Allianz vows to stop insuring Arctic oil and gas projects April 29, 2022 Insurance giant Allianz has said it will stop insuring Arctic oil and gas fields by the middle of next year. The German multinational, which is one of the biggest oil and gas sector insurers in the world, vowed to stop insuring new oil and gas fields, oil powerplants, and oil pipelines in the Arctic by [...]
The City A.M. awards: A spectacular night in the Square Mile April 29, 2022 Almost two and a half years since the last City A.M. gala dinner, the brightest lights in the London business community gathered in person once again to toast the Square Mile’s success in what was an extraordinary year. Held for the first time in the Guildhall, the awards recognise those who made the City great [...]
Government reveals plans for Solvency II overhaul in bid to unlock funding boost April 28, 2022 The Government has revealed its plans to overhaul EU-era insurance regulation today in a bid to unlock billions of pounds of investment from the UK's insurance giants into UK infrastructure.
Government requires UK ports to check seafarers’ salary after P&O scandal April 27, 2022 UK ports will be required to check whether seafarers are paid minimum wage, the government announced today. Transport secretary Grant Shapps told the Commons’ Transport Select Committee the new legislation will not required ports to “physically enforce” new minimum wage requirements when they are introduced. “What we will require them to do is ask for [...]
If the Conservatives want to survive, they need to regain their economic credibility April 27, 2022 Now, people’s money is counting for less and less as inflation pushes prices up. And a YouGov poll put Labour ahead of the Conservatives on six out of seven economic trackers. For the first time, the same number of people think a Labour government led by Keir Starmer would be better at managing the economy as those believe the same of a Boris-Johnson led Conservative government.
Sanctions are having ‘profound’ impact on London insurers, expert tells MPs April 26, 2022 The sanctions imposed on Russia are having a “profound” impact on London’s insurance sector, a leading insurance expert has told MPs. London insurers are struggling to keep on top of complex sanctions legislation and have resorted to taking an extremely cautious approach, the insurance chief said. “The volume of the legislation that’s been coming [...]
Young accountant wins payout over insurance chief’s ‘demanding’ millennial comments April 26, 2022 A trainee accountant has won a case against employer, after his boss said she had made “the wrong decision in giving a dyslexic person the job” whilst firing him from his job at the Lloyd’s insurance broker. 26-year-old accountant Jay Patel is set to receive compensation for unfair dismissal, after an employment tribunal heard his [...]
Investors should ditch volatile tech where ‘profitability jars against interest rates’, argues digital health guru April 26, 2022 Much has been made of the current shortage in carers in the UK. The latest ONS data indicates a vacancy rate of 8.2 per cent in the care sector, nearly double the national average, and an overall shortfall of 105,000 workers. Some forecasts even suggests that an additional 627,000 people will be required by 2030 [...]
UK flirting dangerously close with recession this year, economists warn April 26, 2022 The UK economy is flirting dangerously close with falling into recession this year as a result of inflation dealing a heavy blow to households and businesses. That’s according to a slate of gloomy forecasts from some of the City’s top economists. Elevated food, energy and core goods prices will send inflation to a peak of [...]
Former Citibank exec named head of City of London police force’s insurance fraud unit April 26, 2022 The City of London police has named a former Citibank exec as the head of its crack unit dedicated to tackling insurance fraud. Detective Chief Inspector Tom Hill, who joined the City of London police more than 15 years ago from his previous role as a project manager at Citibank, is set to lead the [...]