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
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.
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…
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.
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.
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 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.
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.
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,…
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.
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’ 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 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.
Allianz UK has reported profit of £138.1m for 2019 supported by investment gains as operating profit fell.
Ageas UK saw its profitability slump by 21% last year, reporting full-year profits of £60.3m compared to £76.7m in 2018.
Post’s new Motor Mouth Podcast series is proving quite the hit with listeners.
Admiral is expecting to see profit before tax of £510m to £540m for 2019, with its staff to each receive a £500 bonus.
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 general insurance CEO Colm Holmes has said that claims inflation is far exceeding expectations, pinning the blame on poor driving.
Rising claims costs in quarter four are expected to put a slight dent in Hastings’ 2019 dividend payout.