Property
RGA Underwriting gets Lloyd’s broker status
RGA Underwriting will start placing risks directly with Lloyd’s underwriters in a move the company says will let them place more unusual risks particularly in the property market.
Weald Insurance Brokers acquires insurance business of Steadman & Hozier
Kent-based Weald Insurance Brokers has acquired the insurance business of South Croydon-based Steadman & Hozier for a sum of around £5m.
Digital start-ups: Ready to launch
With a new start-up being founded every minute in the UK, the insurance industry has to meet the needs of this new breed of client.
Bristol contact centre to be hit by majority of Allianz job cuts
The majority of the 170 Allianz roles put at risk due to its proposal to exit direct home and motor insurance are Bristol contact centre jobs, Allianz UK CEO Jon Dye said, with the potential withdrawal impacting 187,000 policies.
170 roles at risk at Allianz as direct motor and home exit proposed
Allianz UK could withdraw from the direct home and motor markets and has entered union discussions due to approximately 170 roles that would be impacted by the move.
FM Global blames dollar strength for premium decline as combined ratio rises
FM Global said its financial results for 2015 were ‘outstanding’ despite a drop in its gross in-force premium and an increase in its combined ratio.
Perils increases loss estimate for Storms Eva and Frank
Catastrophe data firm Perils has revised the loss to the property insurance market caused by Storms Eva and Frank to £578m from its initial estimate of £526m.
Lloyd's underwrites first blockchain solution for sharing economy
The first blockchain insurance product for the sharing economy - underwritten at Lloyd's - has launched.
Vann to drive home growth at Esure with 'test and learn' approach
Esure is adopting a “test and learn" approach to expanding its home insurance footprint in a bid to quote for a wider UK demographic once rates improve.
Underlying profit drops at Esure amid challenging market in 2015
Esure recorded a deterioration in its combined operating ratio to 97.8% in 2015 (FY 2014: 91.9%) as underlying profit dipped by 22.7% to £82.9m (FY 2014: £107.2m) amid “highly competitive” market conditions.
Iprism strikes deals with QBE and Gallaghers after Gable pulls two lines mid-term
Liechtenstein-based insurer Gable Holdings has exited the tradesmen and high-net worth household lines of business it offered through the Iprism Underwriting Agency portal mid-term.
Gladwell to leave Innovation Group amid flurry of exits
Innovation Group UK property head Greg Gladwell is to leave the company on 31 March after six months in his role.
Legal Update: A sea of trouble for conveyancing
Flood Re is widely welcomed, but it also poses risks for those working in the property field and insurers may see a rise in claims
QBE comes under fire for price promise to undercut SME rivals by at least 5%
QBE has come under fire from a number of quarters following a guarantee to "beat any price" from major insurers on selected quotes before the end of March.
LV Broker finds underinsurance gap in 2.7 million ‘mid-net-worth’ homes
Households are not identifying themselves as wealthy enough, leaving the vast majority underinsured according to LV Broker.
Four more regional sites to be ‘optimised' in RSA cost-saving drive
RSA's offices in Liverpool, Halifax, Horsham and Chelmsford will be impacted by the insurer's plans to reduce its regional footprint.
Blog: Managing risk in bricks and water
Driven by global events and new economic dynamics, the risks of property damage claims are rising dramatically.
Average property damage claim cost more than doubled in past decade
The average cost of property damage claims has more than doubled in the past 10 years, with pay-outs totalling £4bn per year, according to research from law firm BLM.
Ageas will replace UK General capacity deal
Ageas will look to replace the agreement it had with UK General after it was announced Great Lakes Reinsurance (UK) will takeover as the managing general agent's major capacity provider.
Storms to cost Ageas £46.1m as FY profit slides
Ageas estimates it will pay £46.1m worth of claims following the December 2015 storms and floods, taking its 2015 combined ratio to 102% (2014: 99.8%).
Intellectual Property: Protecting bright ideas
It is a sad fact that most businesses only appreciate the value of intellectual property insurance once it is too late. So why is it vital?
ABI warns against further IPT hike in March budget as home premiums rise 3.1% in three months
The Association of British Insurers has warned the government against rolling out a further rise in insurance premium tax in the Chancellor’s upcoming budget, as independent research reveals a 3.1% rise in home premiums in three months.
IPT to blame for increase in building and contents premiums
The cost of buildings-only and contents-only insurance rose 3.5% in the most recent quarter, which can be largely attributed to the Insurance Premium Tax hike, according to the Association of British Insurers.
Blog: Towards the uberisation of claims?
Discussion in the insurance claims sector is increasingly about how customer care can be improved while keeping expenses down. And all eyes are turning to smart technology, believed to be capable of playing a role here.