News
Canopius exits space insurance market
Canopius has ceased to write new space business and has confirmed the departure of two senior underwriters for the class.
Zego CEO outlines plan to become household name in motor
Zego CEO Sten Saar plans to focus on UK consumer and telematics for the next phase of the insurtech’s growth.
Only 3% of underwriters reckon pricing tech is perfect
A staggering 97% of UK actuaries and underwriters see room for improvement in the pricing technology they use, according to research from hyperexponential.
FCA remains ‘concerned’ about premium finance
The Financial Conduct Authority’s Sheldon Mills has said the regulator is still watchful and concerned about premium finance, but is encouraged that "progress has been made."
Ogden Rate shift hailed as ‘sensible and fair’
The personal injury discount rates in Scotland and Northern Ireland have been positively updated, prompting welcoming reactions from across the industry.
Sompo’s marine proposition; Lockton’s charity walk; Allianz Partner’s travel director
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Aviva’s Briggs says age diversity is ‘neglected’ by insurance
Aviva’s diversity, inclusion and resourcing director Jonny Briggs has said age diversity and maintaining a multi-generational workforce have been “neglected” by the insurance industry when considering diversity and inclusion.
Zego aims to double staff output through AI use
Zego CEO Sten Saar plans to double staff output through generative artificial intelligence use.
FCA responds to Sir Trevor Phillips questioning EDI delay
Financial Conduct Authority CEO Nikhil Rathi has said the Treasury Select Committee’s feedback on its diversity and inclusion proposals contributed to its decision to pause the work.
PRA to reduce oversight of Lloyd’s managing agents
The Prudential Regulatory Authority has said that Lloyd’s managing agents will face a “lower level of supervisory interaction”, as the regulator moves to deliver on its competitiveness and growth objective.
Brace yourself: Dental injury claims quadruple
Insurers have seen a marked uptick in claims involving dental injuries in the last three years, according to law firm HF.
Insurance knowledge ‘secondary’ for insurtechs
Speaking at the Earnix Excelerate conference, ManyPets chief underwriting officer Justin Clarke said knowledge of insurance has taken a backseat to knowledge of software for insurtechs.
Barriers remain for neurodivergent people in insurance
Despite progress in recent years, insurance still has work to do to understand what neurodiverse people have to offer and the accommodations they need, it has emerged at a panel discussion held as part of the Dive In festival.
Lloyd’s Lomas promises ‘accountability’ over Inclusive Futures
Mark Lomas, head of culture at Lloyd’s, has given an update on how the success of the London market’s Inclusive Futures initiative to increase ethnically diverse talent in the industry will be measured.
Link founder calls for focus on social mobility
Erik Johnson, co-founder of Link, the LGBT Insurance Network, has highlighted social mobility as the primary area of improvement for insurance diversity and inclusion efforts.
Insurers need to be ready for AI ‘arms race’ in fraud
The proliferation of artificial intelligence is going to heap more pressure on the insurance industry to use “technology to fight technology”.
Insurance intercepts 230 fraudulent claims per day in 2023
The Association of British Insurers has today revealed that £1.1bn worth of fraudulent claims were detected last year, up 4% on 2022.
Admiral celebrates two decades on the London Stock Exchange
Admiral celebrated its 20th anniversary as a publicly listed company on the London Stock Exchange last night, following its first float in 2004.
Equipment breakdown cover ‘more of a necessity’ as tech advances
Andy Bazley, underwriting manager at HSB Engineering, has said awareness of equipment breakdown insurance needs to be ramped up as the reliance of technology develops.
Sir Trevor Phillips warns insurers face a ‘reckoning’
Sir Trevor Phillips, former head of the Commission for Racial Equality, has revealed that “more than any other industry,” the insurance sector needs to tackle the disparate way it treats customers.
RNIB shares steps to attract visually impaired talent at Dive In
The Royal National Institute of Blind People's head of employment Martin O'Kane has shared steps insurance companies can take to attract more visually impaired people into the industry.
Markel invests in distribution ahead of new five-year strategy
Markel is investing in its UK distribution teams in anticipation of a fresh five-year strategy that will chart a course for the insurer through to 2030, UK broker channel divisional director Jo Sykes has said.
Insurance sector ready to shake off ‘elitist’ tag over fraud data-sharing
The insurance industry could be less elitist around data and intelligence sharing to help combat fraud, according to leading market practitioners.
Lloyd’s CEO reflects on Dive In’s 10-year evolution
John Neal, CEO of Lloyd’s has kicked off the tenth anniversary of the insurance industry’s diversity and inclusion Dive In festival by saying the event is now far greater than it was a decade ago.