News
AIG partners to deliver Blockchain-driven policy
AIG has partnered with IBM and Standard Chartered to deliver the first multinational insurance policy using Blockchain.
US insurer Slice to expand to UK
US on-demand insurer, Slice, has confirmed its plans to expand to the UK after expanding to 13 states across the US.
Majority of insured losses from Grenfell Tower to be borne by reinsurance
The Norwegian company responsible for insuring the Grenfell Tower, which burned down yesterday, said reinsurers will bear the majority of the claims costs.
Five insurtech firms to begin testing in second round of FCA's sandbox
Five insurtech firms are set to begin testing in the second cohort of the Financial Conduct Authority’s sandbox after successful applications.
Ogden change to cost industry £3.5bn
The change to the Ogden discount rate from 2.5% to negative 0.75% is predicted to cost the market £3.5bn across all lines of business.
Bruce Carnegie-Brown officially starts as Lloyd’s chairman
Bruce Carnegie-Brown officially started as Lloyd’s new chairman today, taking up the role following the retirement of John Nelson.
Watchstone faces £600m legal challenge from S&G
Watchstone is being forced to fight off a £600m civil case from law firm Slater and Gordon, over allegations of fraud.
UK General to launch 'cyber bullying' personal lines product
UK General is developing a personal cyber policy to cover against cyber bullying and social media hacking.
Neon expands offshore footprint with Sapphire purchase
Neon has expanded its offshore footprint through the acquisition of Guernsey-based Sapphire Underwriters.
Norwegian insurer to examine exposure following Grenfell Tower fire
A Norwegian insurer that took on the property and liability contract for the local authority responsible for Grenfell Tower could potentially see its UK expansion curbed as a result of huge claims.
ABI updates Salvage Code after two year review
The Association of British Insurers has updated the Salvage Code to include the complexity of newer vehicles.
Medco suspends two MROs as part of ongoing audit
The board of Medco has removed Tier 1 status from four organisations and suspended two as part of its ongoing audit programme.
CAPS looks to the US for guidance on standards for motor claim data security and transfer
Industry stakeholders have given the green light to a new structure to support an industry standard for connecting data through the repairer supply chain during the claims process.
Residents predicted catastrophic fire in Grenfell Tower block four years ago
The fire that engulfed Grenfell Tower last night, claiming several lives and leaving dozens injured, was predicted by residents four years ago.
Peak Re establishes Labuan office
Peak Re has been granted "approval-in-principle" by the Labuan Financial Services Authority for a general reinsurance license.
IBIS 2017: Connected cars will send first notice of loss 'as early as next year'
Connected cars will dispatch emergency services and send first notice of loss as early as next year, predicted Sean Carey, president of SCG Management Consultants.
Election result makes whiplash reform less likely to go through in proposed form
The general election result makes whiplash reform less likely to go through in its proposed form, experts said.
GRP to create southern hub through acquisition of Greens
Global Risk Partners has acquired a majority stake in Green Insurance Group.
Airmic 2017: Risk managers need to focus on the short term to tackle unpredictable risks
The risks facing UK firms are changing at such a pace that risk managers need to focus on the immediate short term not just the risks of the future, members of the Association of Insurance and Risk Managers heard.
Towergate extends deal with Premium Credit
Towergate is extending its contract with Premium Credit for a further five years.
Airmic 2017: Market not yet consistent on Insurance Act, Airmic warns
Brokers are adopting different approaches to achieving a fair presentation of the risk under the Insurance Act, the Association of Insurance and Risk Managers has warned.
IBIS 2017: GM not ruling out insuring its autonomous vehicles
US car manufacturer General Motors is not ruling out providing insurance for its future autonomous vehicles.
IBIS 2017: Softer Brexit becomes more likely following election
After Prime Minister Theresa lost her overall majority in the general election last week, a softer Brexit is more likely, said Thomas Lake, senior analyst, political risk at BMI Research.
One third of TT Club's business at stake from hard Brexit
TT Club has said it will be monitoring Brexit discussions to ensure that it can still do business in the European Union.