News
First Central appoints ex-Endsleigh CEO as NED
Former Endsleigh CEO Alison Meckiffe has joined First Central as an independent non-executive director as talks around a flotation pick-up speed.
McGill’s battery cover; Aviva’s mid-market enhancement; Kennedy’s COO
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Marine insurance costs increase amidst Israel-Iran conflict
As a result of the Israel-Iran conflict marine insurers are now charging 0.2% of the value of a ship for journeys into the Gulf, according to data from insurance broker Marsh McLennan.
Zego CEO chooses New York over London for future IPO plans
Zego CEO Sten Saar has confirmed that if he were to choose a location for an IPO today, he would opt for the New York Stock Exchange over London.
How court’s credit hire ruling will impact insurers
Graeme Mulvoy, partner at law firm HF, has revealed the short-term and likely ongoing impact for the insurance industry of last week’s Court of Appeal decision that credit hire organisations are responsible for the costs of unsuccessful litigation.
Lockton’s Owen argues arts sponsorships outshine sports
Richard Owen, partner at Lockton, has argued the broker’s partnership with The Tate's art galleries is preferable to more commonplace sports partnerships because it encouraged creativity among the organisation's brokers and helped create a more inclusive…
RSA’s Norgrove warns insurers alone can’t solve climate losses
RSA UK and International CEO Ken Norgrove has warned that insurance alone can’t solve climate-linked losses, urging the industry to have greater focus on resilience, adaptation, and stronger construction rules.
Allianz cutting 650 UK insurance jobs
Allianz has confirmed plans to cut 650 jobs in its UK insurance business.
NFU Mutual CIO predicts AI decision-making within decade
NFU Mutual chief information officer Tim Mann has argued that artificial intelligence will be making decisions in underwriting, claims and pricing within the next 10 years.
Changing nature of cyber threat leads to ‘brittle’ risk landscape
Beazley’s group chief underwriting officer, Paul Bantick, has said the cyber pricing environment is at a “pivotal stage”, describing it as “brittle” due to the changing threat landscape.
LMA chief calls for international collaboration to cover large losses
Sheila Cameron, CEO of the Lloyd’s Market Association, has called for the industry and global government bodies to collaborate more in order to fill the protection gap currently present for large, catastrophic risks.
Insurers exposed for pricing bias over payment preference
Some insurers and brokers on price comparison websites are inflating motor premiums based solely on whether a customer indicates a preference for paying monthly instead of annually, an investigation by Insurance Post has revealed.
Lloyd’s chair reveals how he’ll measure market’s success
Sir Charles Roxburgh, chair of Lloyd’s, has addressed concerns the London market is losing ground to Bermuda and shared how he will measure whether Lime Street is still the pre-eminent place in the world to write risk.
Axa is winning race to adopt AI at scale
Axa has emerged as the global front-runner in artificial intelligence adoption, according to the inaugural Evident AI Index for Insurance.
Axa offers domestic abuse support to motor and home customers
Axa Retail has partnered with two charities, Women’s Aid and Smart Works, to offer support for Axa car and home insurance customers in the UK who are experiencing domestic abuse.
Google warns cyber attackers are targeting insurers
Google’s Threat Intelligence Group has warned “the insurance industry should be on high alert” after analysts spotted several US insurers are being targeted using Scattered Spider tactics.
Insurers seek alternative subsidence solutions to avoid backlash
Insurers are looking for alternative subsidence solutions to avoid “damaging headlines”, according to Innovation Group managing director John Watson.
Research shows insurer exclusions are forcing coal mine closures
A study by researchers at the University of Zurich and the Swiss Finance Institute has found there is a “significant and sustained” increase in the likelihood that a mine is abandoned following insurer exclusion policy adoption.
Markerstudy’s Williams claims stakeholder pressure key to sustainability push
Insurance firms will need stakeholder requests to pursue sustainability certifications, according to Markerstudy group head of sustainable business strategy Tom Williams.
FCA and PRA greenlight Aviva’s Direct Line takeover
The Financial Conduct Authority and the Prudential Regulation Authority have both given the go ahead for Aviva’s £3.7bn acquisition of Direct Line Group.
Two thirds of insurers optimistic over UK economy
Two thirds (67%) of insurers are optimistic about the state of the UK economy over the next five years, a survey by Lloyds Bank has revealed.
Matthew Doughty appointed DWF CEO as Knowles retires
Matthew Doughty, CEO of DWF’s Insurance Services division has been appointed CEO-elect by the board of directors.
Marsh launches €1bn data centre construction facility
Marsh has launched Nimbus, an insurance facility which covers the construction of large-scale data centres across the UK and Europe.
Air India crash claim could reach around £150m
The fatal crash of Air India flight AI171 on Thursday (12 June) is expected to cost the insurance industry more than $200m (£147.2m), more than the direct written premium for aviation in India, according to analysts GlobalData.