News
Analysts report decrease in cyber attacks so far in 2022
Cyber analysts have reported seeing both the number of significant cyber attacks and the value extracted through ransomware attacks fall this year.
Smaller insurers fail to provide written proof of meeting pricing rules
The Financial Conduct Authority has found many smaller insurance firms have few or no records to prove they meet the pricing requirements introduced at the start of 2022.
CFC moots independent body to identify and categorise ‘cyber hurricanes’
CFC Underwriting has proposed setting up an independent body to categorise the severity of cyber events, claiming it would enable insurers to tackle systemic risk and pave the way for a cyber catastrophe risk market.
FCA warns insurers against undervaluing written off cars
The Financial Conduct Authority has seen evidence of insurers offering consumers whose cars have been written off a price lower than the vehicle’s fair market value.
BGL and Covéa launch motor venture targeting 25 to 45-year-olds
Exclusive: BGL Insurance and Covéa have launched Nutshell, a motor insurance joint venture targeting 25 to 45-year-olds.
Zurich appoints Streidl as UK commercial head
Zurich has appointed Frank Streidl as head of commercial insurance in the UK, replacing Rob Kuchinski who is retiring at the end of the year.
SSP hit by cyber security breach and $7m ransomware demand
Software house SSP has suffered a cyber security breach by the Lockbit ransomware group, affecting its internal network and systems.
FCA to crackdown on insurers over ethnicity pricing penalty
The FCA will take enforcement action against insurers who fail to strip data biased against ethnic minority groups out of their product pricing and services, law firm Browne Jacobson has warned.
Regulator raises concerns over Copart's purchase of Hills Motor
The Competition and Markets Authority has ruled that the purchase could cause a ‘significant lessening of competition’ in the UK salvage market.
Cancer care delays could lead to spike in negligence claims
Negligence claims relating to Covid delays to cancer care are likely to increase in the next two years, law firm RPC has warned.
Rising interest rates 'a boost to solvency' despite equity losses
Rate hikes from the Bank of England will strengthen P&C insurers' solvency ratios, but cause unrealised losses for shareholders, according to analysis from Moody's.
Zego and QBE expand partnership; Needham takes GWP to £9m; Axa XL appoints head of cyber and Lloyd's
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
EY: Motor and home insurers set for biggest loss in over a decade
Motor and home insurers are expected to make significant losses this year and next, due to underlying inflationary pressures and premium rate falls, according to analysis by EY.
Ex-McLarens and GAB exec Trevor Latimer passes away
Trevor Latimer, the man who helped spearhead McLarens major push into the UK and Irish markets, has passed away.
Tony Sault leaves EY
Exclusive: Tony Sault, UK and Ireland market leader of general insurance at EY has left after 17 years at the company.
PIB to acquire personal lines broker Jigsaw
PIB has reached an agreement to acquire Jigsaw Insurance Services, subject to regulatory approval.
FCA’s Mills labels EDI representation as 'uneven and stagnant'
Sheldon Mills, FCA executive director, consumers and competition has stressed “statistics speak for themselves” and the industry does not represent the communities it serves
Offshore wind scale-up presents challenges for underwriters
The accelerating scale-up of global offshore wind projects presents challenges for insurers seeking to stay abreast of supply chains and new technologies, underwriters have said.
2022 European Insurance Technology Awards - winners announced
Today Insurance Post is delighted to announce the winners of first ever European Insurance Technology Awards.
Insurance account handler turned fraudster caught after climbing Sydney Harbour Bridge
Lois Cartridge, an insurance account handler who exaggerated the severity of her whiplash claim while posting photos on Facebook of her climbing the Sydney Harbour Bridge, has received a suspended prison sentence.
Aviva's Blanc calls UK's diversity progress a ‘disgrace’
Amanda Blanc, group CEO of Aviva, expressed concerns that if the industry's efforts to improve diversity and inclusion go any slower “we will start to go backwards”.
ABI publishes blueprint to make insurance UK's 'most diverse sector'
The Association of British Insurers has outlined steps the industry needs to take if it is to become "the most diverse, equitable and inclusive sector of the UK economy."
LV reveals surge in flood claims where drains can’t cope
A report by LV General insurance has revealed there has been a 211% increase in the number of flood claims where drains were unable to cope over the last four years.
Judge gives go-ahead to BI appeals and awards Greggs 60% of costs
Parties in three business interruption disputes have been given the green light to appeal the findings of judgments handed down last month in relation to issues including the deduction of furlough payments and the aggregation of losses.