Insurer
UK property pricing up 16% in Q2: Marsh
Global commercial insurance prices rose 19% in the second quarter of 2020, research by Marsh has revealed.
Government interventions to spare credit insurers the worst of pandemic losses
Credit insurers face pandemic-related claims continuing well into 2021 but will avoid losses on a similar scale to those seen after the 2008 global financial crisis thanks to government interventions, according to Fitch Ratings.
Analysis: Beirut blast – cost of humanitarian crisis could top $10bn
The explosion in Beirut, Lebanon at around 6pm local time on Tuesday 4 August tragically killed at least 157 people and wounded another 5000, with more than a hundred still missing as rescue efforts continue.
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.
Aviva planning aggregator motor roll out after Confused pilot
Aviva is targeting this autumn for the next stage of its move onto aggregators after a trial with Confused, Colm Holmes, Aviva CEO of general insurance, told Post.
Amanda Blanc promises to shake up Aviva
It is abundantly clear that “meaningful change” is needed to unlock Aviva’s potential, according to CEO Amanda Blanc.
RSA cutting 300 roles
RSA has announced a voluntary redundancy programme as part of a process designed to reduce its headcount by the equivalent of 300 full time roles.
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…
Markerstudy 'surprised' by union criticism as it confirms Co-op redundancies
Markerstudy's purchase of Co-op’s underwriting business could lead to up to 300 redundancies, with the group telling Post it has committed to keeping 700 staff and is actively engaging with Unite the union.
Hastings agrees £1.66bn takeover
Finnish insurer Sampo and South African financial services firm Rand Merchant Investment Holdings have agreed a £1.66bn takeover with the directors of Hastings.
AIG adds $458m of Covid-19 losses in Q2
AIG reported an underwriting loss of $343m (£262.8m) for general insurance business in the second quarter of 2020.
FCA warns of action on BI claims deductions
The Financial Conduct Authority has warned insurers making deductions to non-damage business interruption claim payments based on government payouts that it will intervene if firms do not meet its expectations and treat customers fairly.
RSA to exit wedding insurance in early 2021
RSA will cease to underwrite wedding insurance when its John Lewis contract ends at the beginning of next year, Post has learned.
Further cost-cutting expected at RSA UK
RSA will look to cut further costs in its UK arm, RSA CEO Stephen Hester confirmed as the insurer released it first half results for 2020.
No evidence of reputation hit to business, says Hiscox global retail CEO
Hiscox has not seen a slowdown in business as a result of its high-profile involvement in disputes over coronavirus business interruption claims, the insurer’s global retail CEO Ben Walter told Post.
FCA vulnerability guidance ‘far from enough’ warns former retail GI boss
The Financial Conduct Authority's guidance to help firms understand and assist vulnerable customers may be a start "but is far from enough”, the watchdog's former retail general insurance boss has cautioned.
Hiscox bulks up Covid claims hit estimate as group faces loss
Hiscox swung into a loss for the first half of 2020 as it increased its Covid-19 claims hit estimate.
Thatcham publishes requirements for repair of ADAS vehicles
Thatcham releases insurance industry requirements for the safe repair of ADAS-equipped vehicles.
BI court case judges aiming for draft judgment in mid-September
Lord Justice Flaux has confirmed the middle of September as the target date for a draft judgment in the business interruption court case brought by the Financial Conduct Authority against UK insurers.
Future Focus 2030: The future of property podcast - how IoT sensors, automation and granular data will shape the next decade
It is the year 2030. The explosion of internet of things devices has really taken hold impacting both the personal and commercial property markets.
ABI seeks to ‘tell the full story’ on industry’s Covid response: Huw Evans
The industry should not shy away from the business interruption insurance issue but equally it is not “the be all and end all of the Covid crisis”, according to Huw Evans, director general of the Association of British Insurers.
US Covid-19 liability shields: What do they mean for UK insurers?
As US states introduce a new wave of legislation intended to encourage businesses to reopen without the fear of an onslaught of Covid-related lawsuits, Andrea Best and Kristi Garrett of law firm Mc Dermott, Will & Emery ask whether these liability…
Complete Cover deal saw £108.7m written off
The net liability position of Complete Cover’s ultimate holding company Key Topco improved from a deficit of £93.4m at the end of 2018 to just £1.7m by the end of March 2020 after the takeover by Sun Capital Partners at the start of this year.
Sun Capital injected £7m into Mulsanne as SCR fell below 100%
The new backers of Mulsanne Insurance Company had to invest £7m into the Gibraltar-based underwriter this April to meet solvency capital requirements.