News
ICEYE insurance head reveals plans for nat cat solutions
Stephen Lathrope, global head of insurance at space technology company ICEYE, has outlined the company’s plan to provide solutions targeted at a range of natural catastrophe perils.
General insurers share how the FCA fails to satisfy them
Three out of 10 general insurers question how effective the Financial Conduct Authority has been in regulating the financial services industry over the past year, according to a poll commissioned by the FCA Practitioner Panel.
Radar satellites promise to transform insurer flood responses
Space technology company ICEYE’s constellation of radar-equipped satellites gives insurers the ability to have a more informed response to floods just hours after they occur, its global head of insurance Stephen Lathrope has said.
Home Office launches insurance fraud charter
Following the formation of a motor insurance taskforce to crack down on premiums, the government has launched a fresh charter focused on tackling insurance fraud.
Aviva’s Rokstone partnership; EXL’s language model; Aon’s broking promotion
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
FCA uncovers extent of sexual harassment in insurance
The Financial Conduct Authority has found that London market intermediaries had the highest relative proportion of reported incidents of sexual harassment compared with other surveyed sectors.
LMA calls for underwriter training to address ‘silent’ transition
The Lloyd’s Market Association has recommended that underwriters go through transition training to understand client’s transition pathways and avoid “silent” transition risks.
Depletion of smaller home claims pushing average cost up
Analysis carried out by Verisk has revealed a 17% increase in the average cost of home insurance claims in Q3 2024 compared to the same period last year.
Most complained about general insurers revealed
Admiral, Direct Line Group, Aviva, Esure and Axa were the most complained about general insurers in the first half of 2024, according to the latest Financial Ombudsman Service data.
Axa XL extends cyber cover to internal GenAI risks
Axa XL has extended its cyber insurance coverage to emerging generative artificial intelligence risks, but risks associated with popular GenAI chatbots such as ChatGPT and Microsoft Copilot remain out of scope.
Regulation widening modernisation gap between US and Europe
The US is lagging behind the UK and Europe in terms of modernisation, John Cheney, digital transformation sales lead at Charles Taylor InsureTech has told Insurance Post.
Over half of risk managers think key risks are set to become uninsurable
More than half of risks managers believe that some of the key business activities and locations are set to become uninsurable, a survey by the Federation of European Risk Management Associations has found.
Covéa CEO rules out working with MGAs again
Georges de Macedo, CEO of Covéa Insurance, has revealed the provider won’t work with MGAs again as he feels “control from an underwriting perspective” is key to returning to profit.
Allianz settles Various Eateries BI lawsuit
Allianz and Various Eateries have settled their Covid business interruption lawsuit after several failed appeals by both parties.
Markerstudy backer agrees deal to buy Collingwood
Markerstudy backer Pollen Street Capital has agreed a deal to acquire Collingwood Insurance Services Ltd, Insurance Post can reveal.
CII reveals plan to help insurers win the war for talent
The Chartered Insurance Institute intends to build on the take-up of its virtual work experience programme by linking students contemplating a career in the sector with employers hunting for fresh talent.
Perkins Slade founder David Slade passes away
David Slade, founder, chairman and CEO of Perkins Slade Limited, has passed away at the age of 80.
Home insurance premiums predicted to climb 19% in 2024
Analysis by EY has revealed that home insurers once again made a loss in 2023, with further losses forecast for 2024.
Sprout AI targeting one billion customers by 2030
Roi Amir, CEO of Sprout AI, said the firm is looking to reach one billion customers within five to seven years, and confirmed when the company will expand into pet and travel.
Premium finance outlook ‘improving’ as FCA begins review
Following increased regulatory scrutiny from the Financial Conduct Authority, Pearson Ham research has found that average premium finance costs for motor and home insurance decreased over the last year.
Storm damage behind one in five of Aviva’s home claims
Aviva has revealed that 19% of all UK home claims between 2020 and 2024 were related to storm damage.
Rachel Lam expands remit at ombudsman
It has been confirmed to Insurance Post that Rachel Lam has been given a wider remit at the Financial Ombudsman Service.
Pen’s cyber revamp; Chubb’s construction practice; Unum CEO joins ABI board
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Allianz and theatre group await court ruling
The Ambassador Theatre Group and its insurer, Allianz, are expecting a judgment in their ongoing dispute over Covid-related business interruption cover before the end of the year.