News
Class uncovered as biggest barrier to insurance career progression - KPMG
Women from a lower socio-economic and ethnic minority background face the longest, hardest climb to the top of the insurance industry, a KPMG report has revealed.
Legal wrangling prompted further breakdown of CII and PFS relations
Don MacIntyre, interim CEO of Personal Finance Society, has revealed a breakdown in mediation talks between the professional body for financial advisers and the Chartered Insurance Institute led to the latter seizing control of the PFS board.
Cardiff City FC rejects claims it tried to insure Sala after his death
Cardiff City Football Club released a statement rejecting allegations it tried to insure Emiliano Sala for £20m after the striker’s death.
Saga looking to offload underwriting business
Following reports suggesting that Saga is looking to sell off its entire insurance business to pay off a portion of its debt, the insurer has issued a statement.
‘Clarity’ for PI as Court of Appeal hands down judgment on mixed injuries
The Court of Appeal has handed down judgment in two mixed injury cases leapfrogged in November, providing some clarity on how mixed injuries should be handled. However, some are concerned it could lead to further litigation and an adverse impact on…
SMEs focus on economic concerns as climate change fails to make priority list
Aviva’s third annual risk report has found that SMEs remain unconcerned with climate change, as economic turmoil continues to dominate.
Woodgate & Clark restructures to accommodate Quadra acquisition
Loss adjuster Woodgate & Clark has restructured to fully integrate its Quadra acquisition into the the business to help navigate supply chain challenges.
Saga hacker releases more customer details including knighted actor
The hacker responsible for releasing five Saga Insurance customers’ information earlier at the weekend has released the information of more customers as negotiations, and investigations, continue.
Regulator rings alarm bells about ditching Solvency II
The Prudential Regulation Authority has warned MPs that ditching Solvency II requirements will increase the risk of an insurer going bust and the taxpayer being forced to pick-up the bill.
Government launches consultation on dual/multiple discount rate
The Ministry of Justice has launched a consultation on how dual or multiple personal injury discount rate might work, and what its effects on claimants and defendants might be.
CII's Helen Phillips uninvited from local institute’s annual dinner
The Insurance Institute of Shropshire and Mid-Wales has uninvited Chartered Insurance Institute’s group chair Helen Phillips from their annual dinner, claiming the CII has “brought the profession into disrepute”.
Saga suffers ‘unusual breach’ where customers have credit card data leaked
Saga UK has been contacted by an alleged hacker who claims to have credit card information for a whole database of customers, however, question marks have been raised over the legitimacy of the claim.
Salvation Army launches £4 per month contents product addressing 'premium poverty'
With over a quarter of the 22.6 million households still without contents insurance, and with the cost of living crisis looming over society, low-cost and low risk products could start to make a comeback.
Fidelis breaks ranks in Aercap lawsuit as insurers clash over defences
Fidelis has been permitted to join a $3.5bn lawsuit brought by the world’s largest aircraft leasing company Aercap as a third defendant, despite objections from fellow insurer AIG.
Aviva reshuffles claims legal panel; Minster Law partners with AA; Flood Re adds a NED
Friday Round Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Clyde & Co eyes further global expansion following DWF raid
Clyde & Co has expanded its product liability team expansion and plans for global growth in 2023.
Zurich Japan hit by data breach with 750,000 users’ info stolen
Zurich has confirmed that it has suffered a data breach where 757,463 users have had their data stolen.
Superscript says there is still appetite to fund insurtechs
UK-based insurtech Superscript has insisted its recent £45m fundraising shows there is still appetite to fund tech-led disruptors with "good business models".
CII accused of making confused calls for cash
The Chartered Insurance Institute’s executives made repeated and “confused” calls for cash from the Personal Finance Society’s board, according to the latter’s president and other sources close to the board.
FCA consults on Covid guidance regarding customers in financial difficulty
The Financial Conduct Authority has launched a consultation to update guidance, introduced during the Covid-19 pandemic, to support insurance customers in financial difficulty.
Defra to set out recommendations to reduce flood risk
The Department for Environment, Food and Rural Affairs is looking to introduce a new approach to sustainable drainage, which is set to be incorporated into new developments in England to reduce flood risk.
Direct Line Group shares fall off a cliff as it scraps dividend for 2022
Direct Line CEO Penny James has announced that the board "no longer expects to declare a final dividend for 2022" after a significant increase in claims as a result of the prolonged period of severe cold weather in December, causing its shares to crash.
Fresh multimillion pound Covid BI claims hit Allianz and Liberty
Three years on from the onset of the spread of Covid-19 around the world, insurers continue to face fresh business interruption claims that run into the tens of millions.
Lloyd’s Lab graduate Armd targets £6.5bn trades market
Armd, one of Insurance Post’s insurtech start-ups to watch in 2022, has recently graduated from the Lloyd’s Lab and used the experience to build a product designed to support the trades industry.