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Penny Black's Social World: August 2019
British Insurance Awards, Dive In for diversity and funds from filming
Blog: The Whaley Bridge experience - how well do insurers cope at times of crisis?
The Whaley Bridge incident has once again thrown the spotlight on insurers, their disaster plans and capacity issues. Alex Dalyac, founder and CEO, Tractable comments that while feet on the ground will never be totally replaced, the industry could be…
Aviva UK profit dips as result of restructuring but excludes £45m Ogden hit
Aviva’s UK general insurance business delivered an operating profit of £172m for the first half of 2019, though the result excludes the £45m expense of strengthening reserves following last month’s discount rate decision.
Zurich posts a 144% profit increase in H1
Zurich UK GI has seen an increase of 144% in operating profits for the first half of 2019.
Analysis: What do recent market exits mean for insurtechs targeting millennials?
Three insurtechs have pulled out of the insurance market so far this year, raising questions around the efficacy of selling insurance to millennials and whether more of these firms will fall.
Trov partners with Lloyds Banking Group to relaunch UK insurance offering
Insurtech Trov has today unveiled a white-label insurtech platform in partnership with Lloyds Banking Group.
Six more insurtech start-ups to watch in 2019 and into 2020
In the latest in his series of Insurtechs to Watch, Post content director Jonathan Swift casts an eye over six more start-ups looking to make a splash in the UK insurance sector.
Hastings share price dives after profit slashed to £38.2m following Ogden hit
Hastings share price fell over 8% within the first two hours of trading this morning after it reported a profit after tax of £38.2m (30 June 2018: £72.9m) for the first six months of 2019.
Ageas UK CEO slams government over discount rate review
Ageas UK CEO Andy Watson has criticised the government’s handling of the recent discount rate review, saying decisions made by some insurers to release reserves in anticipation of a higher rate were “a reasonable thing to do.”
Ageas sees payout for refusing to gamble on Ogden
Ageas UK saw a £27.6m bounce as a result of the discount rate change, offsetting large motor losses for the half.
Senior reporter's comment: Talking ‘bout your reputation
We talk a lot about reputation. Earlier this year, Post held its inaugural reputation event, which was attended by key industry stakeholders.
LV sets deadline for L&G GI integration
LV will complete the transfer of business from L&G General Insurance by the beginning of 2023.
LV eyes premium increases following £13m Ogden blow
LV has been hit with a £13m blow as a result of the Ogden rate, which the insurer said could push up premiums by 1%.
Trade voice: Paul Nicholls, Mass chair
With the motor claims landscape set to change following the Civil Liability Act, Motor Accident Solicitors Society chair Paul Nicholls airs his concerns over anticipated delays in the progress of the Litigants in Person portal and how a premature launch…
Replacement cover for 30,000 former Alpha policyholders in jeopardy
Broker CRL had found a replacement insurer to take on almost 30,000 Alpha policies, but the potential suitor has raised “several last-minute issues” that are holding up a deal.
RSA to ‘remain vigilant’ on London Market business
RSA UK & International CEO Scott Egan hailed progress in the first half of 2019, but said the insurer will remain “vigilant” where it comes to its London Market business.
Holiday sickness fraudster given 12 months prison sentence
A holiday sickness fraudster, who persuaded holidaymakers to put in false claims in order to receive a pay-out, has been handed a 12 month prison sentence.
IPT becoming government's 'golden goose' as income hits record high
Government income from insurance premium tax hit a record high of £6.3bn in 2018/19, up 7% from £5.8bn collected the previous year, according to an accountancy firm.
Q&A: Homeserve Labs chairman, Mark Wood
Homeserve Lab’s Leakbot is currently live and working with a wide range of insurers in the UK, Europe and the US. Post spoke to the company’s non-executive chair, former Axa UK CEO and Prudential UK and Europe CEO Mark Wood, to hear about its plans for…
Direct Line profit slips 10% in H1
Direct Line saw profit slide 10.2% for H1 compared to the first half of 2018.
Insurers told how to improve fair treatment of customers with criminal convictions
Insurers have been issued fresh guidance on how to fairly treat customers who have prior criminal convictions.
Roundtable: Innovation in pricing: the need to adapt
As insurers innovate, those at the core of insurers’ pricing and underwriting strategies face a growing need to adapt. Post held a roundtable, in association with Sas, to examine what is driving innovation in pricing and what challenges those changes…
Whiplash portal 'being built in a rules vacuum'
The Litigants in Person whiplash portal build may be progressing well, but fraud and a lack of clarity from the government could jeopardise its effectiveness, according to Sabre CEO Geoff Carter.
Sabre GWP drops in H1 from ‘intense competitive pressure’
Sabre’s combined operating ratio remained in its target of within the mid-70s range, while premiums shrank 7% in the first half of 2019.