News
Esure chief says plummeting profits won’t derail digital ambitions
Esure chief executive David McMillan revealed the provider will press ahead with the £140.6m digital transformation programme despite posting a £29.1m loss for 2022.
LV catches out lawyer who exaggerated her symptoms
A non-practicing lawyer from Merthyr Tydfil who attempted to claim more than £250,000 from LV for injuries resulting from a vehicle collision has had her call for compensation thrown out.
Cila begins search for executive director as David Ross departs
David Ross has stepped down as executive director of Chartered Institute of Loss Adjusters.
Ombudsman expects uptick in insurance complaints
The Financial Ombudsman Service expects the number of general insurance complaints it receives to go back to pre-pandemic levels in the year ahead.
Esure bosses blame claims inflation for £29.1m loss
Esure posted a £29.1m loss for 2022 with bosses blaming significant claims inflation, a weak pricing environment, increased weather-related home claims, plus motor claims going back to pre-Covid levels.
WTW partners with Sapiens; Zurich expands regional network; Pen UW creates head of IP
Friday Round Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Lockton suffers exodus as ‘at least ten’ leave for Ardonagh
Insurance Post understands a substantial number of Lockton’s Global Financial Institutions team have all resigned to join Ardonagh’s Bishopsgate.
Film and TV insurers grappling with fresh virtual production risks
Insurers and brokers working with film and TV productions are racing to grasp to risk implications of the biggest technological change in filmmaking in decades.
Chubb transitions to climate-focused underwriting criteria
Chubb changed its underwriting criteria for oil and gas extraction projects in a bid to help stop global warming.
Insure Our Future sends open letter to 30 fossil fuel insurers
Campaigners from Insure Our Future wrote to chief executives of 30 insurance companies pleading them to “scale up efforts” to avoid an “unmanageable” climate breakdown.
Martin Lewis’s charity outlines steps for Consumer Duty compliance
A charity established by campaigning journalist Martin Lewis has urged insurers to provide mental health training for underwriters and frontline staff if they wish to adhere to the FCA’s Consumer Duty requirements.
RSA exits UK personal lines motor market
RSA is to exit the UK personal lines motor market following a thorough review, it announced with parent company Intact.
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.