News
Insured value of aircraft facing seizure in Russia far lower than reported asset values, says Neal
The insured value of leased aircraft effectively impounded by Russian airlines is likely between 15% and 20% of the total asset values, Lloyd’s CEO John Neal has said.
Losses from 'major event' in Ukraine will take time to evaluate, says Neal as Lloyd's posts underwriting profit
The Russian invasion of Ukraine will be a major event for the insurance market but the losses will take a long time to evaluate, Lloyd’s CEO John Neal has said.
Thatcham hails Mercedes’ move as 'milestone' in automated driving; Admiral strikes ADR deal; Marsh launches ESG rating; and MS Amlin commits to Net Zero
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Verisk to launch investigation after conference photo met with criticism
Verisk is to launch an internal investigation and conduct a review of future trade show plans after it drew criticism for a photo shared on social media by one of its business unit leaders.
Leaving IPT untouched in Spring Budget a 'missed opportunity' says Biba
The British Insurance Brokers' Association has warned leaving insurance premium tax at its current level will act as a disincentive to buy adequate insurance after the tax went unmentioned in the Spring Budget.
Market price increases not matching motor claims inflation, warns Sabre's Carter
Increases in the price of car insurance are not keeping pace with claims inflation, Sabre CEO Geoff Carter has warned.
‘A sigh of relief’ for the industry as MoJ plans no further action on credit hire and rehabilitation
Self regulation has been heralded as the Ministry of Justice confirmed it will take no further action on credit hire and rehabilitation after publishing its response to part two of the whiplash reforms.
Insurance sector faces 'serious consequences' as Northern Ireland sets its discount rate at minus 1.5%
Industry experts have warned the insurance market could face "serious consequences" after the Northern Irish Government Actuary changed the personal injury discount rate to minus 1.5% from minus 1.75%.
Citizens Advice sounds alarm on car insurance 'ethnicity penalty'
Citizens Advice has accused the insurance sector of charging an 'ethnicity penalty' after finding that people from ethnic minority backgrounds pay hundreds of pounds a year more for their car insurance than white people.
Pool Re appoints Tom Clementi as CEO
Former MS Amlin Underwriting CEO Tom Clementi will join Pool Re as CEO in April.
Markerstudy rejoins Biba after 2017 split
Markerstudy has rejoined the British Insurance Brokers’ Association following its 2017 split from the trade body.
AIG, Axa and RSA lead underwriter recruitment; Allianz partners with Solar Energy UK; North P&I and Standard Club to merge; and first non-London syndicate-in-a-box-launched
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Pricing equilibrium to settle within 'next few months': A-Plan CEO Kelly Ogley
A-Plan CEO Kelly Ogley told Post she expects the market will 'reach an equilibrium' on pricing in the next few months following Financial Conduct Authority reforms.
Ferma suspends Russian Risk Management Society's membership
The Federation of the European Risk Management Associations has suspended the membership of the Russian Risk Management Society in response to the invasion of Ukraine.
Big techs tipped to become carriers but need not pose threat to incumbent insurers
Insurance incumbents are still in a strong position to resist the threat of big tech entrants into the sector, delegates were told at the Insurtech Insights conference in London this week.
Lloyd’s fines Atrium record £1m for harassment and bullying charges
Lloyd’s managing agent Atrium has been fined a record £1.05m after it accepted three charges of misconduct by its employees, including senior executives.
Zurich names UK chief sustainability officer and COO
Zurich chief operating officer John Keppel has been appointed UK chief sustainability officer.
Corbin & King judgment unlikely to curb BI aggregation legal actions
The Commercial Court’s findings with regard to quantum in the case of Corbin & King v Axa are unlikely to curb further litigation on questions of aggregation in business interruption claims, lawyers have told Post.
Analysis: Corbin & King £4.4m judgment tugs at BI claims door
The Corbin & King business interruption judgment has the potential to open up insurers to further and more costly claims, but with multiple factors at play there is no guarantee others will win out.
Howden moves HX staff into its other businesses
Howden is integrating teams from its HX business into different areas of the group.
FCA 'considering' Corbin & King BI judgment impact
The Financial Conduct Authority is considering the impact of the recent legal judgment in the case between restaurant group Corbin & King and Axa.
Allianz no longer writing new business in Russia
Allianz will no longer underwrite new business or make new investments in Russia, the insurer has said.
Rokstone hires chief digital underwriting officer from Covéa
Rokstone has appointed Gavin Dollings as chief digital underwriting officer.
Insurance staff come together to support Ukraine refugees
From gearing up to take in refugees to delivering supplies, Post spoke to European insurance staff who are dedicating their time to helping those affected by the Ukraine crisis.