Phoenix Group on track to meet financial goals after weathering economic storm December 6, 2022 London insurer Phoenix Group today said it is on track to generate £1.3bn- £1.4bn worth of cash this year due in part to it avoiding the UK’s LDI crisis. The insurer said its “comprehensive” hedging strategy had insulated it from the current downturn as Phoenix noted it does not participate in the Liability Driven Investment [...]
Insurers are undervaluing policy holders’ cars, FCA warns December 4, 2022 The UK’s financial watchdog has warned insurers against undervaluing policyholders’ vehicles after seeing evidence of customers being offered payouts less than their cars are worth. The Financial Conduct Authority (FCA) said it had seen evidence of customers who have had their cars written off being offered less money than their vehicle’s fair market price. It [...]
Natural catastrophes to cost insurers more than $100bn for the second year in a row December 1, 2022 The global insurance sectors’ losses from natural catastrophes are set to surpass sums of $100bn (£81.5bn) for the second year in a row, new data from Swiss Re shows. Natural catastrophes will cost insurers an estimated $115bn this year, after Hurricane Ian and a series of “secondary perils” caused $260bn worth of damage in 2022, [...]
UK motor insurers to make largest annual loss in a decade due to inflation November 25, 2022 The UK motor insurance sector is set to make the largest annual loss in over a decade as a result of inflationary pressures. Analysis published today by EY has forecast that net combined ratios will reach 115 per cent this year – the worst year since 2010 – going down slightly to 114 per cent [...]
Zurich sets out more ambitious financial goals after posting highest profits since 2008 November 16, 2022 Zurich Insurance today vowed to “build a clear leadership position in the insurance industry” in pledging to pursue more ambitious financial targets over the next three years. The Swiss insurer said it is now aiming to grow its annual earnings per share at a rate of eight per cent each year over the period 2023-25. [...]
Volatile markets and soaring gilt yields could see pensions buy-out boom, analysts say November 14, 2022 The UK could see £200bn worth of pensions buyouts over the next three years as higher gilt yields and increasingly volatile markets boost the attractiveness of bulk purchase annuity deals, analysts have said. The market for bulk purchase annuity deals could show fast paced growth over the next few years as pension funds seek to [...]
Beazley on track for year guidance as gross premiums rise to £3.3bn November 11, 2022 Beazley remains on track to deliver its year guidance of a high 80s combined ratio following a 22 per cent increase in written gross premiums. In the nine months ended 30 September, the insurance powerhouse’s premiums rose to $3.9bn (£3.3bn) as a result of significant growth in all of its divisions. Premium rates on renewal [...]
Aviva vows to launch another share buyback scheme in bid to appease activist investors November 9, 2022 Aviva has vowed to continue returning “surplus capital” to shareholders, through the launch of another share buyback scheme. The British insurer set out plans to start buying back more of its shares from investors, without saying the value of shares it plans to repurchase, as it faces continued pressure from activist shareholders to boost investors’ [...]
Direct Line’s premiums slump amid challenging market backdrop November 8, 2022 Direct Line’s adjusted gross premiums have slumped slightly against a challenging market backdrop. In the nine months ended 30 September, the insurer’s total group premiums were £2.3bn – down 3.5 per cent on last year’s levels. Its Motor and Home markets went down 8.9 per cent and 10.1 per cent respectively, while Direct Line delivered [...]
Threat of ‘catastrophic’ cyber attack requires new approach from insurers, new report says November 7, 2022 The potential for a state-backed cyberattack to have a “catastrophic” impact on society requires a new approach to cyber insurance, reinsurance giant Swiss Re has said. The digitalization of critical infrastructure has created a situation in which a large scale cyberattack could have a “devastating” effect on society in having the potential to interrupt the [...]