Flooding
Co-op says impact of December floods causes £13m GI profit loss in 2015
The Co-operative group today posted a £13m profit loss for its general insurance division in 2015, marking a significant drop from £1m the previous year.
Blog: How well did the industry really handle commercial customers during the winter floods?
With Flood Re finally launching today (4 April) after securing regulatory approval - in blockbuster movie style with moments to spare - attention will once again turn to the commercial policyholders who are, for now, excluded.
South East, Yorkshire and Humber named among Flood Re hotspots
Flood Re expects policyholders in the South East of England, East England, North West England, Yorkshire and Humber, and London to be the biggest beneficiaries of the scheme that went live today (4 April).
Flood Re gets PRA and FCA authorisation
Regulators have confirmed Flood Re will be authorised from tomorrow ahead of the scheme’s 4 April start date.
Perils increases loss estimate for Storms Eva and Frank
Catastrophe data firm Perils has revised the loss to the property insurance market caused by Storms Eva and Frank to £578m from its initial estimate of £526m.
Penny Black's Social World - 24 March 2016
All the latest news from the world of social media
The Claims Process: Together again
Hammering down loss adjusters on fees proved a false economy for insurers as falling service standards merely wreaked more havoc on the industry’s reputation. But sense has prevailed and the two sectors are showing signs of a welcome reconciliation
Editor's Comment: Pulling off the sticking plaster
I believe in getting bad news out of the way quickly and nasty things over and done with – then we can move on to the fun things, or the ‘adventure’ as I call it.
Budget 2016: Latest IPT rise could ‘interfere’ with Flood Re’s primary objectives
Commentators warn it is paramount that people are not dissuaded from taking out policies
NFU Mutual shrugs off £50m flood loss to post 83% 2015 underwriting profit
Rural insurer NFU Mutual delivered an 83.7% increase in underwriting profit to £281m in 2015 (FY 2014: £153m) despite suffering a £50m loss caused by flood claims at the tail end of last year.
Budget 2016: Flood defences spend 'too little, too late'
The insurance premium tax rise and resulting £700m spend on flood defences could be "too little, too late" according to loss assessment firm Harris Balcombe.
Budget 2016: Osborne increases IPT 0.5% with funds raised to be spent on flood defences
Insurance premium tax will rise again with Chancellor of the Exchequer George Osborne today (16 March) announcing in his Budget speech a 0.5% increase effective from 1 October.
Admin fee transparency in the spotlight as insurers report 2015 results
Insurers' reporting of administration fees and non-risk income came under scrutiny in the 2015 full-year results reporting period as firms' balance sheets were dominated by commercial flood losses.
Storms cost L&G £15m as GI operating profit drops
Legal & General paid £15m of claims related to the December 2015 storms as its general insurance operating profit reduced to £51m (£59m) for the year ended 31 December 2015.
Rural Insurance sees GWP rise 11.5% as £100m target looms
Harrogate-based agricultural specialist Rural Insurance has maintained solid growth in line with its £100m target, with GWP rising by 11.5% for the 12 months to end of March.
Aviva flood loss of £100m predicted by analyst in otherwise 'good year'
Aviva is expected to reveal a £100m loss in earnings for 2015 as a result of the extensive flooding that swept the UK during the months of December last year and January.
Legal Update: A sea of trouble for conveyancing
Flood Re is widely welcomed, but it also poses risks for those working in the property field and insurers may see a rise in claims
DLG storm losses total £130m and push commercial COR to 104%
The December 2015 floods in the UK pushed Direct Line Group's commercial combined operating ratio to 104.5% (2104: 98.8%) but CEO Paul Geddes said the company's results remain in line with competitors.
Axa's Evans 'surprised' by competitors' flood figures
Axa's £80m flood bill did not materially affect its 2015 results, according to UK and Ireland group CEO Paul Evans, who was "surprised" at some of the results released by competitors.
Four more regional sites to be ‘optimised' in RSA cost-saving drive
RSA's offices in Liverpool, Halifax, Horsham and Chelmsford will be impacted by the insurer's plans to reduce its regional footprint.
RSA unveils record underwriting profit as Hester declares turnaround 'largely complete'
UK-headquartered RSA's after tax profits climbed 221% to £224m in 2015 compared with 2014.
C-Suite - Insurer: The human touch
Technology is a very useful tool, but sometimes dealing with a real person gets the best result.
Allianz keen for UK to stay in Europe
Allianz UK CEO Jon Dye has confirmed the German-owned insurance company would like the UK to remain within Europe ahead of the planned referendum on the UK's membership of the European Union.