Insurer
This month in Post: Renewals, rates and redundancies
The year started with an executive merry-go-round but this week proved that less senior people were also liable to redundancy, as it was revealed that a total of 480 jobs are at risk as a result of the LV/Allianz deal.
Treasury delays transposition of IDD into national law
The Treasury has paused the implementation of the Insurance Distribution Directive, earning praise from insurers.
No immediate threat to Allianz Bristol claims team
Personal injury claims handlers in Allianz’s Bristol office will not be placed under employment consultation as part of the Allianz-LV merger.
Dual pricing hitting vulnerable customers, says consumer watchdog
Dual pricing is hitting vulnerable customers hardest and insurers are part of the problem, according to research from Consumer Advice.
XL Catlin sees profits fall $1.4bn from nat cats
XL Catlin has reported a 58.7% increase in its loss in underwriting profit of across its property and casualty business during Q4 2017 compared to 58% in the same period during the previous year.
Driverless car data access a 'big priority' for ABI
Insurers need to have access to the accident data produced by connected cars, a conference heard.
Armour acquires Elite Insurance
Armour Group has completed its acquisition of Elite Insurance.
Towergate Underwriting rebrands as Geo Underwriting
Towergate Underwriting has restructured and rebranded to become Geo Underwriting.
Clearer definition of autonomous driving needed: Thatcham
The government needs to clearly define what constitutes autonomous driving in order that insurers can properly determine liability, a conference heard.
Gang sentenced after £95,000 insurance scam
13 people have been sentenced for conspiracy to defraud insurance company 1st Central following an Ifed investigation.
MIB could help OEMs share accident data with insurers
The Motor Insurers’ Bureau could act as a platform for car manufacturers to share with insurers accident data generated by autonomous vehicles, a conference heard.
Investment by reinsurers into insurtech was highest in 2017
Reinsurers led the way in insurtech investment during Q4 2017, directly and through their corporate venture arms.
Axa's Williams warns motor insurers against becoming obsolete
Motor insurance is going to be "massively impacted” by the advent of autonomous vehicles, a senior Axa executive has warned.
Volvo to launch autonomous cars in 2021
Volvo is “fairly confident” it can start selling autonomous vehicles to individual drivers in 2021, a conference heard.
Andrew Bailey and Canadian Astronaut confirmed to speak at Biba conference 2018
Andrew Bailey, CEO of the Financial Conduct Authority and Canadian astronaut Chris Hadfield are among the speakers confirmed for the British Insurance Brokers' Association's 2018 conference.
Urban Jungle develops API for home and contents insurance
Urban Jungle has developed an application programming interface which will be rolled out to partnering home insurers.
Analysis: Insurers likely to feel impact of sexual harassment claims
With sexual harassment cases hitting the headlines, how will the insurance industry be affected – both internally and externally?
Allianz to make up to 80 further redundancies in claims restructure
Allianz is placing a further 80 jobs at risk of redundancy amid a restructure of its claims operation.
LV prepares to overcome ‘challenges’ with re-entry to home market
LV has acknowledged it faces “challenges” in making profitable the home portfolio it acquired as a result of the Allianz personal lines merger.
400 jobs at risk following LV and Allianz merger
Up to 400 LV and Allianz employees are at risk of losing their jobs as a result of the companies’ strategic partnership.
EC report recommends adapting Solvency II
The European Commission and Insurance Europe have welcomed a report that suggests adapting Solvency II to facilitate sustainable investment.
Chubb sees income drop in Q4 despite US tax reform gains
Chubb reported net income for the fourth quarter ended December 31, 2017 of $1.53bn, a drop from the $1.61bn reported for the same quarter last year.
Five insurers reveal by how much industry women are underpaid
Five insurers have revealed by how much women are underpaid in their organisations compared to men.
Cyber threat growing quicker than claims data: IUA
A rapid growth in cyber threats has posed a challenge to the industry in acquiring claims data, the International Underwriting Association has warned.