News
Apil issues proceedings challenging imminent PI reforms
The Association of Personal Injury Lawyers has issued judicial review proceedings against the Ministry of Justice regarding imminent personal injury claim reforms.
Value of average insurance fraud hits record £15,000
The Association of British Insurers has revealed the value of the average fraudulent claim in 2022 rose 20% to £15,000.
Admiral welcomes slimming down of insurer reporting rules
The Prudential Regulatory Authority’s latest review of the regulatory reporting it requires from UK insurers has been welcomed by Admiral.
Tysers CEO to depart as parent group splits up business
Tysers CEO Clive Buesnel is to step down at the end of August, following the splitting up of the Lloyd’s broker’s operations by parent group AUB Group.
Chubb survey finds surging demand for embedded insurance
Increasing consumer demand is accelerating the adoption of digital insurance offerings and gaining momentum in Europe, research has found.
Hemming appointed as Hiscox chief distribution officer
Hiscox has appointed former Aviva distribution boss Gareth Hemming as its UK chief distribution officer.
Resilience to build out UK and Europe operations after $100m funding round
Cyber MGA Resilience is set to build out its operations in the UK and Europe following a $100m (£78.9m) Series D funding round.
Aviva’s Winslow reveals how provider is using AI
Adam Winslow, CEO of Aviva UK & Ireland general insurance, has revealed the provider is mainly testing artificial intelligence in the operational environment.
Specialist Risk Group's latest deal; Animal Friends partners with Costco and Gauntlet joins Brokerbility
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
WTW tells insurers to up their data science game
Tim Rourke, UK head of P&C pricing, product, claims and underwriting at Willis Towers Watson, has warned the era of data science as a research and development activity has passed and insurers need to ensure those employed in this area deliver operational…
Oliver Wyman to rapidly build 'double-digit headcount' UK actuarial practice
Oliver Wyman expects to “quickly recruit a team with a "double-digit headcount” to its UK actuarial practice, the Marsh McLennan management consultancy has told Insurance Post.
Hurricane victims’ claims to be sped up with 360-degree imagery
McKenzie Intelligence Services has piloted CAT360 to boost insurers’ responses to US hurricane losses and speed up claims by providing ground-level imagery.
Caravan thefts lead to 34% increase in premiums
An increase in caravan thefts has led to the average insurance premium for a caravan increasing by 34% since 2021, according to Go Compare.
Aviva chiefs reveal how the provider achieved 13% GWP growth
Aviva bosses have revealed the part rate and new product lines played in pushing general insurance premiums up 13% in the first half of 2023.
Admiral CEO claims the cycle is turning for motor
Admiral Group CEO Milena Mondini de Focatiis is expecting business to pick up in the latter half of this year after reporting a £298m UK motor business profit in the first half of 2023.
Ecclesiastical sees surge in financial lines claims from charities
Ecclesiastical has received hundreds of financial lines claims from charities post pandemic with the provider predicting these organisations are seen as “easy targets”.
Biggest risk factor for adopting generative AI revealed
Companies are not fully prepared for the widespread use of generative artificial intelligence, or the business risks these tech tools may bring, research from McKinsey & Co has found.
Lloyd’s refresh won’t usher in ‘dystopian digital future’
The ongoing refurbishment of the Lloyd’s underwriting room is not a step towards a “dystopian digital future”, the market’s chairman Bruce Carnegie-Brown has said.
Insurance M&A activity continues to slow down
Lack of demand for insurtech businesses plus concerns about a target company’s data security resulted in less merger and acquisition activity in the UK in the first half of 2023, according to Clyde & Co.
Greensill administrators sue Zurich for unpaid trade credit claims
The administrators of Greensill Bank are suing Zurich, alleging the insurer wrongfully refused to pay claims under a trade credit insurance policy.
Motor insurance premiums hit record high
The average price of motor insurance has been pushed higher by the rising cost of vehicle repairs, according to ABI analysis.
Aviva expands underwriting appetite; Flood Flash with Hiscox; Dual deal
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Allianz CEO anticipates 'strong rate' environment for rest of 2023
Colm Holmes, CEO of Allianz Holdings, has warned the insurance giant will need to continue to rate “to cover the impact of inflation” in the latter half of this year.
Hiscox achieves tenfold increase in H1 profits
Aki Hussain, group chief executive of Hiscox, has revealed how a decision to preserve capital over the last few years has paid off with bumper profits at the start of 2023.