Editorial: London’s thriving future depends on giving today’s youngsters a chance November 9, 2020 This miserable year has hit all of us in different ways. The elderly have, of course, suffered most from a virus that seems to have it in for them. But the young generations are those that have been hit hardest economically. That’s not a wild surprise – many work in hospitality, retail, and other sectors [...]
Gearing up against greenwashers: investors seek clarity on sustainability terminology November 9, 2020 A dearth of clear, agreed sustainability definitions present a challenge to investors looking to invest sustainably. This is according to the results of the Schroders Institutional Investor Study, which surveyed 650 institutional investors across 26 countries during April 2020. Gearing up against greenwashers Greenwashing is about falsely communicating the environmental benefits of a product or [...]
Insurer RSA share price rockets after £7.1bn takeover deal approach November 6, 2020 Insurer RSA share price rockets after confirmation of break-up deal talks
Insurer Beazley slips into underwriting loss as catastrophe costs jump November 6, 2020 London-based specialist insurer Beazley said this morning that it would slip into an underwriting loss for the year, as the company set aside $80m million to pay out catastrophe claims. The group also reiterated its pandemic-related loss estimate. “Our initial estimate of the costs of the third quarter catastrophe events including hurricanes Laura and Sally [...]
Zurich spends £1m on employee upskilling drive November 5, 2020 Insurance giant Zurich has spent £1million upskilling existing employees to combat an upcoming skills shortage. Zurich has identified 270 robotics, data science and cyber security jobs that, if employees are not reskilled, could go unfilled by 2024. The business is on a mission to retrain 3,000 UK employees – two-thirds of its workforce – over [...]
Supreme Court to hear FCA business interruption insurance appeal this month November 2, 2020 The Supreme Court will this month hear an appeal of the Financial Conduct Authority’s business interruption insurance test case. The test case launched by the watchdog against eight insurance companies was fast-tracked for an appeal earlier this month. The FCA launched legal proceedings in June after it failed to find an agreement with the insurance [...]
PwC to take over from KPMG as M&G’s external auditor November 2, 2020 PwC is set to take over from KPMG as M&G's external auditor.
Hiscox sets aside $75m for catastrophe claims as gross premiums grow November 2, 2020 Insurance firm Hiscox said that it had set aside $75m (£58.1m) for natural disasters claims in the third quarter as gross written premiums grew in the first nine months of the year. In a trading statement this morning, the FTSE 250 firm revealed the decision to set aside the money after another autumn of dramatic [...]
Sainsbury’s mulls sale of banking division October 31, 2020 The new Sainsbury’s boss is reportedly planning a sale of the supermarket’s banking arm as the impact of near-zero interest rates hit. The supermarket launched the bank in 1997 and now boasts more than 2m customers across a range of products including mortgages, home insurance and credit cards. But medium-sized banks are facing pressure as [...]
EU tells banks to comply with sustainability disclosures despite lack of guidance October 30, 2020 The EU has told banks and insurers they must comply with the bloc’s new laws on sustainability-related disclosures from March, even though detailed guidance on how the rules work in practice will not be ready in time. Last year the bloc approved a law designed to increase transparency on how financial institutions consider sustainability risks [...]