News
WTW collabs with Clyde and Co; Canopius unveils cyber team; Hiscox appoints CIO
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Direct Line ordered by FCA to reassess historical total loss claims
The Financial Conduct Authority has ordered the motor insurer to go back through five years of claims, after admitting it had underpaid some car and van insurance customers.
Chancellor to sign EU financial services co-operation agreement
Jeremy Hunt, Chancellor of the Exchequer, will sign an agreement on financial services co-operation with Mairead McGuinness, European commissioner for financial stability, financial services and the capital markets union.
Winn Group targets high-profile partnerships after more than doubling turnover
After Winn Group increased turnover by 139% in 2022, founder and executive chairman Jeff Winn has targeted some big-ticket partnerships to take it past £300m by the end of 2023.
Tough times ahead for motor insurers after ‘worst performing year in a decade’
Motor insurers should expect further losses this year as high inflation and low premium costs continue to hound the sector, reports say.
More FCA action against AR brokers is nigh
Sue Mallender, senior consultant of regulatory consultancy Sicsic Advisory, has warned the regulator is likely to place restrictions on more appointed representative general insurance broking businesses in the months to come.
CMA reverses Copart merger decision after industry support
Having originally raised competition concerns, the Competition and Markets Authority appears to have completed a u-turn on its findings around Copart’s acquisition of Green Parts Specialist Holdings Ltd (formerly Hills Motors).
Zurich aims to build sustainable supply chain
Zurich has shared plans to build stronger transparent environmental reporting with its suppliers, and how it aims to be “one of the most responsible” sustainable companies in the world.
Bank of England says claims inflation will continue to affect every insurer
The Bank of England has provided feedback to the market from its review on the effect of claims inflation and whether insurers took recommendations on board.
Qover and Revolut partner; Marsh to aid Ukraine; AIG appoints CFO
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Allies needed for underrepresented voices to be heard
Leaders in the financial services sector have shared the importance of how allies push for a more inclusive environment, but need more to step up and speak out.
Davies to face no regulatory action over cyber attack
The Financial Conduct Authority and Information Commissioner’s Office won’t be taking action against Davies Group following last summer’s cyber attack.
Q&A: Fraser Edmond, Broker Insights
Broker Insights founder and CEO Fraser Edmond speaks to Insurance Post about the inefficiency of the commercial insurance space, bridging the knowledge gap between insurers and brokers, and how he hopes to more than triple the company's coverage by the…
CII and PFS clash continues as more board members exit
Two long-standing independent directors of the Personal Finance Society have quit the board, citing “significant concerns” about the Chartered Insurance Institute’s hold over the financial advice body's coffers.
Lloyd’s former broker Terry Wellard dies
Terry Wellard, the longest-serving chairman of the LIBC Motor Executive Committee, has died aged 82.
Bank of England to test mini-Budget-type stress on insurers
The Bank of England has launched its first “system-wide exploratory scenario” to throw light on the behaviours of insurers, banks and investment funds in stressed financial market conditions.
Aon hit by Russian MOVEit data hack
Insurance Post can reveal that Aon has been caught up in the MOVEit data hack, which has embroiled a number of major corporations.
The Insurance Charities seeks industry support for its awareness campaign
As the cost-of-living crisis continues to leave people feeling the pinch, The Insurance Charities is asking for help so it can reach those in need.
Ifed reports surge in opportunistic fraud
The City of London Police’s Insurance Fraud Enforcement Department has reported a growing number of people making fraudulent insurance claims as a result of cost-of-living pressures.
Furness to leave Covéa after 30 years
Covéa Insurance has selected Georges de Macedo as chief executive and Chris Moat as chairman of its board of directors.
EU moves forward with AI regulation
The use of artificial intelligence in the EU will now be regulated by the AI Act to ensure that AI developed and used in Europe complies with EU rights.
Luko joins Admiral; Stubben Edge launches capital arm; Aspen appoints reinsurance CUO
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Industry-specific GPT ‘only way’ to mitigate security risks
Simplifai has stressed that specially built industry-specific GPT, which is trained on insurance data, can alleviate AI concerns and tackle security and data privacy issues.
Mixed injuries confusion will ‘inevitably’ cause more OIC delays, MIB boss claims
Dominic Clayden, CEO of the Motor Insurers’ Bureau, said a resolution on mixed injuries needs to be found quickly, no matter the outcome.