Claims inflation
Zurich’s David Nichols explains why customer communication is key to tackling the global supply chain challenge
The global supply chain challenge has far-reaching implications for every financial sector. David Nichols, UK chief claims officer at Zurich Insurance, details the importance of keeping customers and suppliers both informed and engaged.
Outlook deteriorating for UK non-life company market: Fitch
The market combined ratios for motor and home insurance will be north of 100% in 2022, Fitch has forecast.
Preview: What will 2022 bring for the insurance market?
Post spoke to market experts to get their predictions for what 2022 will look like.
Swiss Re reports nat cat losses fourth worst since 1970; Davies buys BVS; Leak Bot to go public after reverse takeover; and Ryanair teams up with insurtech
Post wraps up the major insurance deals, launches and investments of the week
Incoming Norgrove praised amid market surprise at Egan's RSA departure
Market specialists were surprised by RSA UK & International CEO Scott Egan’s departure but welcomed Ken Norgrove as the new RSA leader and urged him to push on with making the provider more outward looking.
EY issues home/motor profit warning for 2022; Collective Benefits and Nimbla get US investment; HSB buys MG Group; Floodflash and Munich Re partner up; and Carrot sold to Granite
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
The top 30 European Insurers 2021: A turbulent time
The impact of Covid-19 saw the European non-life insurance market report a decline in gross written premium and profit after tax. Mathilde Jakobsen, director, analytics, Amsterdam, AM Best, analyses the numbers and reports on the movements in the ranking…
Axa launches digital claims; Moody's strikes deal for RMS; ABI reports motor rates at five year low; industry bodies warn on escape of water; and MS Amlin invests in ESG MGA
Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
'Unpleasant financial results' in store unless motor insurance market turns, says Sabre's Carter
The soft motor insurance market needs to turn sooner rather than later if some market players are to avoid “unpleasant financial results” in the years ahead, Sabre CEO Geoff Carter has warned.
Zurich, QBE and Markerstudy discuss new whiplash portal on Post webinar
With just over a month to go until the new whiplash portal goes live, Insurance Post recently hosted a webinar to discuss how insurers are preparing for the change.
Motor insurance: Falling claims volumes reignite pricing debate
Claims volumes fell significantly in 2020 as premiums crept down slightly, insurer figures show, leading to intensified campaigner calls for current and future savings to be passed on to motorists.
Big four reinsurers look to hardening market after Covid bites to the tune of £6.5bn
The big four reinsurers believe they are poised to take advantage of the hard market in 2021, with all but Swiss Re reporting profit in 2020 despite a combined property and casualty pandemic hit of £6.5bn.
Sabre top line suffers as motor insurer pushes through 10% price increases in 2020
Sabre CEO Geoff Carter has defended the insurer’s falling profits and premiums, saying that pricing increases pursued throughout 2020 stand it in good stead to take advantage of growth opportunities going forwards.
Allianz BI claims came from broker wordings says CEO Jon Dye as insurer reveals 2020 results
Allianz was hit by £175m of UK Covid-19 business interruption claims in 2020, net of reinsurance, the insurer has said, as LV confirmed 300 redundancies from its Legal & General integration.
Worsening outlook for UK non-life insurers, says Fitch
Fitch Ratings has a worsening outlook for the UK non-life company sector, Graham Coutts, senior director, head of EMEA reinsurance has confirmed with market combined ratios for motor and home likely to be above 100% in 2021.
Kitsune closure shows scale and niche challenges for MGAs
Brightside’s decision to put car and van managing general agent Kitsune into run-off has reinforced the need for volume and specialism, according to experts who warned that entering the market now would not be for the faint-hearted.
Analysis: Hastings sale - a welcome and a warning
The bid to take motor insurer Hastings back into private hands is a positive move for the company and a stamp of approval for the sector, say market specialists – but, after years of growth, challenges lie ahead
Second quarter performance pushes Ageas UK COR below 100%
Ageas UK has reported a post-tax profit of £22.8m for the first half of 2020 reversing a loss of £2.7m in the first quarter.
Sampo and RMI bid a ‘real vote of confidence’ in UK insurance, says Hastings CFO
The takeover offer from Finnish insurer Sampo and South African financial services firm Rand Merchant Investment holdings is a ‘real vote of confidence’ for UK Insurance, Hastings chief financial officer John Worth told Post as Hastings released its…
Business enquiries down 14% on last year at Allianz
While market conditions are slowly recovering in the wake of the coronavirus lockdown, the volume of new enquiries for commercial policies remain substantially lower than were last year, according to Allianz Insurance.
Analysis: Will lockdown car insurance profits trickle down to policyholders?
Quieter roads have led many to assume that car insurers are in for pandemic profits. Post investigates calls for lockdown windfalls to be re-gifted to motorists.
Investment returns push Covéa into profit after underwriting loss
Covéa delivered an underwriting loss of £22.3m in 2019 compared to a profit of £1.8m the year before, with the insurer hit by high levels of motor claims inflation and flat market premiums along with a lower level of reserve releases.
Hastings pushes ahead with dividend payment plan
Hastings Group has confirmed it will propose a final dividend of 5.5p per share at its AGM on 21 May despite calls from regulators for the industry to suspend payments during the coronavirus pandemic.
Six month coronavirus lockdown could force 'total reassessment' of motor insurance risks
Falling motor claims frequencies may mean insurers reconsider what they’re charging policyholders, though their ability to act proactively could be stymied by uncertainty over the length of the Covid-19 emergency, an event heard.