Bank of England seeks more ammunition to deal with financial instability after LDI crisis September 28, 2023 The Bank of England is in the process of designing lending tools that allow it to lend directly to insurance firms and pension funds after the near-death experience of the LDI crisis in 2022.
Bank of England lays out another round of changes to Solvency II to free up capital September 28, 2023 The Prudential Regulation Authority (PRA) has set out another round of reforms to the Solvency II regime in an attempt to unlock a wave of investment in the UK economy. The UK government set out its plans for a post-Brexit overhaul of the EU’s Solvency II rules in November last year, with a view to [...]
PRA hits back at claims it has been ‘captured’ by insurance sector September 13, 2023 The head of the banking and insurance regulator today rebuffed accusations that it had been "captured" by the insurance industry as it considers major reforms to the sector.
Home insurance: Price of a quote jumps by a quarter – and London is worst hit September 8, 2023 The average quoted price of home insurance has surged by around a quarter (25.7 per cent) annually, according to an index – and London is worst impacted. Data analytics firm Consumer Intelligence, which compiled the report, said this is the biggest jump it has seen in records going back to 2014. The average premium quoted [...]
Compensation cap for severe weather power loss upped from £700 to £2,000 as ‘lessons learned’ by Ofgem September 1, 2023 The compensation cap for households and businesses that lose power in severe weather has increased from £700 to £2,000 after “lessons learnt” in the aftermath of Storm Arwen. Under Ofgem’s new rules, the initial payment will also increase, from £70 to £80, if a customer’s supply is not restored after 24 hours in a category [...]
Aviva, L&G and Admiral to report next week as long-time insurance boss Sir Nigel Wilson eyes exit August 11, 2023 Investors will need to figure out the impact of new accounting rules next week as three of the country’s biggest insurers report their financial results. It will also be the final set of half-year results for Legal & General boss Sir Nigel Wilson, who is set to depart later in 2023. “Sir Nigel steps down [...]
Global insurers left with $50bn natural disasters bill after wave of severe US storms August 9, 2023 Global insured losses from natural disasters have reached $50bn so far this year, with severe US storms accounting for almost 70 per cent of the costs, according to new data. The main driver in the spike in insured losses was severe thunderstorms in the US, which accounted for 68 per cent, about $34bn, of all [...]
Extreme heat isn’t stopping Brits going on holiday yet – but it might do by 2028 July 21, 2023 Deadly heatwaves across Europe, the US and China are not causing Brits to cancel their holidays just yet, but travel insurance firms are preparing for that trend in the future. The UK foreign office issued new travel warnings on Tuesday about the “extreme temperatures” especially in Spain, Italy and Greece – known as the Cerberus. [...]
Insurance chiefs back new Solvency II investment forum to help deliver £100bn in investment July 19, 2023 The heads of the UK’s major insurance firms have written in support of a new Investment Delivery Forum to help drive investment following the reforms to Solvency II. Established by the Association of British Insurers (ABI) earlier in July, the forum is designed to tackle the investment gap preventing investment from the insurance and long-term [...]
Meerkats at the cricket? Compare the Market becomes new sponsor of The Hundred July 11, 2023 Compare the Market is to become the new main sponsor of The Hundred, English cricket chiefs have announced. City A.M. revealed two weeks ago that the England and Wales Cricket Board was finalising terms on a multi-year deal with a principal partner making its first entry into the sport. That partner has now been confirmed [...]