United Kingdom (UK)
Poor quality data remains the biggest challenge for insurance data scientists
Insurers have been urged to review their data practices and ensure data is coming from “official or trusted” sources, as research suggests nearly half of data scientists are left stuck with untrustworthy data.
Protestors urge insurers and reinsurers to block insurance for Republic of Congo oil extraction
Companies which are granted exploration and exploitation rights in the Democratic Republic of Congo oil auction could find they are without financial protection.
Q&A: Tim Hardcastle, Instanda
Tim Hardcastle, co-founder and CEO of Instanda, speaks to Frances Stebbing one year after the startup’s latest fundraising round about upcoming trends in the software development industry and how the company is applying AI within the business.
24 firms battle it out on 11th Lloyd’s Lab pitch day
The Lloyd's Lab programme is returning for its eleventh cohort, seeking “fresh ideas” to challenge how the insurance sector operates and help the Lloyd’s market better serve its customers.
Q&A: Victoria Gallimore, The Clear Group
Victoria Gallimore, group HR director and culture director of The Clear Group, speaks to Frances Stebbing about how to tackle the long-standing legacy issues within the industry and recruitment challenges across the sector.
‘Crash for Cash’ fraudsters shifting focus to rural and residential areas
The City of London Police’s Insurance Fraud Enforcement Department has said ‘crash for cash’ scammers are evolving their tactics after reported cases of opportunistic fraud soars by 61%.
How insurers are tentatively embracing AI
Analysis: Frances Stebbing explores how insurers are using generative AI, while recognising the risks and preparing for the incoming regulation for this type of technology.
Markel launches construction proposition; Pen secures solcitors' PI capacity; Partners& acquires Nex Gen
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Value of average insurance fraud hits record £15,000
The Association of British Insurers has revealed the value of the average fraudulent claim in 2022 rose 20% to £15,000.
Chubb survey finds surging demand for embedded insurance
Increasing consumer demand is accelerating the adoption of digital insurance offerings and gaining momentum in Europe, research has found.
Specialist Risk Group's latest deal; Animal Friends partners with Costco and Gauntlet joins Brokerbility
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
WTW tells insurers to up their data science game
Tim Rourke, UK head of P&C pricing, product, claims and underwriting at Willis Towers Watson, has warned the era of data science as a research and development activity has passed and insurers need to ensure those employed in this area deliver operational…
Hurricane victims’ claims to be sped up with 360-degree imagery
McKenzie Intelligence Services has piloted CAT360 to boost insurers’ responses to US hurricane losses and speed up claims by providing ground-level imagery.
Biggest risk factor for adopting generative AI revealed
Companies are not fully prepared for the widespread use of generative artificial intelligence, or the business risks these tech tools may bring, research from McKinsey & Co has found.
Aviva expands underwriting appetite; Flood Flash with Hiscox; Dual deal
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Three NZIA insurers fail to disclose targets by deadline
Tokio Marine, Sompo and MS&AD have been named by non-government organisations as failing to disclose intermediate targets that were still required, despite their exit from the Net-Zero Insurance Alliance.
Climate change activists target Hiscox and Travelers
Coal Action UK campaigners have graffitied Hiscox and Travelers offices this week, demanding the insurers withdraw support for the East African Crude Oil Pipeline project.
Insurtech funding slips below $1bn for first time in three years
On a quarterly basis funding for insurtechs appears “quite volatile” but trends developing are in line with longer-term sustainability, a Gallagher Re report says.
Axa slammed for weakening ESG commitments around new gas projects
Campaigners have pleaded that Axa ends the expansion of oil and gas production after the insurer revealed it is allowing exceptions for companies it considers to be “in transition”.
Start-up MGA platform sees surge in interest
Andy Colbran, CEO of NuVenture, said there has been a surge in interest in setting up managing general agents post Covid-19 pandemic, but his business would only consider investing in less than 10% of the plans he sees.
UK insurtechs continue to face access to funding challenges
Research by McKinsey & Co has revealed that access to funding and acquiring customers are the two biggest challenges insurtech leaders face.
Former Tif Group doctor suspended for misconduct
Tif Group’s former medical director, Dr Miguel Nadal, has been suspended from practicing medicine for 12 months after a Medical Practitioners' tribunal found his ability to practice to be impaired as a result of misconduct.
Half of boardrooms do not have expertise to tackle climate risks
A survey by Willis Towers Watson and the Nasdaq Center for Board Excellence has revealed that almost half of respondents reported their boards lacked expertise to respond to climate risk.
Wildlife populations plummet 70% as IFOA publishes biodiversity policy
The Institute and Faculty of Actuaries has published its Biodiversity and Nature-Related Risks policy as biodiversity loss becomes a top global concern.