News
Prima eyes UK reliance following global expansion
Italian-founded insurtech Prima launched internationally with a goal to achieve more than two-thirds of its total premiums solely from the UK market.
A smooth exit strategy is essential should things go south, says PRA
Shoib Khan, director of insurance supervision at the Prudential Regulatory Authority, warned that businesses and senior management must be ready to pull the plug on writing new business before things get too messy should market conditions become too…
CII apologises for latest IT mistake
The Chartered Insurance Institute has made yet another IT error, which saw established members “welcomed” to the 126-year-old professional body.
FCA still asking insurers if they have heard of Consumer Duty
With only four months to go until the Financial Conduct Authority’s Consumer Duty comes into force, the regulator has reached out to insurers to ask if they have even heard of the new set of rules.
Today is the final deadline for entering the 2023 British Insurance Awards
With entries closing at 5:00pm today, time is ticking for you to get your entry in for the 2023 British Insurance Awards.
Best Lloyd’s underwriting result in years not enough to prevent pre-tax loss
Lloyd’s has posted a pre-tax loss of £769m for 2022, despite achieving its strongest underwriting result since 2015.
Admiral launches telematics product; Generali partners with Supercede; FCA hires in enforcement
Friday Round Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Home Office urges insurers to ‘be more ambitious’ in tackling fraud
Duncan Tessier, director of economic crime at the Home Office, has warned the insurance industry that it cannot tackle the “staggering growth” in fraud without public-private partnerships.
Exeter University bomb damage excluded from cover in Allianz win
The High Court has ruled that damage to buildings at the University of Exeter caused by the detonation of a Second World War bomb in 2021 was not covered by insurance.
Group income surpasses £1bn as Ross reflects on five years of Ardonagh
The broker celebrated its fifth birthday in 2022, and has continued on its path to growth through acquisitions.
‘Serious concerns’ about Ombudsman power to increase redress awards by 20% in two years
Industry experts shared concerns that the Financial Ombudsman Service's award limits are “very high” and could push small firms out of business.
Insurers are increasing admin fees after ‘loyalty penalty’ ban
Research from Go Gompare found that more products are subject to administrative fees across its car insurance policies since the introduction of the Financial Conduct Authority’s General Insurance Pricing Practices regulations last year.
‘Major reset’ expected in motor personal injury two years on from whiplash reforms
Minster Law CEO Shirley Woolham said following a complex year that saw industry come out of a pandemic and continue to deal with the aftermath of whiplash reforms, the personal injury motor market is transforming into a different landscape.
Heatwave sees subsidence insurance payouts surge to £219m
Insurers expect to pay £219m in subsidence claims made in 2022, according to the latest Association of British Insurers data.
MGAA’s Keating on why a ‘tick-box’ approach to EDI is unacceptable
Mike Keating, chief executive of the Managing General Agents Association, said the trade body’s equality, diversity and inclusion training programme will highlight how companies cannot take a “tick-box” approach to the issue anymore.
Ombudsman compensation limit soars to £415K
From the start of next month the Financial Ombudsman Service's award limits will increase from £375,000 to £415,000 for acts or omissions by insurance firms on or after 1 April 2019.
Semiconductor sector looks to the insurance industry to help close protection gap
A joint report from Lloyd’s and WTW has highlighted significant scope for collaboration between the semiconductor industry and insurers to address supply chain risks.
Multiple insurers join neurodiversity campaign
The Group for Autism, Insurance, Investment and Neurodiversity has launched a campaign to push the way the insurance industry operates to better enable and equip neurodivergent employees.
FCA contacts insurers over Consumer Duty concerns
The Financial Conduct Authority is already reaching out to insurance firm bosses to raise concerns the businesses won’t comply with the Consumer Duty when it comes into force in July.
US insurtech eyes UK commercial motor insurance market
Tony Beirne, of US commercial trucking insurance provider and insurtech Cover Whale, has revealed the business is “very open to other geographies”.
Breakdown insurers sceptical over £200m investment to fix potholes
Chancellor Jeremy Hunt pledged a further £200m to help tackle the pothole problem in Wednesday's budget, but breakdown insurers are sceptical over its effectiveness.
SVB collapse sparks long-term funding fears for UK tech sector
The collapse of Silicon Valley Bank and a rescue deal from HSBC has raised questions about the future of the UK tech space and startups’ access to funding.
Law firm reprimanded after criminal employee defrauds Aviva
Harwood has been found liable for losses, damages and costs incurred by Aviva after recruiting a solicitor with a criminal record.
End of Energy Bill Relief Scheme could be ‘final nail in the coffin’ for SMEs
SMEs could face more hardship as the Energy Bill Relief Scheme comes to an end, after the cost of living and energy crises led to over half a million insolvencies in 2022.