Claims inflation
Big four reinsurers look to hardening market after Covid bites to the tune of £6.5bn
The big four reinsurers believe they are poised to take advantage of the hard market in 2021, with all but Swiss Re reporting profit in 2020 despite a combined property and casualty pandemic hit of £6.5bn.
Sabre top line suffers as motor insurer pushes through 10% price increases in 2020
Sabre CEO Geoff Carter has defended the insurer’s falling profits and premiums, saying that pricing increases pursued throughout 2020 stand it in good stead to take advantage of growth opportunities going forwards.
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.
Worsening outlook for UK non-life insurers, says Fitch
Fitch Ratings has a worsening outlook for the UK non-life company sector, Graham Coutts, senior director, head of EMEA reinsurance has confirmed with market combined ratios for motor and home likely to be above 100% in 2021.
Kitsune closure shows scale and niche challenges for MGAs
Brightside’s decision to put car and van managing general agent Kitsune into run-off has reinforced the need for volume and specialism, according to experts who warned that entering the market now would not be for the faint-hearted.
Analysis: Hastings sale - a welcome and a warning
The bid to take motor insurer Hastings back into private hands is a positive move for the company and a stamp of approval for the sector, say market specialists – but, after years of growth, challenges lie ahead
Second quarter performance pushes Ageas UK COR below 100%
Ageas UK has reported a post-tax profit of £22.8m for the first half of 2020 reversing a loss of £2.7m in the first quarter.
Sampo and RMI bid a ‘real vote of confidence’ in UK insurance, says Hastings CFO
The takeover offer from Finnish insurer Sampo and South African financial services firm Rand Merchant Investment holdings is a ‘real vote of confidence’ for UK Insurance, Hastings chief financial officer John Worth told Post as Hastings released its…
Business enquiries down 14% on last year at Allianz
While market conditions are slowly recovering in the wake of the coronavirus lockdown, the volume of new enquiries for commercial policies remain substantially lower than were last year, according to Allianz Insurance.
Analysis: Will lockdown car insurance profits trickle down to policyholders?
Quieter roads have led many to assume that car insurers are in for pandemic profits. Post investigates calls for lockdown windfalls to be re-gifted to motorists.
Investment returns push Covéa into profit after underwriting loss
Covéa delivered an underwriting loss of £22.3m in 2019 compared to a profit of £1.8m the year before, with the insurer hit by high levels of motor claims inflation and flat market premiums along with a lower level of reserve releases.
Hastings pushes ahead with dividend payment plan
Hastings Group has confirmed it will propose a final dividend of 5.5p per share at its AGM on 21 May despite calls from regulators for the industry to suspend payments during the coronavirus pandemic.
Six month coronavirus lockdown could force 'total reassessment' of motor insurance risks
Falling motor claims frequencies may mean insurers reconsider what they’re charging policyholders, though their ability to act proactively could be stymied by uncertainty over the length of the Covid-19 emergency, an event heard.
Analysis: Where does Covid-19 leave the flood victims?
Storms Ciara and Dennis hit the UK in early February and a little over six weeks later Prime Minister Boris Johnson put the country in effective lockdown after the Covid-19 virus was declared a pandemic by the World Health Organisation. Stephanie Denton,…
‘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.
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.
Hastings sees profit slide 42%
Hastings’ share price took a tumble as it revealed operating profit fell 42% in a year that the insurer was hit by the Ogden rate and claims inflation.
Hastings looks to suppliers and fraud detection to staunch claims inflation
Hastings is hoping that investment in its anti-fraud capabilities and supplier partnerships secured in the tail-end of last year will mitigate the impact of claims inflation on its bottom line.
Operating profit down one third at Allianz UK
Allianz UK has reported profit of £138.1m for 2019 supported by investment gains as operating profit fell.
Restructuring costs weigh on Ageas' 2019 profits
Ageas UK saw its profitability slump by 21% last year, reporting full-year profits of £60.3m compared to £76.7m in 2018.
This Month: Looking forwards, listening back
Post’s new Motor Mouth Podcast series is proving quite the hit with listeners.
Admiral staff to get bumper bonus as predicted profit soars
Admiral is expecting to see profit before tax of £510m to £540m for 2019, with its staff to each receive a £500 bonus.
Analysis: Reinsurance hikes add to motor pricing pressure
The UK motor market had the unwanted title of the biggest riser in the annual global reinsurance renewal season this January, adding another reason for intense scrutiny on insurance pricing in the loss-making sector
Aviva's Colm Holmes warns distracted driving is causing claims inflation
Aviva general insurance CEO Colm Holmes has said that claims inflation is far exceeding expectations, pinning the blame on poor driving.