United Kingdom (UK)
UK insurtechs continue to face access to funding challenges
Research by McKinsey & Co has revealed that access to funding and acquiring customers are the two biggest challenges insurtech leaders face.
Former Tif Group doctor suspended for misconduct
Tif Group’s former medical director, Dr Miguel Nadal, has been suspended from practicing medicine for 12 months after a Medical Practitioners' tribunal found his ability to practice to be impaired as a result of misconduct.
Half of boardrooms do not have expertise to tackle climate risks
A survey by Willis Towers Watson and the Nasdaq Center for Board Excellence has revealed that almost half of respondents reported their boards lacked expertise to respond to climate risk.
Wildlife populations plummet 70% as IFOA publishes biodiversity policy
The Institute and Faculty of Actuaries has published its Biodiversity and Nature-Related Risks policy as biodiversity loss becomes a top global concern.
Insurance lacks a ‘champion’ to lead best practice on Consumer Duty
With only a few days to go until Consumer Duty comes into force, firms are still struggling to prepare for the regulatory changes and the hurdles ahead, industry leaders explain.
FCA to make Digital Sandbox permanently available for insurers
Following two successful pilots, the Financial Conduct Authority will make its Digital Sandbox available permanently for firms in the insurance sector from 1 August 2023.
Bain Capital is back after LV deal fallout
Bain Capital Insurance is focused on pursuing middle market transactions in North America and Europe after it announced the final close of its inaugural private equity fund at $1.15bn.
Insurance fraud: Survey reveals impact of economic downturn
Insurance fraud is a growing problem in troubled times. To shed light on the current challenges and opportunities faced by the industry, Insurance Post collaborated with LexisNexis Risk Solutions to conduct its annual fraud survey. Izabela Chmielewska…
Elon Musk joins the AI party
Elon Musk has announced the formation of xAI, his long-anticipated artificial intelligence startup designed to compete with Open AI’s Chat GPT, Google’s Bard, and other similar platforms.
Flooding to become ‘more persistent’, with 3m urban homes at risk
The chair of Flood Re has warned widespread flooding will become “more persistent” in the UK with over three million homes in urban areas at risk of flash flooding.
Insurers unsure what diversity data they can collect, legal experts say
Firms have been urged to collect diversity data on a voluntary basis to be able to make “positive action steps” towards change.
MGA service superior compared with ‘monolithic’ insurer approach
Standards have slipped for “big household name” insurers and MGAs have stepped up to offer a “tailor-made” service which is making them the partner of choice, brokers have revealed.
DWF confirms Inflexion approach to buy
Law firm DWF has confirmed it has been approached to be acquired by Inflexion in a deal worth £342m
Most common home insurance claims revealed
Go Compare found accidental damage and escape of water made up more than half the most common reasons customers claim on their home policies.
FCA urges insurers to consider what ‘fair’ means
The Financial Conduct Authority has reminded insurers to reflect on what “fair” means going forward, after Direct Line was slammed for underpaying customers.
NZIA relaxes emission target rules after mass exit
The Net-Zero Insurance Alliance has relaxed its requirements to a “no obligation to publish targets” policy after many members exited the group.
Amanda Blanc tells industry to ‘stand together’ following NZIA fallout
Aviva’s Blanc asked three things of the industry in the fight against climate change and said it remains the “most important issue” we face regardless of recent events.
ABI calls on insurers to save ‘shocking decline’ in nature loss
The Association of British Insurers has launched guidance to help the industry become “nature positive”.
AI will ‘democratise’ VIP customer treatments
Edward Challis, head of AI strategy at Ui Path, explained how generative AI could be the ‘birth’ of bespoke experiences, with old systematic and impersonal operations a thing of the past.
Insurers must right their wrongs for vulnerable customers, says FCA
Home and motor insurers need to put the “wrongs right” and “improve their treatment” of vulnerable customers as the cost-of-living squeeze continues.
Insurers need to solve ‘core problem of data’ before immersing into generative AI
Boris Krumrey, global vice president of automation innovations, Ui Path, has revealed how insurers need to tackle legacy systems before trying to implement generative artificial intelligence into their business.
Direct Line ordered by FCA to reassess historical total loss claims
The Financial Conduct Authority has ordered the motor insurer to go back through five years of claims, after admitting it had underpaid some car and van insurance customers.
Tough times ahead for motor insurers after ‘worst performing year in a decade’
Motor insurers should expect further losses this year as high inflation and low premium costs continue to hound the sector, reports say.
Zurich aims to build sustainable supply chain
Zurich has shared plans to build stronger transparent environmental reporting with its suppliers, and how it aims to be “one of the most responsible” sustainable companies in the world.