News
Wildlife populations plummet 70% as IFOA publishes biodiversity policy
The Institute and Faculty of Actuaries has published its Biodiversity and Nature-Related Risks policy as biodiversity loss becomes a top global concern.
Insurance broking sector’s vulnerability to cybercrime uncovered
More than 38,600 pieces of data have been leaked from the top 75 UK insurance broker domains since 2016, according to a scan of the dark web conducted on behalf of Insurance Post.
FCA extends latest product governance survey deadline
Having originally given brokers only a few weeks to send back a “demanding” survey into product governance and distribution practices, Post can reveal the FCA has extended its deadline from 11 August to 1 September.
Icmif CEO to tackle climate change before he retires
Before stepping down as CEO of the International Cooperative and Mutual Insurance Federation, Shaun Tarbuck plans to stop insurers simply talking all all ‘blah blah’ and PR, and get them actually tackling climate change.
How insurance boardrooms are changing
Data analysis: An EY survey has reviewed the movements of board members, with insurance showing a higher turnover rate than last year, which might be representative of new focuses within the boardroom.
Axa XL’s carbon emissions product; Defaqto’s updated Matrix software; Flock appoints CFO
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
FCA to make Digital Sandbox permanently available for insurers
Following two successful pilots, the Financial Conduct Authority will make its Digital Sandbox available permanently for firms in the insurance sector from 1 August 2023.
Business fraud market to increase nearly 20% by 2025
Allianz Trade claims the current business fraud market GWP in the UK is around €280m (£244m), and it is expected to increase to €330m by 2025.
Bain Capital is back after LV deal fallout
Bain Capital Insurance is focused on pursuing middle market transactions in North America and Europe after it announced the final close of its inaugural private equity fund at $1.15bn.
Zero GI insolvencies brings FSCS compensation down for 2022/23
The Financial Services Compensation Scheme has reported that for the year ending 31 March 2023, it paid £163m in compensation for general insurance providers, £23m less than the year before.
Elon Musk joins the AI party
Elon Musk has announced the formation of xAI, his long-anticipated artificial intelligence startup designed to compete with Open AI’s Chat GPT, Google’s Bard, and other similar platforms.
Four insurers save £650K by challenging credit hire costs
Admiral, Hastings Direct, KGM Underwriting Services and LV General Insurance have successfully challenged the prices charged by credit hire firms in recent weeks, according to law firm HF.
MoJ ‘finally’ opens consultation for RTA medical reporting
The Ministry of Justice has today opened a 12-week consultation, seeking feedback on issues relating to medical reporting in support of road traffic accident-related PI claims valued up to £5,000.
RSA moves to double professional indemnity business by 2026
RSA Insurance has launched an excess of loss product – the first in a phase of launches as it aims to double the size of its professional indemnity business by 2026.
Arag agrees deal to buy Das UK
The Arag Group is set to buy Das UK, Ergo’s legal protection insurance business.
Flooding to become ‘more persistent’, with 3m urban homes at risk
The chair of Flood Re has warned widespread flooding will become “more persistent” in the UK with over three million homes in urban areas at risk of flash flooding.
Ardonagh’s hat trick of purchases; Hiscox and IS2 partner; Howden sponsors the Lions
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Big Interview: ABI’s Mervyn Skeet
In his first big interview since being appointed director of general insurance policy at the Association of British Insurers, Mervyn Skeet speaks to Scott McGee about the reinsurance scheme for high-risk buildings and closing expectation and protection…
Insurers unsure what diversity data they can collect, legal experts say
Firms have been urged to collect diversity data on a voluntary basis to be able to make “positive action steps” towards change.
Subsidence costs to increase 800% if climate change continues at current rate
PWC has predicted that, if climate change continues to increase the severity of weather in the UK, insurers will be facing costs of around £1.9bn per year just in subsidence claims.
Best Insurance Employers to work for in 2023 revealed
Konsileo and Aioi Nissay Dowa Europe have been named as the greatest SME and large places to work, respectively, in this year's Insurance Post Best Insurance Employers Survey.
MGA service superior compared with ‘monolithic’ insurer approach
Standards have slipped for “big household name” insurers and MGAs have stepped up to offer a “tailor-made” service which is making them the partner of choice, brokers have revealed.
DWF confirms Inflexion approach to buy
Law firm DWF has confirmed it has been approached to be acquired by Inflexion in a deal worth £342m
Most common home insurance claims revealed
Go Compare found accidental damage and escape of water made up more than half the most common reasons customers claim on their home policies.