News
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.
Flood Re aims to make Build Back Better the industry standard within a year
Flood Re CEO Andy Bord set out his ambition to make ‘building back better’ as much of an industry standard within a year as ‘new for old’ is with regards to contents insurance claims.
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.
Surveyor sounds alarm over £2.2bn insurance gap
More than a third of buildings surveyed by valuation specialists Charterfields have been underinsured by over 50%, the firm revealed in a report.
Biba insists regulators cannot mark their own homework
The British Insurance Brokers’ Association has called for greater external scrutiny of the cost benefit analyses produced by regulators when they introduce new rules for the sector.
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.
Zurich to focus on HNW, MGAs and partnerships as it pulls out of broker PL
Zurich UK has today announced plans to refocus its personal lines home and motor business to concentrate on high-net-worth through Zurich Private Clients, alongside its MGA and partnership channels.
Government grills FCA on broker commission
Sheldon Mills, executive director for consumers and competition at the Financial Conduct Authority, conceded the regulator needs to “be tougher on brokers” after Dame Angela Eagle slammed them for “ripping off leaseholders”.
Hillon to succeed retiring Kenyon as Allianz Personal pricing director
Allianz Personal has appointed James Hillon as director of pricing for personal lines, replacing the retiring Hugh Kenyon.
CII heralds ‘new era’ after flooding PFS board
The CII Group has finally flooded the board of the Personal Finance Society, more than six months after it threatened to do so just before Christmas.
View from the top: MS Amlin’s Martin Burke on the future of underwriting
Martin Burke, director of underwriting performance at MS Amlin, reflects on the market in 2023 and outlines the three considerations that will define how the future generation of underwriters supports clients and brokers through economically challenging…
Zego automates 10% of claims after in-house move
Zego’s Ian Kershaw has hailed AI’s potential to ‘automate’ and ‘innovate’, after the insurtech brought some customer-facing functions in-house, allowing it to straight-through process 10% of its claims.
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.
BoE braces insurers to handle more cash-strapped customers
The Bank of England has warned higher interest rates increasing debt-servicing costs will result in general insurers having to handle a growing number of people financially squeezed in the coming months.
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.
Swiss Re predicts motor insurance’s return to profitability
As general insurers have been absorbers – rather than multipliers – of market woes in 2023, Swiss Re is predicting premium and profitability growth for the industry over the next couple of years.
Claims handlers' errors put Zurich on the hook for uncovered Covid claims
The Commercial Court has told Zurich it is obliged to indemnify a student travel company for Covid cancellation refunds, even though the refunds fell outside the scope of its policy.
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.