News
Motor insurance payouts rose faster than premiums in Q2
The Association of British Insurers has revealed that motor insurance payouts rose by 29% in Q2, up to £2.5bn, outpacing premiums.
24 firms battle it out on 11th Lloyd’s Lab pitch day
The Lloyd's Lab programme is returning for its eleventh cohort, seeking “fresh ideas” to challenge how the insurance sector operates and help the Lloyd’s market better serve its customers.
Simon McGinn appointed Dual UK CEO
Simon McGinn has been appointed as CEO of Dual Group’s UK business, as the Howden-owned managing general agent looks to more than double the premium it writes.
Lightweight concrete used in schools poses coverage questions
A construction material that has sparked widespread concern about the safety of school buildings could present insurance coverage challenges, were its use to give rise to claims.
Fundamentally dishonest fraudsters ordered to pay Zurich £30k
Two fraudsters have been found to be fundamentally dishonest and ordered to pay £30k in legal fees following an attempt to fraudulently seek damages against Zurich.
Three-year time limit for new vehicle MOTs set to stay
The result of the Department for Transport’s consultation on the mandatory time limit for MOTs is likely to result in the rules remaining unchanged, Insurance Post can exclusively reveal.
Aston Lark’s latest acquisition; World Nomads’ travel product partnership; and Lloyd’s unveils Women’s Cricket Team
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Direct Line to refund £30m to overcharged home and motor customers
Direct Line has agreed to a past business review after the FCA found it had breached dual pricing rules, having charged some customers at renewal more than if they were a new customer.
Direct Line ordered to pay £65,000 for discrimination against menopausal employee
An employment tribunal has ordered Direct Line to pay close to £65,000 to a former employee after finding the insurer breached the Equality Act (2010) in 2021.
Reinsurers’ share of nat cat losses shrinks as profits rise
The proportion of total industry natural catastrophe losses taken by reinsurers has fallen in recent years, with primary insurers retaining more risk.
‘Crash for Cash’ fraudsters shifting focus to rural and residential areas
The City of London Police’s Insurance Fraud Enforcement Department has said ‘crash for cash’ scammers are evolving their tactics after reported cases of opportunistic fraud soars by 61%.
Direct Line Group appoints Aviva’s Winslow as CEO
Direct Line Group has this morning announced that Adam Winslow, formerly CEO of Aviva’s UK and Ireland general insurance business, as its group CEO.
Markel launches construction proposition; Pen secures solcitors' PI capacity; Partners& acquires Nex Gen
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
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.