News
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.
New Zealand's insurers paid out £1.5bn in Christchurch claims last year
New Zealand's insurers are still paying out huge sums for the devastating earthquakes in Christchurch in 2010 and 2011.
Steadfast's EBITA climbs 11% to A$66.7m
Australian broker group Steadfast saw another six months of strong growth in the first half of the 2017 financial year.
IAG's first half pre-tax profit dips 6.4%
Australian giant IAG saw pre-tax profit fall to A$571m (£351m) in the first half of the 2017 financial year compared with A$610m in H1 2016.
La Playa achieves Lloyd’s status
Boutique broker La Playa has been approved as a registered Lloyd’s broker.
DAC Beachcroft acquires two complex injury teams from Clyde & Co
DAC Beachcroft has acquired two complex injury teams comprising six partners and 21 legal professionals from Clyde & Co to join its Claims Solutions Group.
Axis appoints Brown to lead London PL and MGA growth
Axis has appointed Julian Brown to lead its London market professional lines managing general agency growth.
Tax and exchange rates set to push up home insurance costs
Tax and exchange rates will push up home insurance costs with the average premium rising by 1.8% to £124.
Brokers have seen no loss of business from Brexit vote
Brokers have not seen a drop in appetite for UK insurance products since the EU referendum vote last June.
Tesco Bank to exit life, GI unaffected
Tesco Bank is to withdraw from the life insurance market, but its general insurance offering will not be affected.