Insurer Direct Line set for £44m coronavirus hit to travel claims May 6, 2020 Insurer Direct Line is expecting to take a £44m hit to its travel business from the coronavirus crisis, the company said today, with claims set to fall by 70 per cent. The firm also said it expected to incur £70m in costs from measures to protect its customers, such as providing all NHS workers with [...]
Warren Buffett pulls out of US aviation as Berkshire Hathaway hits $50bn loss May 3, 2020 Warren Buffett’s Berkshire Hathaway has sold its entire stake in the four largest US airlines as it posted a quarterly loss of nearly $50bn (£40bn). Buffett yesterday told the company’s annual meeting that “the world has changed” for the aviation industry. Berkshire held large positions in the airlines, including an 11 per cent stake in [...]
Shakespeare: Admiral’s car insurance refund will be remembered April 29, 2020 The coronavirus lockdown has now confined Britons to their homes for five weeks, apart from essential journeys. In recognition of everybody driving less, and the subsequent profit made from reduced insurance claims, Admiral has offered £110 million back to their car and van customers as part of a ‘Stay at Home Refund’. A £25 refund [...]
Car insurer Admiral suspends special dividend on regulatory pressure April 27, 2020 Car insurer Admiral said today it would suspend its special dividend after regulatory pressure from the Bank of England. Admiral said it would go ahead with its standard dividend payment of 56.3p per ordinary share on 1 June, but said it would not pay its previously recommended special dividend of 20.7p per ordinary share. The [...]
Admiral shares up as insurer issues £110m refund to customers during lockdown April 21, 2020 Shares in Admiral jumped three per cent today after the insurer announced it will refund £110m to customers as the coronavirus lockdown has reduced the need for car travel. Admiral said this morning that there are fewer cars on the road, and therefore it expects to receive fewer insurance claims. The insurance company will refund [...]
Insurers accused of not ‘sharing the pain’ with businesses during coronavirus pandemic April 19, 2020 Insurers have been accused of not “sharing the pain” of UK businesses during the coronavirus pandemic. Research by insurance consultancy Mactavish found at least five commercial insurers have recently removed cover from their policies because of Coronavirus. Mactavish chief executive Bruce Hepburn said: “We have customers getting less cover and paying more for this, whilst [...]
Insurer Hastings to pay dividend despite Bank of England warning April 15, 2020 Hastings said today it would go ahead with its planned dividend despite a warning from the Bank of England to the insurance industry to think carefully before paying out cash to shareholders. Car insurer Hastings said it did not offer any lines affected by coronavirus such as travel or business interruption insurance. Hastings also said [...]
Coronavirus: Car insurers set to make £1bn as claims drop 50 per cent April 7, 2020 The UK’s largest motor insurance firms are set to make £1bn from the coronavirus shutdown, as a huge decline in the number of journeys being made has seen claims drop 50 per cent for some firms. Under government regulations, car owners are required to keep their cars insured at all times, regardless of how much [...]
Manufacturing industry calls for tax deferment as part of coronavirus package March 19, 2020 The British manufacturing industry is calling for an immediate deferment of VAT, PAYE and National Insurance payments as part of a package of measures to tackle the impact of coronavirus. As the prospect looms of thousands of skilled employees being laid off, industry group Make UK has called on the government to delay taxes as [...]
2020 Budget live: City reacts to Rishi Sunak’s spending plans March 11, 2020 Welcome to City A.M.’s 2020 Budget Day live blog. Please refresh your browser for live updates. Chancellor Rishi Sunak is expected to address fears over the economic impact of coronavirus, and announce waves of new infrastructure spending and changes on taxation in his 2020 Budget. It comes after Bank of England governor Mark Carney earlier [...]