RSA and Direct Line had struck a deal that both businesses claim will boost their bottom lines.
Marsh appoints Nick Harris as CEO of UK retail
Marsh has hired Nick Harris as CEO of UK Retail, effective from 1 January 2024, subject to regulatory approval.
Preparation is key as insurers look to avoid repeat of 2022’s storm costs
As the Met Office publishes its annual list of storm names for the upcoming storm season, insurers are looking to avoid a repeat of the financial hit the weather brought in 2022.
Treasury's IPT receipts surpass £7bn
The Treasury collected a record £7.34bn in insurance premium tax receipts during the 2022/23 financial year, analysis by actuarial consultancy OAC has revealed.
S&P predicts cyber reinsurance rates to increase
S&P Global expects cyber reinsurance rates to increase as reinsurers look to return to profitability, but predicts primary underwriters won’t pass the rate increase on to customers.
Details of Dive In Festival 2023 revealed
Registration for Dive In, the insurance industry’s festival promoting diversity, equity and inclusion, is now open via diveinfestival.com.
Motor insurance payouts rose faster than premiums in Q2
The Association of British Insurers has revealed that motor insurance payouts rose by 29% in Q2, up to £2.5bn, outpacing premiums.
24 firms battle it out on 11th Lloyd’s Lab pitch day
The Lloyd's Lab programme is returning for its eleventh cohort, seeking “fresh ideas” to challenge how the insurance sector operates and help the Lloyd’s market better serve its customers.
Simon McGinn appointed Dual UK CEO
Simon McGinn has been appointed as CEO of Dual Group’s UK business, as the Howden-owned managing general agent looks to more than double the premium it writes.
Lightweight concrete used in schools poses coverage questions
A construction material that has sparked widespread concern about the safety of school buildings could present insurance coverage challenges, were its use to give rise to claims.
Fundamentally dishonest fraudsters ordered to pay Zurich £30k
Two fraudsters have been found to be fundamentally dishonest and ordered to pay £30k in legal fees following an attempt to fraudulently seek damages against Zurich.
Three-year time limit for new vehicle MOTs set to stay
The result of the Department for Transport’s consultation on the mandatory time limit for MOTs is likely to result in the rules remaining unchanged, Insurance Post can exclusively reveal.
Aston Lark’s latest acquisition; World Nomads’ travel product partnership; and Lloyd’s unveils Women’s Cricket Team
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Direct Line to refund £30m to overcharged home and motor customers
Direct Line has agreed to a past business review after the FCA found it had breached dual pricing rules, having charged some customers at renewal more than if they were a new customer.
Direct Line ordered to pay £65,000 for discrimination against menopausal employee
An employment tribunal has ordered Direct Line to pay close to £65,000 to a former employee after finding the insurer breached the Equality Act (2010) in 2021.
Reinsurers’ share of nat cat losses shrinks as profits rise
The proportion of total industry natural catastrophe losses taken by reinsurers has fallen in recent years, with primary insurers retaining more risk.
‘Crash for Cash’ fraudsters shifting focus to rural and residential areas
The City of London Police’s Insurance Fraud Enforcement Department has said ‘crash for cash’ scammers are evolving their tactics after reported cases of opportunistic fraud soars by 61%.
Direct Line Group appoints Aviva’s Winslow as CEO
Direct Line Group has this morning announced that Adam Winslow, formerly CEO of Aviva’s UK and Ireland general insurance business, as its group CEO.
Markel launches construction proposition; Pen secures solcitors' PI capacity; Partners& acquires Nex Gen
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Apil issues proceedings challenging imminent PI reforms
The Association of Personal Injury Lawyers has issued judicial review proceedings against the Ministry of Justice regarding imminent personal injury claim reforms.
Value of average insurance fraud hits record £15,000
The Association of British Insurers has revealed the value of the average fraudulent claim in 2022 rose 20% to £15,000.
Admiral welcomes slimming down of insurer reporting rules
The Prudential Regulatory Authority’s latest review of the regulatory reporting it requires from UK insurers has been welcomed by Admiral.
Tysers CEO to depart as parent group splits up business
Tysers CEO Clive Buesnel is to step down at the end of August, following the splitting up of the Lloyd’s broker’s operations by parent group AUB Group.
Chubb survey finds surging demand for embedded insurance
Increasing consumer demand is accelerating the adoption of digital insurance offerings and gaining momentum in Europe, research has found.