United Kingdom (UK)
Blog: Ciara and Dennis - building resilience in the eye of the storm
Over the past few weeks, winter storms Ciara and Dennis swept across Ireland, the UK and Central Europe, bringing with them hurricane-force wind gusts and major flooding writes Simon Welton, Swiss Re’s market head for property and casualty for UK and…
Paul Jardine joins insurtech Worry+Peace’s advisory board
Former XL Catlin chief experience officer and executive vice president Paul Jardine has joined insurtech Worry+Peace’s advisory board.
Mazars flags CMA interest in Aon/WTW deal
Mazars has forecast that the Competition and Markets Authority will look closely at Aon’s takeover of Willis Towers Watson, as the accountants also predicted the deal could lead to further mergers and acquisitions.
Ratings agencies positive on Aon/WTW deal
Ratings agencies S&P and Moody's have reacted positively to the Aon and Willis Towers Watson merger deal, despite highlighting "significant" execution and integration risk.
Ageas looks to salvage deal to triple ‘green parts’ use by 2023
Exclusive: Ageas UK has struck up a deal to combine its salvage and ‘green car parts’ suppliers in a move to be more environmentally conscious, cut waste and drive efficiency.
'Disappointing' Aon/WTW merger could see risk managers turn backs on broking giants, warns Airmic CEO
The UK risk management association Airmic has voiced disappointment at Aon’s merger with Willis Towers Watson, warning that its members are prepared to turn to alternative modes of risk transfer if they feel they aren’t getting value for money.
Axa's Jon Walker on SMEs and underinsurance
An underinsured business will find it hard to recover from a claim event and the recent storms and floods show that the risks have never been so high – or the consequences so potentially devastating – as when that business is an SME.
Analysis: A coronavirus call centre crisis?
Personal lines insurance providers are faced with a potentially “lethal” situation if call centre staff cannot go into work en masse due to coronavirus disruption, compliance experts have cautioned. Post asked brokers and insurers how they are preparing…
ABI pegs storms Ciara and Dennis losses at £363m
The industry is set to pay out £363m on claims from storms Ciara and Dennis that hit the UK last month, the Association of British Insurers has calculated.
UK General in advanced sales talks
Exclusive: UK General Insurance is in “advanced” sale “negotiations”, Post can reveal, with market sources tipping Primary Group as poised to buy the firm back.
Analysis: How are insurers responding to the rise of cryptocurrencies?
The use of cryptocurrencies continues to grow with investors increasingly regarding them as another asset class, while an increasing number of companies and countries now accept them as valid forms of currency
Discount rate: Warnings on NI premium pressure and claims costs
If the discount rate in Northern Ireland is made minus 1.75% this will lead to price hikes and potentially vast jumps in the cost of individual claims, insurers and lawyers have warned.
This Month: Best insurance employers to the fore
From November last year to January 2020 Post gave insurance employees the chance to nominate and rate their employers on topics ranging from management to diversity and work/life balance along with whether they would recommend the company to a friend.
Blog: The effect of Brexit on attitudes towards the NHS - how will this affect medical insurance enquiries?
On the day of the general election last December we witnessed a sharp spike in the number of visitor searches seeking out quotes for private medical insurance, 1072% higher than the forecasted figures for that time of year, writes Ian Sawyer, commercial…
Coronavirus disruption not covered by BI policies, says Aviva
Aviva's business interruption policies will not cover disruption caused by the coronavirus outbreak, the insurer’s general insurance CEO Colm Holmes has confirmed.
Aviva has axed 1200 of 1800 jobs set to be cut
Operating profits for Aviva’s UK general insurance business fell 35% to £250m in 2019, though the result excludes the £45m cost of strengthening reserves following July’s Ogden rate revision, as it revealed it has cut 1200 jobs across the company so far.
‘Light at the end of the tunnel’ on claims inflation says Admiral CEO Stevens
Admiral saw profits rise in 2019 as its UK insurance results were buoyed by positive development in prior year claims costs, reserve releases and commission.
Penny Black's Social World: March 2020
Mental health, paperless policies and prostate cancer partnership
Admiral CEO and co-founder David Stevens to step down
David Stevens, group CEO and co-founder of Admiral, will leave the role and board in 12 months’ time, the insurer has confirmed.
L&G pegs sale of loss making GI business to Allianz at £255m
Legal & General has booked an estimated consideration of £255m for the sale of its general insurance business to Allianz as the division reported an operating loss of £35m for 2019.
Analysis: Broker M&A pace picks up again
Acquisitions in the UK distribution space rose 13% last year, according to research by Imas Corporate Finance. Post investigates what is driving the increase in consolidation and the challenges buyers are facing in their traditional hunting grounds
Comment: Is 2020 the year of Parametric Insurance?
Post content director Jonathan Swift ponders whether Parametric insurance will live up to the hype of being The Next Big Thing, in the way that Blockchain has perhaps failed to.
Coronavirus to gain notifiable disease status across UK
Businesses disrupted by the coronavirus outbreak may be able to recoup their losses if they have purchased insurance policy extensions indemnifying losses stemming from “notifiable disease”, following updates to public health statutes.
Regulators scrutinise firms' coronavirus contingency plans
Firms must be ready for coronavirus disruption, the Financial Conduct Authority has cautioned, with organisations’ contingency plans being reviewed and concerns remaining around call centres.