Reserving
PRA warns insurers on claims inflation and under-reserving
The Prudential Regulation Authority has written to insurers flagging the need to monitor the hit to reserves from ongoing claims inflation and act accordingly.
ABI bites back on discount rate
UPDATED: The association said the impact assessment is “misleading and disingenuous” in a letter to Lord Chancellor, David Gauke, following the announcement it would be set at -0.25%.
Motor market turns profit for first time in 20 years, EY reports
Firm warns that turnaround may be due to reserve releases.
Aviva UK business grows but profits dip
Aviva UK’s general insurance business delivered higher growth but lower profits in 2011 as it managed to pin its combined operating ratio to 2010 levels.
Allianz chief sees room for underwriting improvement despite good results
Allianz UK CEO, Andrew Torrance, has conceded that the insurer’s underwriting performance is not good enough despite recording top line and profit growth and producing an overall combined operating ratio (COR) of 95.7% and a commercial one of 94%.
Equity dodges £1m fine as it receives censure from Lloyd's
Equity Syndicate Management, the managing agent of Syndicate 218, has been censured by the Lloyd’s Enforcement Board regarding deficiencies in its reserving that saw the Lloyd’s player require a £311m injection from parent company Insurance Australia…
Motor market to remain in the red following £2bn loss in 2010
The UK motor market will not return to profitability until 2012 at the earliest as it struggles to recover from the £2bn loss it made in 2010.
Japan Earthquake will not trigger hard market, says Willis Re
Relatively orderly price movements at the 1 April Japanese reinsurance renewals have indicated that the Tohoku Earthquake is not the catalyst that will bring about a hard market, according to Willis Re.
Agenda: Do big insurance mergers work?
RSA's unwelcome bid for Aviva raises many issues but the main one is whether mergers between large insurance companies work in the long term.
RBSI reports operating loss for Q2 2010
Royal Bank of Scotland Insurance (RBSI) made an operating loss of £203m during Q2 2010, compared to a £142m profit for the same period last year.
QBE addresses market rumours
QBE has issued a statement regarding its potential exposure to the Gulf of Mexico oil rig disaster and Insurance Australia Group's (IAG) announcement on motor liability claims.
IAG boosts UK claims reserves
Insurance Australia Group (IAG) said that due to a "significant deterioration in UK claim experience", in particular bodily injury claims, it has conducted an independent actuarial review of its UK business.