Property
Heatwave sees subsidence insurance payouts surge to £219m
Insurers expect to pay £219m in subsidence claims made in 2022, according to the latest Association of British Insurers data.
Gallagher partners with Knight Frank Finance; Azur announces MBO; Criterion appoints MD
Friday Round Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Lloyd’s steps up worst-case scenario planning for cyber and geopolitical risks
Lloyd’s is conducting exercises with the aim of better understanding how a major cyber event or adverse geopolitical developments might give rise to losses for the market.
Aviva UK&I GI sees growth as it returns more than £5bn in capital since 2021
Aviva Group CEO Amanda Blanc has announced strong results for the UK and Ireland general insurance business, while launching a £300m share buyback scheme, having taken capital return to over £5bn in two years.
Hiscox’s UK & London Markets’ GWP drops for 2022 but sectors stay profitable
Hiscox’s UK and London Markets businesses both dropped gross written premium in real terms but continued profitability, as the insurer announced the launch of an ESG sub-syndicate.
Ombudsman sees an uptick in travel and commercial property complaints
Data analysis: Financial Ombudsman Service data shows that travel insurance complaints are increasing as people head off abroad on their holidays once again following the Covid-19 pandemic.
Howden snaps up Reich
Howden has bought Reich Insurance Group, for an undisclosed sum, in a “significant step” to increase its footprint across north west England.
Big Interview: Crawford CEO Verma on averting the silver tsunami
Stepping up to the hotseat at the beginning of the pandemic might have initially phased him, but Crawford group CEO Rohit Verma tells Jonathan Swift how embracing technology, local empowerment, and being alive to the ‘silver tsunami’ has seen him make…
Perils pegs February 2022 storm losses at €3.8bn
Perils estimates that the final loss for the European windstorm series, which affected the UK and continental Europe from 16 to 21 February 2022, comes to €3.8bn.
What goes around is coming around on leaseholder insurance fees
News Editor's View: Scott McGee warns insurers and brokers that the ‘huge scandal’ of leaseholder insurance fees could be coming back to haunt them.
Weather and inflation turn up the heat on Allianz Holdings’ profit
Allianz Holdings saw its 2022 operating profit more than halve as a result of higher-than-expected inflation and continued disruptive weather, CEO Colm Holmes has said.
Zurich UK’s profits down £67m due to claims inflation
Zurich UK has posted a profit of £403m for 2022, compared with £470m in 2021, with bosses blaming the dip on the impact of large losses, claims inflation and the very strong prior-year result.
Gove to ban insurance commissions for freeholders
After an FCA investigation and a tribunal ruling, the Secretary of State for Levelling Up, Housing and Communities, Michael Gove has outlined plans to ban managing agents and freeholders from taking commissions when taking out buildings insurance.
Hiscox partners with Verisk; RSA launches carers’ policy & QBE restructures trade credit team
Friday Round Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Salvation Army launches £4 per month contents product addressing 'premium poverty'
With over a quarter of the 22.6 million households still without contents insurance, and with the cost of living crisis looming over society, low-cost and low risk products could start to make a comeback.
Aviva reshuffles claims legal panel; Minster Law partners with AA; Flood Re adds a NED
Friday Round Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Defra to set out recommendations to reduce flood risk
The Department for Environment, Food and Rural Affairs is looking to introduce a new approach to sustainable drainage, which is set to be incorporated into new developments in England to reduce flood risk.
Mould in properties is becoming a growing insurance issue
The death of two-year-old Awaab Ishak in a housing association flat has certainly placed the health risks posed by mould firmly in the limelight. Edmund Tirbutt explores the implications of this for the insurance industry.
Retiring Muress replaced by Simoncic at Sedgwick
Market moves: Sedgwick international chief executive officer Ian Muress has announced plans to retire on 31 March, when he will be replaced by Tom Simoncic.
Reinsurers reveal key takeaways from 'challenging' renewals
Reinsurers have reported that renewals went down to the wire on 1 January, as rapid changes in economic conditions resulted in tense and late, but largely completed, insurance deals.
Blog: How to use data to mitigate the risks from flash flooding
With the October rainfall total for England reaching 99.6mm, which represents 130% of the 1961 to 1990 long-term average for that time of year, Caroline Elliott-Grey, product manager and Heikki Vesanto, manager of insurance GIS data science, Lexis Nexis…
Pen invests in regional claims hub; Bikmo and Particle partner; Hedron Network appoints CEO from GRP
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
The insurance challenges facing churches this Christmas
As the cost-of-living crisis causes many to feel the pinch this Christmas churches and places of worship have been undergoing a transformation when it comes to the use of the house of God, one that the specialist insurers in the market have had to…
Intelligence: Is drone insurance a market that is still waiting to take off?
Four years on from a drone incident at Gatwick Airport, Martin Friel investigates whether the use of unmanned air vehicles has exploded as predicted and the opportunities this could open up for the insurance sector.