United Kingdom (UK)
EU 'likely' to follow UK's lead on Solvency II changes to free up investment capital
The European Union would likely follow the UK’s lead were it to reform Solvency II rules to free up capital for long-term investments, attendees at the Association of British Insurers’ annual conference have heard.
John Glen MP says more 'clarity' around insurance contracts needed following BI crisis
The insurance industry will play a significant role in supporting economic recovery as the United Kingdom emerges from lockdown, Economic Secretary to the Treasury John Glen MP has said, as he urged for more "clarity" around what insurance covers going…
Vital that valid BI claims are settled quickly after test case, ABI chair Jon Dye tells insurers
The dispute over business interruption cover has undoubtedly been difficult and most people will have only seen one set of headlines about the insurance industry during the pandemic, Allianz UK CEO and Association of British Insurers chair Jon Dye told…
Advertising feature: The Electric Revolution is closer than you think – are you ready?
The widespread adoption of electic vehicles is down to factors such as lifestyle changes brought on by the Covid-19 pandemic and people becoming more environmentally conscious writes Steve Molloy, director of commercial sales and EV strategy at AX.
Aviva’s Phil Bayles on an increasing risk but a decreasing priority – a perfect cyber storm?
Businesses have been stretched and tested over the last year, and in the move to increasing their digital presence and enabling employees to work from home, they are inadvertently leaving themselves exposed to cyber criminals, says Phil Bayles, chief…
Half of Lloyd’s market workers still do not feel comfortable speaking up
Lloyd’s latest culture survey has found that 50% of employees still do not feel comfortable raising concerns about behaviour in the insurance market, though overall the results demonstrated a level of progress.
UK government plans to swerve EU Vnuk law
The British government is planning to avoid the European Union’s controversial Vnuk law, which requires compulsory insurance for vehicles including golf buggies and mobility scooters even on private land.
LMG starts hunt for CEO as Lebecq moves to SRG
London Market Group CEO Clare Lebecq will be stepping down at the end of April to become group chief operating officer at Miles Smith-owner Specialist Risk Group.
Blog: The digital healthcare risk landscape
Telemedicine has surged during the Covid-19 pandemic and insurers and brokers need to be aware of the risks, blogs CFC Underwriting healthcare underwriter Rob Panza.
Intelligence: Operational resilience - Regulators raise the bar for crisis response
After drawn-out consultations financial regulators will soon lay out what they expect from firms in terms of operational resilience. Harry Curtis investigates.
Allianz BI claims came from broker wordings says CEO Jon Dye as insurer reveals 2020 results
Allianz was hit by £175m of UK Covid-19 business interruption claims in 2020, net of reinsurance, the insurer has said, as LV confirmed 300 redundancies from its Legal & General integration.
Record £10.5bn of M&A in 2020 and smaller deals on the up, says Imas
There was a record £10.5bn of UK insurance distribution mergers and acquisitions in 2020, according to research by Imas, Post can reveal.
Briefing: BI claims portals a savvy loss adjuster initiative – but policyholders feel they are stuck ironing out kinks
Loss adjusters have created portals to deal with a deluge of business interruption claims, but some under pressure policyholders are struggling to get to grips with their requirements – can the industry do more to help?
Blog: Underinsurance in a hardening market
Alistair Steward, Questgates director, mulls the problem of underinsurance for businesses facing a hardening market.
GRP strikes biggest deal since Searchlight investment with Marsh Networks buy
Global Risk Partners has agreed to buy Marsh’s UK networks for an undisclosed sum in a deal expected to close next quarter.
Hiscox Action Group warns insurers may seek to ‘read down’ BI ruling
Insurers have responded to draft declarations regarding the Supreme Court’s January business interruption ruling, with the Hiscox Action Group flagging concerns that they may seek to “read down” the judgment.
Carrot’s Norrie Erwin on the opportunity for telematics in claims
Telematics-based insurance has been a great British success story for young drivers, but it has failed to enthuse the mass market, says Norrie Erwin managing director of Carrot.
Advertising feature: Transforming the way customers buy insurance over the phone
Leveraging value from InsureTech to drive innovation into transformation and ultimately competitive advantage in the current climate is a theme across the insurance industry akin to the Oklahoma Land Rush of 1889, writes Rob Saunders CEO of ActiveQuote.
Kingfisher refutes 'bad faith' dismissals accusation in High Court case
Kingfisher has responded to claims by the sellers of Fresh Insurance that it exited key directors in “bad faith” in a further filing at the High Court.
Intelligence: Performance reviews
A few years ago Net Promoter Scores were a buzzword in insurance feedback. However, after a year where the sector has suffered repeatedly from bad headlines over business interruption and Covid-19 payouts, Post asks if firms still want to hear about how…
Ex-FCA boss Chris Woolard joins EY
Former interim CEO of the Financial Conduct Authority Chris Woolard will join EY this April to lead its Europe, Middle East, India and Africa financial services regulatory capabilities and chair the EY global financial services regulatory network, the…
Ratings agencies see ‘meaningful debate’ between insurers and reinsurers over Covid-19 recoveries
Experts have reiterated that insurer ratings are unlikely to be hit by the outcome of the Supreme Court’s Covid-19 business interruption claims ruling but noted that there will “meaningful debate” over how much insurers can claim from their reinsurers.
Blog: Defining property flood risk protection can help build flood resilience
Reparation and protection, not just post-event payouts, are key to how the insurance industry must look at flood risk, says Richard Toomey, senior manager for commercial insurance, Lexis Nexis Risk Solutions.
Be Wiser consults with 280 staff over restructure
Broker Be Wiser is consulting with its 280 staff on a business reorganisation programme, with some job losses expected.