News
Pool Re CEO warns terrorism threat is ‘evolving’ due to the cost-of-living crisis
The cost-of-living crisis has affected SMEs’ ability to afford some types of non-essential insurance products, such as terrorism cover, according to Tom Clementi, CEO of Pool Re.
Russian airlines approach Aercap over ‘potential insurance settlements’
Russian airlines have reached out to aircraft leasing giant Aercap over “potential insurance settlements” after over 100 planes were stranded in the country when conflict broke out in Ukraine last year.
Lloyd’s working to address ‘awful’ infrastructure within the London Market
Rich Boyd, head of digital claims at Lloyd’s, has said the marketplace is working on a way to help insurtechs and start-ups to sell into and connect up to London-based underwriters’ tech systems.
RSA quickens broker base build-out and plugs proposition gaps
RSA is aiming to strike up new trading relationships with twice as many brokers as it did last year in 2023, following steps to improve its level of service and its proposition.
Jensten buys three brokers; CFC launches IP solution; Optio appoints CEO
Friday Round Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
War exclusions curb Beazley’s cyber growth
Updated war exclusions slowed down the growth of Beazley's cyber book last year, according to CEO Adrian Cox.
Climate litigation on the rise as Shell is sued
Kennedy’s partner Alex Nurse expects climate litigation to be on the rise as Shell is facing a legal battle filed by shareholders for its failure to adopt and implement an energy transition that aligns with the Paris Agreement.
Howden snaps up Reich
Howden has bought Reich Insurance Group, for an undisclosed sum, in a “significant step” to increase its footprint across north west England.
Andrew Wilkinson swaps Aviva for MIB
The Motor Insurers’ Bureau has appointed Andrew Wilkinson as chief claims officer.
‘Hardly any insurance players put customers at the heart of the product,’ says Beale
Dame Inga Beale has said radical thinking is needed to change insurance, encouraging insurtechs to continue challenging the current way of operating.
Percayso lines up further acquisitions following Cazana deal
Percayso Inform is looking for further acquisition opportunities following its purchase of Cazana last week, managing director Rich Tomlinson has told Post.
Ardonagh’s Swindle looking to establish clarity in the market
Ardonagh UK Commercial MGA CEO Jaime Swindle wants to be clearer regarding strategy moving forward, before looking at growth opportunities in the second half of the year.
Causes for concern for renewable energy insurers
Analysis: Harry Curtis explores the challenges facing the renewables insurance market and why smaller wind turbines installed over a decade ago are giving providers cause for concern.
SMEs continue to fight for BI payouts as unresolved issues await litigation
Three years on from the onset of the pandemic and more than two years on from the resolution of the Financial Conduct Authority’s initial test case, many small businesses remain embroiled in disputes with insurers over Covid business interruption claims.
Perils pegs February 2022 storm losses at €3.8bn
Perils estimates that the final loss for the European windstorm series, which affected the UK and continental Europe from 16 to 21 February 2022, comes to €3.8bn.
RSA offloads pension liability in £6.5bn deal
RSA’s parent company, Intact, has agreed a £6.5bn buy-in with Pension Insurance Corporation – allowing the company to pursue other “growth opportunities”.
Insurers with unsatisfactory websites named and shamed
Insurance companies with websites that fall short of consumer expectations have been named and shamed.
Cloud migrations and third parties present cyber security challenges, says Resilience
Cloud migrations and digital transformation projects are increasing organisations’ risk of being susceptible to cyber attacks, managing general agent Resilience warns.
Percayso Inform acquires Cazana; Andi sets up Oxford R&D lab; Aon appoints head of war and terrorism
Friday Round Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Customer understanding is most pressing concern ahead of Consumer Duty, conference hears
Improving customers’ understanding of insurance products is the area where firms have the most work to do to comply with the forthcoming Consumer Duty, Fairer Finance’s James Daley has warned.
Use of data risks social harm, warns Lloyds Bank insurance director
The insurance industry’s increasing use of data risks is fueling financial exclusion, Lloyds Bank’s head of general insurance has said.
‘Father of the house’ of Lloyd’s Michael Meacock passes away
Michael Meacock, active underwriter for Meacock Syndicate 727, has passed away at the age of 85.
ABI launches three-year strategy and reaffirms summer launch date for leaseholder support scheme
The Association of British Insurers has launched a three-year strategy focused on improving customer trust, sustainable investments and lobbying for further legislative, regulatory and tax reforms.
Still 'room for improvement' in Consumer Duty prep, says FCA's Brewis
Matt Brewis, director of insurance at the FCA, has said that while most general insurers are on track to meet the regulator’s Consumer Duty requirements, there is still “room for improvement”.