United Kingdom (UK)
Budget 2020: IPT stays the same as government bolsters flood defence spending
Insurance Premium Tax has remained at 12% in today’s Chancellor’s budget, as the government pledged to boost spending on flood defences.
Axa faces backlash as influencer pulls ‘short sighted’ IWD ad
Instagram influencer Simon Hooper has apologised to followers after an International Women’s Day post sponsored by Axa was slated as offensive.
Analysis: Insurers nix staff travel as coronavirus casts shadow over events
Some firms are telling their staff to avoid all but essential work travel in the UK due to coronavirus concerns, leading to some insurance event postponements and cancellations, Post has learned.
Motor Mouth Podcast 7: From motor to battery – The evolution of motors and motor insurance
Is 2020 the year that the electric car revolution really takes off? The next decade will certainly be an exciting time for the automotive industry as Britain’s road network changes to a model of transport. Jonathan Swift, content director for Insurance…
Blog: Ciara and Dennis - building resilience in the eye of the storm
Over the past few weeks, winter storms Ciara and Dennis swept across Ireland, the UK and Central Europe, bringing with them hurricane-force wind gusts and major flooding writes Simon Welton, Swiss Re’s market head for property and casualty for UK and…
Paul Jardine joins insurtech Worry+Peace’s advisory board
Former XL Catlin chief experience officer and executive vice president Paul Jardine has joined insurtech Worry+Peace’s advisory board.
Mazars flags CMA interest in Aon/WTW deal
Mazars has forecast that the Competition and Markets Authority will look closely at Aon’s takeover of Willis Towers Watson, as the accountants also predicted the deal could lead to further mergers and acquisitions.
Ratings agencies positive on Aon/WTW deal
Ratings agencies S&P and Moody's have reacted positively to the Aon and Willis Towers Watson merger deal, despite highlighting "significant" execution and integration risk.
Ageas looks to salvage deal to triple ‘green parts’ use by 2023
Exclusive: Ageas UK has struck up a deal to combine its salvage and ‘green car parts’ suppliers in a move to be more environmentally conscious, cut waste and drive efficiency.
'Disappointing' Aon/WTW merger could see risk managers turn backs on broking giants, warns Airmic CEO
The UK risk management association Airmic has voiced disappointment at Aon’s merger with Willis Towers Watson, warning that its members are prepared to turn to alternative modes of risk transfer if they feel they aren’t getting value for money.
Axa's Jon Walker on SMEs and underinsurance
An underinsured business will find it hard to recover from a claim event and the recent storms and floods show that the risks have never been so high – or the consequences so potentially devastating – as when that business is an SME.
Analysis: A coronavirus call centre crisis?
Personal lines insurance providers are faced with a potentially “lethal” situation if call centre staff cannot go into work en masse due to coronavirus disruption, compliance experts have cautioned. Post asked brokers and insurers how they are preparing…
ABI pegs storms Ciara and Dennis losses at £363m
The industry is set to pay out £363m on claims from storms Ciara and Dennis that hit the UK last month, the Association of British Insurers has calculated.
UK General in advanced sales talks
Exclusive: UK General Insurance is in “advanced” sale “negotiations”, Post can reveal, with market sources tipping Primary Group as poised to buy the firm back.
Analysis: How are insurers responding to the rise of cryptocurrencies?
The use of cryptocurrencies continues to grow with investors increasingly regarding them as another asset class, while an increasing number of companies and countries now accept them as valid forms of currency
Discount rate: Warnings on NI premium pressure and claims costs
If the discount rate in Northern Ireland is made minus 1.75% this will lead to price hikes and potentially vast jumps in the cost of individual claims, insurers and lawyers have warned.
This Month: Best insurance employers to the fore
From November last year to January 2020 Post gave insurance employees the chance to nominate and rate their employers on topics ranging from management to diversity and work/life balance along with whether they would recommend the company to a friend.
Blog: The effect of Brexit on attitudes towards the NHS - how will this affect medical insurance enquiries?
On the day of the general election last December we witnessed a sharp spike in the number of visitor searches seeking out quotes for private medical insurance, 1072% higher than the forecasted figures for that time of year, writes Ian Sawyer, commercial…
Coronavirus disruption not covered by BI policies, says Aviva
Aviva's business interruption policies will not cover disruption caused by the coronavirus outbreak, the insurer’s general insurance CEO Colm Holmes has confirmed.
Aviva has axed 1200 of 1800 jobs set to be cut
Operating profits for Aviva’s UK general insurance business fell 35% to £250m in 2019, though the result excludes the £45m cost of strengthening reserves following July’s Ogden rate revision, as it revealed it has cut 1200 jobs across the company so far.
‘Light at the end of the tunnel’ on claims inflation says Admiral CEO Stevens
Admiral saw profits rise in 2019 as its UK insurance results were buoyed by positive development in prior year claims costs, reserve releases and commission.
Penny Black's Social World: March 2020
Mental health, paperless policies and prostate cancer partnership
Admiral CEO and co-founder David Stevens to step down
David Stevens, group CEO and co-founder of Admiral, will leave the role and board in 12 months’ time, the insurer has confirmed.
L&G pegs sale of loss making GI business to Allianz at £255m
Legal & General has booked an estimated consideration of £255m for the sale of its general insurance business to Allianz as the division reported an operating loss of £35m for 2019.