Russian cyberattacks could cost insurers billions, industry experts warn April 3, 2022 Insurers could be forced to pay out billions to those impacted by cyberattacks following Russia’s invasion of Ukraine. Ambiguous wording in cyber insurance policies could see insurance companies made liable to pay out billions to victims of hacking Insurers may be forced to cover the costs imposed on businesses of paying for ransoms and repairing [...]
Axa vows not to appeal ruling over Corbin & King’s £4.4m claim for Covid linked losses April 3, 2022 Axa has said it will not appeal a High Court ruling ordering it to pay out £4.36m to high end restaurateur Corbin & King, after the firm was forced to close its restaurants during the pandemic. The French insurer said it would not appeal the February decision after it initially refused to pay the restaurant [...]
High flying insurance duo plan £150m SPAC IPO on London Stock Exchange March 31, 2022 Insurance industry veterans Will Allen and Andy Rear are planning to raise £150m through the launch of a new special purpose acquisition company (SPAC) in the coming days. The prominent duo plan to list a shell company called FINSAC on the London Stock Exchange (LSE) with a view merging with a leading name insurance technology [...]
Aviva chief Amanda Blanc to sit alongside Sir David Attenborough as ambassador for WWF March 31, 2022 Aviva chief executive Amanda Blanc is set to join a group of high-profile environmentalists in becoming an ambassador for nature charity WWF. In taking up her new position, the Aviva chief will sit alongside Sir David Attenborough and other prominent figures on WWF’s Council of Ambassadors. The insurance exec’s new role as ambassador will see [...]
Lloyds of London hands out biggest fine ever following years’ long bullying campaign March 16, 2022 City of London insurance market Lloyds of London today issued its largest fine ever against syndicate member Atrium, after the underwriting firm failed to “adequately protect” a junior employee once it became aware of a “systematic campaign of bullying”. In a notice, Lloyds of London said it had fined Atrium Underwriting a record £1.05m for [...]
UK underwriting vacancies hit record highs in 2021 as insurers sought to revisit policies March 14, 2022 The number of vacancies for underwriting positions hit all-time highs in 2021, following a surge in hiring last year, as insurers sought to protect themselves against the potential for ruinous “black swan” events in the wake of the global pandemic. All in all, a record 2,100 underwriting vacancies were advertised last year, according to new [...]
Life insurance giant Phoenix Group announces record £1.5bn intake for financial year March 14, 2022 One of the largest providers of life insurance in the UK, the Phoenix Group, has announced record financial results for 2021, taking in £1.7bn. The firm surpassed its target of £1.5bn in the last 12 months, with its board announcing a new policy dividend increase of three per cent. Phoenix had a strong performance in [...]
Direct Line profits suffer as insurance giant weathers ‘challenging market’ March 8, 2022 Insurer Direct Line reported humble growth this morning as the group feels the sting of inflation. Whilst operating profit increased to £582m, driven by an increase in underwriting, its profit before tax of £446m was £5.4m lower than 2020. The focus seemed to be on cost cutting for Direct Line; the firm reduced its operating [...]
Insurers and analysts temper enthusiasm on Solvency II reforms March 2, 2022 Insurers and analysts have warned that the UK government’s plans to reform Solvency II, with a view to lowering the sums that insurance firms must hold in their coffers, may not live up to expectations. After City minister John Glen set out plans to reform the EU’s Solvency II rules, and “unleash” the “benefits of [...]
Axa must pay £4.4m Covid insurance claim to high-end restauranter Corbin & King, High Court says February 25, 2022 High end restaurant business Corbin & King, which owns restaurants across London, including Colbert in Sloane Square and The Wolseley in Mayfair, has won a £4.4m case against insurance giant Axa, after the insurer refused to cover losses incurred by the restauranter during Covid-19. The case comes after Axa said it would not pay Corbin [...]