United Kingdom (UK)
Ageas' Andy Watson cautions motor premium levels are ‘unsustainable’
Ageas UK CEO Andy Watson has cautioned that amid the Ogden rate change and inflationary pressures, current motor rates are “surprisingly low and unsustainable”.
Minster Law cuts costs and warns others must do the same to survive reforms
Personal injury law firms face a “bleak future” unless they bear down on their fixed costs ahead of reforms set to come into force next year, Minster Law CEO Shirley Woolham has warned.
Ogden rate, large losses and claims inflation knock Allianz UK COR in Q3
Allianz reported operating profit of £100m for the year to date in its Q3 results, with its combined operating ratio slipping to 96.5% from 95.7% at the half year.
Vibe syndicate to enter run off
Vibe will place Syndicate 5768 into run off at the end of the year.
Andy Briggs to become Phoenix Group CEO
Phoenix Group CEO Clive Bannister will step down in March 2020, with former Aviva UK insurance CEO Andy Briggs to take up the mantle.
Lloyd’s to form single governing body
Lloyd’s of London has confirmed it will merge its Council and Franchise Board from 1 June 2020, after receiving widespread support from across the market and revealing ambitions to build the most 'advanced insurance market' in the world.
This month in Post: Thomas Cook-up
In a week that was dominated by personal injury fracas, the revelation that Thomas Cook self-insured against all but the “very largest” PI claims may well take the cake for biggest botch up.
Insurers should embrace cloud technology to transform their businesses: Guidewire CEO
The insurance industry needs to change “decades-old habits” and use cloud-based systems to effectively manage risk, inform people and make decisions, a conference heard.
Lancashire appoints UK chief underwriting officer
Lancashire has appointed its UK chief underwriting officer from within, with incumbent Hayley Johnston set to become CEO of its Bermuda arm.
Thomas Cook personal injury fund unlikely to provide full compensation, lawyers warn
A government scheme due to be set up to pay the personal injury claims of Thomas Cook customers is unlikely to be sufficient to provide claimants with full compensation and may be open to abuse if appropriate safeguards aren’t put in place, lawyers have…
Aviva pushes for tighter solicitor regulation as it claims CMCs are making a mockery of the system
Solicitors must declare the source of their claims leads, Aviva has challenged, as research shows a tiny fraction of nuisance calls have the legally-required customer consent.
RSA UK reveals £8m restructuring for Q3 amid cost cutting
RSA UK has booked £8m in restructuring charges for the third quarter, as overall the group reported its operating profit was up.
Analysis: Under the skin of Lloyd's Blueprint One
Lloyd’s has published Blueprint One: the first of a number of ‘blueprints’ it intends to produce over the coming years as it overhauls the market for the 21st century
Penny Black's Social World: November 2019
Three Peaks Challenge, cycling to Amsterdam and helping communities
Roundtable: Cyber - the next big opportunity in personal lines
Cyber has been long-touted as offering insurers and brokers a huge opportunity in commercial lines – from SMEs to corporates. But as individual consumers become ever more aware of their vulnerability to data breaches and cyber attacks, an equally large…
Insurer reserving in PRA’s crosshairs
Reserving has been reiterated as a key area of focus for the Prudential Regulation Authority, as the regulator suggested it could use its “formal powers” if insurance firms fail to meet standards.
Blog: The unrated conundrum - cover at all costs, but who pays the price?
There is a growing list of failed unrated insurers that continue to hit the headlines. Dean Bedford, underwriting director at CLS Risk Solutions, asks what is the answer to the unrated conundrum? Is unrated always bad, who is responsible and who pays the…
Interview: David Walsh, CFC Underwriting
A child of the dot-com boom, CFC Underwriting has now left its teenage years behind as it enters its twentieth year as one of the pre-eminent specialist managing general agents in the London market. CEO David Walsh spoke to Jonathan Swift about the …
Thomas Cook only took out insurance cover for ‘very largest’ personal injury claims
The government has pledged to set up a statutory compensation scheme for Thomas Cook customers, after it emerged the travel company only took out cover for the “very largest” personal injury claims.
MoJ defends position on access to justice for children amid whiplash criticism
Exclusive: The Ministry of Justice has defended itself over a "loophole" in whiplash legislation that lawyers and trade bodies argue could leave the majority of children injured in road traffic accidents without access to compensation or representation.
Fire Protection Association calls for a quick ban on combustible cladding in all high risk residencies
The government must work quickly to make changes to building regulations and ban combustible cladding in all high risk residencies, the Fire Protection Association has urged.
VIPR promotes Paul Templar to CEO
Insurance software provider VIPR has promoted its chief technology officer Paul Templar to CEO.
Brightside's Derek Henry on leadership in the insurance industry
Right now in the UK our politics is stuck fast in factionalism, ideology and conflicting interests, creating public disquiet. Derek Henry, managing director of broking at Brightside, argues business is up in arms too, pleading with the government for…
Hiscox reserved $165m to cover Dorian, Faxai and Hagibis claims
Hiscox has reserved $165m to cover claims from Hurricane Dorian and Typhoons Faxai and Hagibis, while reporting it expects to see fees and profit commissions dip $25m this year.