Natural disasters like Hurricane Florence and Genoa’s bridge collapse cost Swiss Re $1.1bn October 18, 2018 A string of recent natural disasters will set global reinsurer Swiss Re back roughly $1.1bn (£840m) in its third quarter, it revealed today. The largest costs were inflicted in September by Typhoon Jebi, the most powerful typhoon to hit Japan for 25 years. Claims from that disaster alone are expected to reach $500m. Hurricane Florence, [...]
Nearly half of major insurance claims disputed by insurers October 18, 2018 Almost half of large commercial insurance claims are disputed by insurers and on average take three years to resolve, according to new research. Insurance governance company Mactavish said that the increasing complexity of insurance meant that many companies do not understand the risks they face and may not have appropriate cover in the event they [...]
There’s nothing to fear from the latest easing back of Dodd-Frank’s reach October 17, 2018 Shortly after his inauguration as President, Donald Trump pledged to do “a big number” on Dodd-Frank regulations, labelling the post-crisis measures “a disaster” and promising to “kill” parts of the legislation. While the rhetoric was typically Trumpian, the reality has proven to be somewhat more modest. Nonetheless, a change in the White House's direction of [...]
Prudential Finance removed from US ‘too big to fail’ list October 17, 2018 US insurance giant Prudential Finance was removed from the list of organisations judged “too big to fail” today by US regulators. Prudential was the last of the insurance firms on the list of major financial institutions which was drawn up post-financial crisis. Read more: RIP Dodd Frank: Trump's adviser signals the end of the banking [...]
Moneysupermarket boosts revenue despite falling insurance premiums October 12, 2018 Price comparison website Moneysupermarket has reported an increase in revenue in its latest trading update, despite falling insurance premiums. Insurance revenues grew by two per cent to 48.7m, while revenues in its money division jumped seven per cent to 21.8 per cent in the three months to the end of September. Read more: Insurance giant makes a [...]
Aviva chief executive Mark Wilson steps down after almost six years in charge October 9, 2018 Aviva chief executive Mark Wilson stepped down today, with the insurer looking for new leadership for what it called its next stage of development. Wilson, who was brought in to enact a business turnaround in 2013, claimed he succeeded in this goal, with its latest financial results showing it should deliver earnings per share growth [...]
Legal & General completes £2.4bn buy-out of folded telco’s pension scheme October 8, 2018 Insurer Legal & General has today finalised a £2.4bn buyout of the Nortel Networks UK Pension Plan, nearly a decade after its telecommunications sponsor collapsed, forcing it into the lifeboat. The deal will see the benefits of 15,500 pensioner members and 7,200 deferred members protected. It is the UK's joint second largest ever pensions buyout, matched [...]
Insurer Lancashire sounds losses warning after natural catastrophes October 8, 2018 Lancashire Holdings has warned it is exposed to net losses of up to $75m (£57.41m) after damaging events within its marine portfolio, and damage from a series of natural catastrophes. The insurer expects net losses of $30m from marine events, and of $25m to $45m from exposure to several recent weather events, including hurricane Florence, [...]
Lloyd’s of London boss hints at ‘acceleration’ of Brussels operation as no-deal Brexit fears mount October 7, 2018 Outgoing Lloyd’s of London boss Dame Inga Beale has said the insurance business is speeding up plans to bolster its Brussels subsidiary unit amid fears that Britain and the EU might not reach a post-Brexit trade deal. Beale told the BBC that she was “accelerating” preparations to transfer contracts from the London insurance market to Brussels on the [...]
EU regulator calls for access to UK deal insurers in event of hard Brexit October 4, 2018 The chair of the European Securities and Markets Authority (ESMA) has called for measures which would allow EU firms to access clearing houses based in the UK in the event of a no-deal Brexit. Clearing houses (CCPs), which have becoming an increasingly integral part of dealmaking, are insurers which balance risk between the sellers and [...]