Covid-19 could be the largest insured loss in history. How can the insurance industry adapt? September 1, 2020 Covid-19 has us all living through a live, catastrophic event. It is dramatic but makes the non-life insurance world a fascinating place to be. There will be significant insured losses from Covid-19 with obvious examples of the Olympics being postponed, Wimbledon and other sporting events being cancelled, and hundreds of thousands of travel insurance claims [...]
Hospitality class action group launches to bring business interruption insurance claims April 29, 2020 A group action for the hospitality sector launched today with the aim of bringing claims against insurers which have failed to pay coronavirus-related business interruption claims. The hospitality insurance group action (HIGA) is open to businesses such as pubs, restaurants, hotels and nightclubs which have been forced to close because of the lockdown and are [...]
Treat customers fairly during coronavirus crisis, watchdog tells insurers March 19, 2020 Changes in how the public go about their lives because of the coronavirus pandemic must not make it harder for them to make insurance claims, the financial regulator has warned insurers. The Financial Conduct Authority (FCA) has urged firms to treat customers fairly and be transparent during the outbreak, noting that many consumers will be [...]
Zurich Insurance’s strong performance aided by its UK business February 13, 2020 Zurich Insurance Group’s stellar performance was boosted by a strong showing by its UK business, Zurich UK. UK earnings were up 59 per cent to £413m from £260m in 2018. General insurance gross written premium increased 4 per cent to £2.5bn from £2.4bn in 2018. In its general insurance business, business operating profit grew 97 per [...]
Hastings shares tumble as insurer issues profit warning January 17, 2020 Hastings shares plummeted this morning after it warned that it expects a 42 per cent drop in annual profit because of high claims costs in the final quarter. The motor insurer said it plans to lower its annual dividend, citing a challenging market. Shares fell 6.3 per cent this morning to 173.5p. Hastings said claims [...]
Insurer LV shifts focus to pension provision with new boss December 20, 2019 Pension provider LV has today announced a new chief executive as it shifts its focus away from insurance to savings and retirement. Mark Hartigan will move to the company from Zurich Insurance group. Current CEO Richard Downey this year lead the sale of LV’s general insurance division to Allianz and will step down at the [...]
AA reveals new CFO Kevin Dangerfield December 17, 2019 AA today announced the appointment of a new chief financial officer. Kevin Dangerfield moves to AA from Wilmcote Holdings, an investment vehicle. Read more: AA shares leap as firm plans bond buyback Dangerfield will take up the role on 6 January 2020, subject to approval from the FCA. He will take over from interim CFO [...]
Insurance giant AIG fights back in third quarter results November 1, 2019 A huge drop in catastrophe losses propelled insurer American International Group (AIG) to a profit in the third quarter, with a reported net income of $648m (£500m). Total pretax catastrophe losses in 2019 narrowed to $511m, well down on last year’s $1.6bn. Read more: Volatile market movements boost TP ICAP revenues This included $254m for [...]
RBS and Santander rapped over PPI reminders August 23, 2019 Santander and the Ryal Bank of Scotland apologised to customers today as the UK’s competition watchdog scolded them for not properly reminding PPI customers they were able to cancel their plan. The Competition and Markets Authority (CMA) said it will force the two banks to appoint independent auditors to scour through their payment protection insurance [...]
Rising charges: Customers pay up to £3,000 to make a car insurance claim August 19, 2019 Extra costs that come with making a car insurance claim have skyrocketed in recent years, according to research, with some drivers having to fork out up to £3,000 to claim money back after a fire or theft. Since 2012, the average extra charge of making a claim for fire, theft and accidental damage – known [...]