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 [...]
FCA: Insurers must put ‘wrongs right’ and are failing the vulnerable in cost of living squeeze July 3, 2023 Insurers are failing vulnerable customers and need to put “wrongs right” as Brits are hammered by a cost of living crunch, the Financial Conduct Authority has warned today.
Insurers back Bank of England Brexit Solvency II reforms and new investment push June 30, 2023 Insurers welcomed proposals released yesterday detailing potential post-Brexit reforms to the EU’s Solvency II regime. The EU’s Solvency II regime imposed rules on how much capital insurers had to hold and where it could be invested. Plans to reform the regime were announced last year and are designed to unlock billions in capital from the [...]
Bank of England’s PRA sets out new post Brexit Solvency UK details in bid to unlock investment June 29, 2023 Britain’s main financial watchdog has set out a raft of changes to the EU’s Solvency II regime to improve the competitiveness of the UK insurance market and unlock investment in the economy. In an announcement this morning, the Prudential Regulation Authority (PRA) provided more detail on how it will make adapt the EU’s Solvency II [...]
Bank of England tells insurers to brace for persistent ‘claims inflation’ June 23, 2023 Insurers must rigorously assess the impact on their solvency of the rising cost of settling car, property and other claims and ensure they have sufficient reserves, the Bank of England told the sector on Friday.
London insurers provide cover for ‘critical’ oil recovery operation on stranded Yemen tanker June 13, 2023 LONDON’s insurance market can add a new feather to its cap – after coming together to facilitate a high-risk operation to prevent a stranded ship causing a potentially catastrophic oil spill. Insurance giant Howden was appointed by the UN’s Development Programme to arrange cover for a procedure that will see more than a million barrels-worth [...]