Insurer
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…
EY predicts slowdown in premium growth as cost of living pressures bite
UK insurers face slowing premium income growth this year, as high inflation, cost of living pressures and a rise in borrowing costs continue to hit product demand, according to EY.
FCA urges bosses to make Consumer Duty top personal priority in Dear CEO letter
Financial Conduct Authority leader Matt Brewis has written to general insurance businesses reminding them to embed the interests of customers into their firms’ culture and purpose.
Fitch warns of ‘dire’ profitability for insurers in ‘bleak’ picture
The outlook for UK home and motor insurers’ profitability “remains pretty dire for 2023”, according to Federico Faccio, senior director of EMEA insurance at Fitch Ratings.
Aviva joins GAIN as Industry Transformer member
The Group for Autism, Insurance, Investment and Neurodiversity has welcomed Aviva as an ‘Industry Transformer’ member.
Zurich names James Nicholson as UK CCO
Zurich has named James Nicholson as UK chief claims officer with immediate effect.
Brokers call for more support to help fight insurance fraud
More than three quarters of brokers surveyed by RSA said they needed more resources in fighting fraud, which is on the rise.
People Moves: 30 January – 3 February 2023
Stay up to date with the latest recruitment news in the insurance industry.
Rates rises slowed across UK insurance towards end of 2022
The pace of rate rises across UK insurance slowed down towards the end of last year, increasing by just 4% in the fourth quarter, according to Marsh specialty and global placement data.
Sicsic Advisory urges treatment of vulnerable customers should be top priority
Associate director at Sicsic Advisory, Sue Mallender, has stressed that the treatment of vulnerable customers is seen by the Financial Conduct Authority as an integral part of how businesses should operate.
Brokers key to new UK regulated insurer Lumun’s success, says CEO Bilney
The CEO and founder of the proposed new UK regulated motor insurer Lumun has outlined the importance of brokers to its success.
Zurich boosts apprenticeships to 100 for 2023
Zurich has increased the number of apprenticeship places on offer in 2023 across the UK for external recruits and existing staff to 100.
CII chief optimistic of PFS resolution despite 'painful' times
The Chartered Insurance Institute’s CEO, Alan Vallance, has stressed that it was in the best interest of the Personal Finance Society members to appoint extra directors despite it being a painful choice, in his latest response to the PFS's consultation.
Gove vows commission-chain ban as FCA buildings review on highest charging brokers imminent
A Financial Conduct Authority review into brokers charging the highest commissions for work on buildings insurance is due in just a few weeks as government minister Michael Gove vowed to ban commission-chains and bring in ‘transparent’ fees.
Arch reveals four UK sector heads to get closer to brokers in underwriting structure shift
Arch Insurance has named UK leaders of property, casualty, specialty and digital underwriting and expanded the scope of its underwriting managers, with immediate effect.
PFS CEO warns of damage from turbulence with CII
Interim CEO of the Personal Finance Society, Don MacIntyre, has hit out at the ongoing damage to the Chartered Insurance Institute and the PFS as the row over board appointments rumbles on.
Former NIG boss Greenwood named Direct Line acting CEO as James steps down
Direct Line Group has appointed Jon Greenwood as acting CEO following Penny James stepping down from the permanent role with immediate effect.
People Moves: 23 - 27 January 2023
Stay in the loop with the latest recruitment moves within the insurance industry.
Aviva launches digital training hub to boost workforce skills
Aviva has launched a Norwich-based digital training hub called The Foundry.
Beazley launches private equity liability product
Beazley has rolled out a private equity liability insurance product designed to focus on the D&O risks within the long-term lifecycle of portfolios held by private equity firms.
Car premiums surge 19% in 2022
Comprehensive car insurance premiums increased sharply by 19% during the last 12 months, with UK motorists now paying £629 on average, according to the latest Car Insurance Price Index.
Biba flags concern on businesses cutting cyber cover
Some 40% of members involved in research by the British Insurance Brokers' Association told the trade body they had clients who were no longer insuring their cyber risks due to the cost of living crisis.
Aviva hit with extra claims costs from cold weather snap
Aviva has estimated that freezing weather in the UK during December will cost the insurer around £50m at a group level.
FCA's Consumer Duty update is a ‘warning against complacency’ as firms fall behind
The Financial Conduct Authority has warned firms risk falling behind as the deadline for Consumer Duty looms.