News
Severe weather to continue to hit UK as insurance reacts to Storm Henk
As homes and businesses face damage from floods caused by Storm Henk, predictions state that the severe weather is not yet over.
Insurers at risk of £1.6bn bill following £386k QBE payout
A loss assessor has suggested an additional £1.6bn may be up for grabs for businesses that have received Covid-19-related business interruption payouts.
BP Marsh invests in AI Marine; Malago buys Mulberry; Antares appoints CFO
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Vandals continue to target heritage buildings
Nine out of 10 heritage organisations have experienced crime within the space of 12 months, according to research commissioned by Ecclesiastical.
KPMG’s Evans expects Consumer Duty to evolve in 2024
Former Association of British Insurers director general Huw Evans, who will replace Trevor Jones as head of insurance at KPMG in April, expects the Financial Conduct Authority’s Consumer Duty requirements will "evolve" next year.
R&Q co-founder Alan Quilter retires
R&Q has confirmed the retirement of co-founder Alan Quilter from the company’s board of directors and from the role of group head of program management.
Aviva CEO Blanc awarded Damehood and ex-RSA boss Hester knighted in New Years Honours List
Amanda Blanc, the group chief executive officer of Aviva, has been awarded a Damehood in King Charles the Third’s second New Years Honours List.
Regulator reviewing R&Q before Accredited sale
The Bermuda Monetary Authority has requested an independent actuarial review of the required reserves of the remaining R&Q Group following the proposed sale of Accredited.
Storm Gerrit packs a punch to property
Association of British Insurers confirms priority for providers is helping homeowners in Manchester whose homes were torn apart last night by Storm Gerrit.
Fully autonomous cars on the road by 2026, claims Transport Secretary
With the Automated Vehicle Bill currently making its way through parliament, Transport Secretary Mark Harper has said vehicles “that have full self-driving capabilities” could be rolled out as early as 2026.
Scope of Luton Airport damage revealed as salvage mission confirmed
Insurance Post can reveal that Copart has been appointed the lead salvage agent for the Luton Airport fire operations when demolition of the car park commences.
Aon buys NFP; ARMD launches MGA; NordVPN offers cyber cover
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Thomas Carroll CEO reveals expansion plans
Hot on the heels of Thomas Carroll Group’s 181 employees becoming owners of the business via a trust, the independent broker’s CEO has shared plans to swell the firm’s ranks and open new offices.
CII transfers £2m to The Worshipful Company of Insurers
The Chartered Insurance Institute Group’s charity, the Education and Training Trust, is transferring its net assets of around £2m to The Worshipful Company of Insurers Charitable Trust.
Sedgwick sees strong demand for seconded claims handlers
Secondees from Sedgwick’s Resource Solutions division have racked up more than 4000 days working in insurer claims handling departments since its launch in November last year, director Adam Baylis has said.
Treasury haul from Insurance Premium Tax up 11%
UK PLC looks set to register yet another record annual Insurance Premium Tax haul as actuarial consultancy OAC reveals receipts for first eight months of 2023 are up 11% increase on the same period last year.
Marsh predicts cyber rates will fall in H1 2024
Marsh expects to see the price of cyber insurance decrease over the first half of next year, noting that its clients have already seen rate decreases in 2023.
Copart CEO hits back at Competitions Authority
Copart’s UK CEO Jane Pocock has hit back at the fines issued to the salvage firm from the Competitions and Market’s Authority.
Allianz sees off university appeal over WW2 bomb damage
The University of Exeter has lost its appeal against Allianz’s application of a war exclusion to damage caused by a Second World War bomb that was detonated in 2021.
Opportunistic fraud claims on the increase in 2023
Sedgwick has reported an increase in low-value and opportunistic claims fraud in 2023.
Jaguar Land Rover launches embedded product following insurance exodus
Jaguar Land Rover is stepping in to offer customer bespoke embedded insurance for their vehicles, amid the difficulties faced by owners in getting cover.
CII appoints acting CEO as Vallance exits early
The Chartered Insurance Institute’s CEO Alan Vallance is leaving months earlier than planned, with an interim stepping into the role as the hunt for a permanent successor continues.
R&Q eyes growing legacy market as Onex sale vote approaches
R&Q has said it is in advanced talks for three deals that would boost its reserves under management by $100m.
Copart fined £2.5m by Competitions Authority
Copart has been fined £2.5m by the Competition and Markets Authority for failing to comply with an enforcement order on three occasions.