Pricewaterhouse Coopers (PWC)
Market reacts to PRA consultation papers on Solvency II
The Prudential Regulation Authority has released a consultation paper with a draft supervisory statement on its expectations of insurers in significant loss events.
Why 'unhackable' blockchain could revolutionise the insurance industry
Everyone’s talking about it, but is anyone really doing it? There’s a continuous chatter surrounding blockchain, so isn’t it about time more firms used the distributed ledger system?
Diversity: How to implement a more eclectic workforce
Historically, the insurance industry has lacked diversity. When you imagine a typical insurance firm, you may picture a male, pale and stale boardroom. Increasingly, though, the industry has been implementing a range of initiatives to draw in a more…
CII makes three roles redundant following internal review
The Chartered Insurance Institute has made three senior staff roles redundant following an internal review.
Abbey Insurance Brokers appoints Hanna and McKelvey to its board
Abbey Insurance Brokers has made two new appointments to its board. Paul Hanna has been appointed managing director, while Jeni McKelvey has been promoted to personal lines director.
Insurers need to look past Blockchain hype, to find best process fit, says PWC
The insurance industry is keen to implement blockchain solutions in order to change the way it operates, a report from Long Finance shows.
Guernsey is inviting insurers to relocate from Brexit UK
Guernsey is carrying out a strategic review into how it can become a “more important player” as an international insurance hub.
Insurers face skills shortages in software and digital
Insurers in the life and general insurance sectors are planning to hire more staff with digital skills, according to a survey.
Insurers fear loss of business to FinTech sector
The scale of the threat posed to the insurance market by FinTech companies has been revealed in a new report by PwC.
Blog: Solvency II accelerates competitive rethink
We're now a number of months into the Solvency II regime and the sky hasn't fallen in. But the scale of the compliance demands is providing fresh fuel to the debates within many businesses about whether they could compete more effectively without the…
Independent Insurance: Reflections on the failure fifteen years on
Jonathan Swift speaks to former employees about the business and its legacy.
Liquidators receive 5,000 claims against Independent Insurance
More than 5,000 claims have been made on the estate of collapsed Independent Insurance, administrators said.
Insurers profits to fall due to low returns, rising costs
The profits of general insurers are expected to fall over the next three months due largely to a rise in costs and low returns on investment, according to the latest PWC and CBI financial services survey released today (29 March).
Concern expressed as 'rigorous' SIMR adds pressure on senior roles
Insurers have welcomed the launch of the Senior Insurance Managers Regime, however, there remains uncertainty as to what extent top ranking employees will be impacted.
Industry CEOs concerned by market entrants, PWC survey finds
New market entrants are seen as a threat to growth for established industry players, according to 65% of insurances CEOs surveyed by PWC.
Personal and commercial profit pressures spark insurers' wholesale interest
Growth ambitions have been pegged as the main driver behind prominent UK insurers expanding their wholesale market presence with competitive personal and commercial lines conditions forcing insurers to deploy capital elsewhere.
Pre-April renewal flood victims facing hiked household premiums
Flood victims who are due to renew their household insurance policy before the April introduction of Flood Re will be faced with inflated premiums, amid widespread rate reductions elsewhere.
Storms' insured loss estimate increases to £1.4bn
Latest estimates from accounting firm PWC suggest insured losses from storms Desmond, Eva and Frank, which battered the UK in December 2015, could reach £1.4bn as Prime Minister David Cameron yesterday (3 January) pledged £40m to repair and improve flood…
London market insurers look to investment returns to support 2016 profitability
One in four London market insurers will rely on investment returns to prop up profits in 2016 amid predicted premium rate reductions of more than 10%, according to a PWC review.
Insurance industry praises flood defences as Cumbria faces second deluge in six years
Insured losses in Cumbria caused by Storm Desmond have been tipped to eclipse the £175m of claims from flooding in the area in 2009, but industry commentators have praised the mitigation impact of flood defences.
Storm Desmond insured losses could exceed 2009 Cumbria floods
Insured losses from Storm Desmond, which battered Cumbria on 5 and 6 December, could eclipse the £175m insured losses caused by flooding in the area in 2009, according to modelling firm RMS.
UPDATED: Sixteen severe flood warnings remain in place after Storm Desmond hits Cumbria
Sixteen severe flood warnings remain in place after Storm Desmond battered Cumbria on 5 and 6 December, with Carlisle, Keswick, Kendal and Cockermouth among the worst affected areas.
The Insurance Debate: Professionalism parity
Today Post and Insurance Age – in association with the Chartered Insurance Institute – is launching an interactive forum where you will be able to discuss important topical issues, using an Oxford-style debate.
Cycle of hurt to continue for motor insurers despite raised rates
The cyclical nature of the UK motor market is set to continue, despite the industry recently witnessing the biggest spike in premiums for the past five years, insurers have been warned.