Van insurance premiums surge to record highs as inflationary pressures bite August 4, 2022 Van insurance premiums have surged to record highs, after increasing for six consecutive months in a row, due to soaring inflation and widespread price hikes in response to new rules banning the practice of “price walking”. The cost of insuring a van increased by 13.6 per cent during the first six months of the year, [...]
Lloyd’s of London aims to attract billions in capital via launch of new investment vehicle August 4, 2022 Lloyd’s of London has set out plans for the launch of a new investment vehicle, with a view to drawing in billions from institutional investors. The London insurance market today announced plans to set up a second protected cell company (PCC) following the successful launch of its London Bridge Risk PCC vehicle last year. [...]
Axa launches £840m share buyback scheme as higher earnings offset £250m hit from Ukraine August 3, 2022 French insurance giant Axa today said an uptick in earnings, driven by higher incomes from its investment portfolio, offset the €300m (£251m) hit to its business arising from the war in Ukraine. In reflecting its “robust performance,” Europe’s second biggest insurer vowed to buy back €1bn worth of its own shares from shareholders, after [...]
Hiscox shares plunge after insurer slumps to loss of £88m August 3, 2022 Insurance giant Hiscox slumped to a loss of $107m (£88m) in the first half of the year after a steep decline in the value of its investment portfolio.
Aviva chief Amanda Blanc joins BP as non-executive director August 2, 2022 British energy major BP today said it has recruited Aviva chief executive and insurance sector veteran Amanda Blanc to sit on its board of directors. The appointment is set to see Blanc sit on BP’s board as a non-executive director, whilst continuing in her current job as chief executive of British insurance giant Aviva. In [...]
Direct Line Insurance reports lower profit amid rising inflation and uncertain economic conditions August 2, 2022 Direct Line Insurance Group reported lower profits for the first half of 2022 as rising inflation and a gloomy market outlook impacted performance. The insurance company had a 47 per cent drop in operating profit to £195.5m from the first half of 2021 as it dealt with “challenging” market conditions and tighter FCA regulations. Profit [...]
Claims globalisation has ‘had its heyday’ are premature, Lloyd’s chief executive says August 2, 2022 Claims the dual shocks of Covid and the war in Ukraine have halted the “all conquering forces of globalisation” are “premature,” Lloyd’s of London chief executive John Neal told City A.M. In an op-ed in this newspaper, the insurance chief said that while we will “rightly see a degree of retreat and retrenchment” in [...]
Brits turn to criminality as living costs skyrocket: 15 people added to insurance fraud register every day July 26, 2022 Around 15 people are being added to an insurance fraud register every day amid concerns that more could be tempted into criminality as living costs rise. The Insurance Fraud Bureau (IFB) said it has seen a 17 per cent increase in people being added to the Insurance Fraud Register (IFR). The IFR is a national [...]
Liz Truss promises post-Brexit bonfire of EU rules that hinder UK growth July 22, 2022 Tory leadership candidate Liz Truss has vowed to seize the opportunities posed by Brexit by scrapping EU regulations that hinder the UK’s growth. The Conservative MP said that if she becomes prime minister, she will scrap any EU rules that hinder investment or fail to support growth in the UK economy by 2023. If Truss [...]
Beazley delivers best combined ratio since 2015 despite profit decrease July 22, 2022 Beazley has delivered its best half-year combined ratio since 2015 despite a decrease in profit. In the six months ended 30 June, the insurance firm posted a profit before tax of £18.6m ($22.3m) – down 87 per cent on last year – while its returns on annualised equity went down by 14 per cent. Gross [...]