News
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.
One Call director killed in car crash
Oliver Rose, a director of Doncaster-based insurance broker One Call and a former Biba Young Broker of the Year, has died aged 37.
Aercap protests fail as Russian aircraft claims to be heard together
Five lawsuits in which aircraft leasing companies are collectively seeking more than $4bn for the loss of planes stranded in Russia are to be heard concurrently in one trial, a Commercial Court judge has decided.
Lloyd’s appoints Bob James as chief operating officer
Lloyd’s has appointed Bob James, previously market transformation director, as chief operating officer.
Insurtechs send Chancellor ‘thank you’ letter after HSBC rescue of SVB UK
The UK insurtech sector has praised HSBC’s acquisition of the UK arm of Silicon Valley Bank, following its collapse on 10 March.
Amazon to scale up Insurance Store activity after slow sales
According to sources, only around 250 policies have been sold through the Amazon Insurance Store since it was launched back in October.
Ghost broking accounts for third of insurance fraud investigations
Ghost broking now makes up over a third of the cases being investigated by the Insurance Fraud Enforcement Department at the City of London Police and there has been a surge in the number of scammers using Instagram to try and con consumers.on consumers.
Aviva CEO Amanda Blanc on Desert Island Discs: Five things we learnt
Amanda Blanc, Group CEO of Aviva, appeared on BBC Radio 4’s Desert Island Discs programme, where she selected eight tracks, a book and a luxury item to take with her to a desert island.
Direct Line posts £45m pre-tax loss as operating profit crashes 95%
After a well-documented difficult first three months of the year for Direct Line, financial results for 2022 show just how tough last year was.