EU mulls plans to ban insurers from insuring ships carrying Russian oil May 9, 2022 The European Union is considering banning insurers from insuring ships carrying Russian oil, as another means of draining Russia of the financial resources it needs to continue bankrolling its war in Ukraine. If brought into force, the new sanctions would come as another blow to Russia’s energy export industry, as the EU also weighs up [...]
Jacob Rees-Mogg: Sure, the cost of living crisis is ‘difficult’ but the government cannot just spend its way out it May 9, 2022 Senior Tory Jacob Rees-Mogg said hard-pressed households are facing a “difficult” future as inflation rises but he warned the Government cannot spend its way out of the problem. The Brexit Opportunities Minister said increasing public spending to mitigate the impacts of the rising cost of living risked adding to inflation, pushing prices higher. The squeeze [...]
Cost of Ukraine crisis akin to ‘mid-sized natural catastrophe,’ Axa finance chief says May 9, 2022 French insurance giant Axa has said it expects the costs it will incur the Ukraine crisis will be similar to the financial hit posed by a “mid-sized natural catastrophe”. Speaking to reporters, Axa chief financial officer Alban de Mailly Nesle said: “We currently expect the net underwriting losses from the crisis to be akin to [...]
An A-Z of sustainability terms for investors May 9, 2022 Sustainability, once a fringe consideration, has become core for many investors. Impacts on the planet – such as climate change and biodiversity loss – and on people – for example through the treatment of workers – are in the news every day. We believe companies and countries that adapt to such issues and challenges should thrive. [...]
City exclusive: Women occupy less than one in six senior positions at London hedge funds May 9, 2022 The financial industry has long been dominated by men, whether in banking, insurance, or hedge fund management. Even today, it has emerged that women occupy just 15 per cent of senior positions in the City’s hedge funds. A new study that was exclusively shared with City A.M. found that, within hedge funds, only one in [...]
Boris Johnson plans to cut EU red tape in boost to post-Brexit economy May 9, 2022 Prime Minister Boris Johnson plans to throw out large swathes of EU law from the statute book to remove regulations for small businesses.
Exclusive: Six-in-ten UK small businesses forced to borrow to pay insurance premiums, new figures show May 9, 2022 Almost six out of ten (59 per cent) UK small and medium enterprises (SMEs) are relying on credit to pay their insurance costs, due to rising premiums and lower incomes linked to the impacts of Covid-19. On average, UK SMEs have borrowed £1,105 to pay for insurance costs, while nearly one in ten have borrowed [...]
London cabbies need to give up an antiquated system holding our economy back May 9, 2022 Have you tried to get an Uber in central London recently, and, upon seeing the price just thought “may as well get a black cab”? At least that way, you skip the hassle of trying to find your designated Toyota Prius and can simply hail a driver from the street. But the cost and expense [...]
Beazley written premiums ‘ahead of expectations’ but investment losses loom May 6, 2022 Non-life insurance firm Beazley has come in ahead of expectations in its latest update, despite swelling investment losses. Gross premiums written jumped nearly a third (27 per cent) in the three months to 31 March, to $1.2bn, up from $971m a year prior. The London-listed insurance firm, however, did report spiralling losses from its investments, [...]
Car insurance prices sink to lowest in seven years May 5, 2022 Car insurance prices have, on average, sunk to the lowest since 2015, the Association of British Insurers (ABI) announced today. Comprehensive prices, which are now at £416, dropped 5 per cent compared with 2021 levels following the Financial Conduct Authority’s decision to offer both new and returning customer the same tariff, and end “loyalty premiums.” [...]