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First Underwriting exits private car and home
First Underwriting, part of Kingfisher UK Holdings, has stopped writing private car and home business, Insurance Age can reveal.
People on low incomes are giving up insurance due to ‘poverty premium’
More than half of people in poverty are finding it difficult to pay for their insurance, leading some to give up insurance as they prioritise food and energy bills, according to research by Social Market Foundation.
Commercial grows at Direct Line as group falls to £45m loss
Direct Line grew commercial business across NIG and its own direct brands by 14.7% in 2022 to £749.3m of gross written premium.
Saga’s exclusive Acromas sale talks collapse
Talks between Saga and Australian insurtech Open Insurance Technologies to sell underwriting business Acromas Insurance have ended without a deal, the over-50s specialist has confirmed.
Axa grew UK and Ireland revenue 4% in 2022 but COR deteriorated to over 100%
Axa has posted €3.74bn (£3.3bn) of revenue in the UK and Ireland for 2022, up 4% from the previous year on a comparable basis, with growth in both commercial and personal lines.
FOS hones in on high motor insurance complaints
The Financial Ombudsman Service has zoomed in on the high level of complaints about motor insurance as it released the latest set of data.
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.
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.
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.
Atec leader sets out doubling target
Atec, parent company for Ceta Insurance and Arkel, has plans to more than double its business through organic growth in niche insurance lines over the next five years and will continue to pursue strategic acquisitions.
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.
Saga confirms underwriting sale talks
Over 50s-group Saga has confirmed ongoing talks to sell its underwriting business Acromas Insurance.
Insurance Cares: Broker helps launch home contents cover aimed at closing premium poverty gap
ECH Facilities has launched a home insurance policy in partnership with the Salvation Army to help people with lower incomes to protect their contents.
Why Direct Line's disastrous profit warning should matter to brokers
Direct Line's profit warning sent shockwaves through UK insurer's share price yesterday, with Aviva and Admiral also suffering. Personal lines brokers should notice the problems Direct Line faces, as they are industry-wide and give insight into what to…
FCA opens client support consultation and reiterates need for brokers to treat customers fairly
The Financial Conduct Authority has opened a consultation on protections for insurance customers in financial difficulty proposing to update guidance introduced during the Covid-19 crisis.
Qmetric swings to loss
Policy Expert owner Qmetric Group Holdings has posted a post-tax loss of £9.99m as gross written premium broke through the £200m barrier.
FCA claims data shows customers get a ‘far better outcome’ via advised broking - Blanc
The FCA’s claims data on personal lines shows customers get a ‘far better outcome’ when taking advise through brokers, according to Aston Lark chief executive Peter Blanc.
Fair value? Which household insurers are rejecting the most claims?
Ageas, Axa UK and LV have some of the highest claims rejection rates in home insurance out of all the insurers who work with brokers, Financial Conduct Authority figures show.
Headline makers: December 2022
The key stories from the past month all in one place.
Under 20% of firms meet FCA expectations on attestation records
Only 11 out of 66 firms in the Financial Conduct Authority’s general insurance pricing review provided attestation records that met the regulator’s expectations.
Axa resumes SSP broker service after cutting off cyber-hit software house
Axa has resumed services with SSP having cut off services to the cyber-hit software house as a precautionary measure
Fitch warns of deteriorating outlook for UK insurers
Fitch Ratings has delivered a split forecast for 2023 with the outlook for company market insurers deteriorating while London Market players have a ‘neutral’ ranking.
FCA sinking 'into a quicksand’ – brokers react to latest threat on fair value
The Financial Conduct Authority is sinking 'into a quicksand’ as it ups the ante over insurance firms failing to offer customers fair value.
Insurers face fresh broker scrutiny on fair value amid latest FCA data
Brokers have been told the Financial Conduct Authority’s latest release of fair value data raises searching questions over whether their insurer partners are offering fair value.