News
Aviva detects £127m worth of fraudulent claims in 2024
Aviva reported a 14% increase in the number of claims it declined in 2024 due to fraud, uncovering more than 12,700 fake claims worth a total of £127m.
Aviva and Axa hit back at claims made by Which?
Aviva and Axa have refuted claims by Which? that their “potentially unfair definitions of storms and floods” are being used to reject claims made by customers who have had their property damaged.
California scheming costs fraudster £60k
A man has been sentenced for making an insurance claim worth £59,987, after he pretended he crashed a hire car while on holiday in California.
Earnix CEO warns against ‘either/or’ AI strategy
Choosing between generative AI and traditional machine learning could prove limiting, says Earnix CEO Robin Gilthorpe, who is urging insurers to harness both to unlock a powerful springboard effect.
Acorn GWP surges amid sale speculation
Acorn Group has this morning revealed gross written premium for 2024 reached £742m, reflecting a 41% year-on-year increase.
MP says social media firms in ‘last chance saloon’ over ad spoofing
Both social media firms and insurance companies must do more to tackle ghost broking, Luke Charters, MP for York South told the Association of British Insurers’ fraud conference.
IFB votes to expand membership scope
Members of the IFB have voted to approve the firm’s new articles of association at its annual general meeting earlier today (4 April).
Martyn's Law receives Royal Assent
Businesses have been given two years to implement the requirements of Martyn’s Law, landmark piece of counter-terrorism legislation.
Yutree plans tech investment following management buyout
Insurance broker and underwriting agency Yutree Insurance has completed a management buyout, stating that it wants to “deliberately” buck the trend of selling to consolidators.
Ardonagh Advisory buys firm; NBS x Hiscox; Tokio Marine’s head of compliance
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
‘Boomier and bustier’ cyber market needs to grow more sustainably
Gallagher Re CEO Tom Wakefield has challenged the cyber insurance market to act now to avoid future volatility, after saying that recent cycle management had cost the class of business in terms of growth.
Trump’s tariffs impact on insurance laid bare
The introduction of US president Donald Trump’s tariffs on Wednesday (9 April) will increase the cost of claims, particularly in motor and home insurance, experts have warned.
Pen Underwriting sets sights on £1.75bn GWP target
Pen Underwriting has set a target of increasing gross written premiums to £1.75bn by 2030, CEO Tom Downey has told Post.
AI could lower the bar for start-up insurtech founder expertise
Artificial intelligence could enable more insurtech start-up activity from founders with insurance backgrounds, as opposed to tech expertise.
FOS sets redress target as it predicts complaints increase
The Financial Ombudsman Service has set itself a target of resolving 270,000 cases in the 2025/2026 year, representing a 20% increase compared with the previous year.
FCA premium finance crackdown saves consumers £100m
Since the the Financial Conduct Authority’s head of insurance Matt Brewis labelled premium finance a “poor product”, car and home insurance customers have saved more than £100m in the last year after insurers reduced how much they charge policyholders…
ABI appoints Baroness Swinburne as chair
The Association of British Insurers has appointed Baroness Kay Swinburne as its new independent chair.
Carnegie-Brown to become Rothesay chair after Lloyd’s exit
Outgoing Lloyd’s chair Bruce Carnegie-Brown is set to become chair of pensions insurance specialist Rothesay when he leaves Lime Street at the end of the month.
SSP to target larger brokers ‘soon’
SSP Broker managing director Martyn Mathews has told Insurance Post the company will soon be ready to compete for the business of larger brokers, after a period of “getting the house in order”.
Gallagher targeted senior staff with mock deepfake fraud impersonating CEO
Gallagher recently carried out an internal simulated test whereby its IT department targeted staff with an $10m (£7.7m) attempted deepfake fraud, the CEO of its reinsurance brokerage has revealed.
Insurers struggle to move AI from testing to deployment
Roots has found that while 70% of insurance executives are actively testing or exploring AI solutions, fewer than 22% have advanced to full production.
