Insurer
Financial services survey finds insurance optimism surging
Optimism among insurance providers has soared to its highest level in years, according to the latest CBI/PwC Financial Services Survey, with brokers also increasingly upbeat.
Pukka hits pause on business
Exclusive: Motor managing general agent Pukka has temporarily suspended trading, having reached its capacity limit with providers.
FSCS reveals £12.4m cost of Qudos and Lamp failures
The Financial Services Compensation Scheme has forecast that the failures of Qudos Insurance in December 2018 and Lamp Insurance in May last year will cost £12.4m this financial year.
FSCS set to cut levy for insurers as broker bill rises in 2020/21
The Financial Services Compensation Scheme has proposed a levy on general insurance providers of £118m for 2020/21, down £47m on the budget for the current year.
Gefion barred from expanding scope until ‘serious liquidity problems’ sorted
Danish unrated insurer Gefion cannot enter new lines of business or branch out into further territories until it can meet its solvency capital requirement, the regulator has ordered.
Trade Voice: Ozlem Gurses of Bila on insurtechs and fair treatment of consumers
Ozlem Gurses, reader in insurance and commercial law at King’s College London and British Insurance Law Association committee member, asks if the oversight of insurtechs is keeping up with the potential damage to consumer protection that new technology…
Go Compare urges 28 day cooling off period for auto-renewals
Go Compare has called for a doubling of the cooling off period for auto-renewals from 14 to 28 days during which time insurers should take “all reasonable steps” to make customers aware their insurance has been auto-renewed.
Interview: James Long, Criterion MD
James Long assumed the position of managing director at Charles Taylor-owned loss adjuster Criterion in 2018, after 6 years at the company. He spoke to Post about the challenges the high net worth sector is facing, as well as predictions and plans for…
CII ready to be 'held to account' over corporate chartered status refresh
The Chartered Insurance Institute is ready to be held to account, having rolled out its priorities for refreshing corporate chartered status last year, professional standards director Melissa Collett told Post.
Beazley puts UK regional marine book into run-off
Beazley has placed its UK regional marine book into run-off, citing pressure from low margins, following a strategic review.
This week in Post: Back to business
With the holiday break over, this week has seen people across the UK – some somewhat sluggishly – get back to business.
Thomas Cook collapse drives bad debt claims to record levels
Trade credit insurers received a record £271m in claims during the third quarter of 2019, driven by the demise of Thomas Cook, according to the Association of British Insurers
Insurers need to address ‘significant risks of harm’, says FCA
Several “significant” key risks of harm have been highlighted by the Financial Conduct Authority in an update to insurer boards.
Ransomware attack victim Travelex has cyber insurance
Foreign exchange provider Travelex, which has been offline since New Year’s Eve after a cyber attack, has cyber insurance in place.
Esure appoints CFO
Esure has appointed Peter Bole as chief financial officer, succeeding interim CFO Steve Long who held the position since January 2018.
FCA unveils reforms to become highly data-driven
The Financial Conduct Authority has refreshed its Data Strategy, first published in 2013, and set out a “transformation plan” to become a highly data-driven regulator.
FCA fires warning shot on insurance culture and misconduct
Insurance firms must be proactive in tackling “unhealthy” culture issues and misconduct, the Financial Conduct Authority has warned CEOs.
Pool Re broadens SME business interruption coverage
Pool Re has expanded its definition of SMEs to include firms with assets up to £5m, increasing the number eligible for its business interruption cover at no extra cost.
Australian insurers face bushfire season losses of £228m
Insurance losses resulting from months of deadly bushfires in Australia are estimated to be A$431m (£228m), according to the Insurance Council of Australia.
UK motor reinsurance rates rise by up to 35%, says Willis Re
UK motor liability reinsurance rates for some accounts rose by up to 35% in the annual January renewal season, according to Willis Re.
Aviva boardroom row, report
A boardroom row has “erupted” at Aviva over splitting the company more radically, according to the Sunday Telegraph.
Tradewise Insurance Company seeking sale in run-off period
Gibraltar-based unrated motor insurer Tradewise Insurance Company pursued a sale ahead of going into run-off and continues to explore its options, executive chairman Marcus Killick confirmed to Post.
Blog: (We) Working through Lemonade’s IPO woes
I wasn’t surprised to see that Lemonade has reportedly shelved its plans for an initial public offering, amid troubles in investor Softbank’s portfolio.
This week: Running off
Though a new decade and the opportunity for new beginnings are now firmly in view, this week proved that 2019 still has some endings to get out of the way first.