With just over a month to go until the new whiplash portal goes live, Insurance Post recently hosted a webinar to discuss how insurers are preparing for the change.
Claims volumes fell significantly in 2020 as premiums crept down slightly, insurer figures show, leading to intensified campaigner calls for current and future savings to be passed on to motorists.
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 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 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.
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.
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.
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.