Insurer
Brokers upbeat on growth but underinsurance concerns persist – Aviva research
Brokers are markedly more optimistic on growth, with 76% expecting their business to expand in 2023, up from 43% that had a positive outlook in 2022, according to Aviva.
Survey reveals pay concerns and potential further job-market churn
A survey by recruitment consultants Reed has revealed that a fifth of employees in insurance and financial services are actively seeking new job opportunities, and more than a third are considering looking for a new job.
Covéa exits HNW motor line
Covéa is no longer writing business in the executive motor space for high net worth, Insurance Age can reveal.
Covid and inflation costs bite as QBE International COR ticks up to 92.5%
QBE International has reported a combined operating ratio of 92.5% for 2022, which is up from 90.6% in 2021.
Are brokers bucking the trend of insurtech investment struggles?
According to a new Gallagher Re report, global insurtech investment fell in the fourth quarter of 2022 to its lowest level since the third quarter of 2020. Sophie Locke-Cooper details why some may be struggling even if there are signs of hope among…
Allianz reveals £32m December freeze hit and CEO Holmes predicts rate hikes to continue
Allianz Holding has revealed the impact of the winter weather on its bottom line, as CEO Colm Holmes forecast that the Q3 and Q4 rating hikes would continue into 2023.
Moneysupermarket details decline in searches following FCA pricing change
Moneysupermarket has posted insurance revenue of £172m, in the year ended 31 December 2022, compared with £158.7m in 2021.
Operating profit falls almost 60% at Allianz Holdings in 2022
Allianz Holdings has posted a 58.3% drop in operating profit to £132.3m for 2022 as its combined operating ratio deteriorated year on year from 93.2% to 99.2%.
People Moves: 14 – 17 February 2023
Keep up-to-date with the latest personnel moves within the insurance industry.
Brit-owned Ki doubles GWP in second year of trading to almost £700m
The Brit-owned algorithmically driven Lloyd’s syndicate Ki has more than doubled its gross written premium to $834.1m (£698.6m) in 2022 – its second year of trading, reporting a combined operating ratio of 99.4%.
AIG strikes MGA deal to drive expansion in high-net-worth markets
AIG has not ruled out UK and European markets following a deal with private equity-focused reinsurer Stone Point Capital to create a new managing general agency for HNW markets.
Home insurance prices fall again to new record low
The average cost of home insurance dropped to £300 in 2022, the cheapest since the Association of British Insurers started collecting data in 2012.
Brokers must priortise staff engagement as the 'great resignation' continues to bite in 2023
Brokers have stressed the need to keep staff engaged as resignations and recruitment struggles don't look to be going away any time soon. Sophie Locke-Cooper details how the post-pandemic period of reflection is still being felt today.
Broker praise leads to claims recognition for Allianz, Chubb and Ecclesiastical
Insurance consultancy, Gracechurch, has awarded its Service Quality Marque to Allianz, Chubb and Ecclesiastical.
FCA calls for firms to do more on ESG
The Financial Conduct Authority has stressed that businesses must continue to adapt their priorities to meet the changing environmental needs for a more sustainable world.
Brokers to settle ‘very little’ of £19m financial adviser claims amid latest FCA blow, legal expert says
The FCA’s hopes of getting insurers and brokers to settle £19.2m in IFA claims is in doubt, with a fresh legal challenge the latest blow to hit the regulator’s compensation scheme.
People Moves: 6 - 10 February 2023
Keep up to date with the latest personnel moves in the insurance industry.
QBE appoints Matt Lacy as director of newly formed client proposition team
QBE has created a client proposition team and appointed Matt Lacy to be its director, with immediate effect.
Zurich UK’s P&C operating profit drops to £226m in 2022
Zurich UK’s operating profit from property and casualty business fell £145m year-on-year to £226m in 2022 due to claims inflation and the impact of large losses.
Apollo partners with Moonrock on drone facility
Apollo will be providing capacity to Moonrock Drone Insurance for a facility designed to provide cover for larger commercial drone operations.
Allianz Commercial greens fleet policies in revamp
Allianz Commercial has refreshed its fleet policies to reduce repair times and prescribe the fitting of green parts.
Close Brothers Premium Finance recruits ex-Complete Cover boss Shaun Hooper as MD
Shaun Hooper has been appointed managing director at Close Brothers Premium Finance succeeding Seán Kemple who is moving to a broader CEO role.
Specialty MGA UK buys commercial forest and plantation specialist
Recently launched Specialty MGA UK has expanded through the purchase of Forest Re.
News analysis: The 1/1 reinsurance renewals – What will 2023’s ‘challenging’ reinsurance market mean for UK brokers?
The annual 1/1 reinsurance renewal season might not have been on the list of major concerns of the average UK broker at the start of 2023. But as Rachel Gordon reports it could have a sting in the tail this year when it comes to capacity shrinkage and…