Direct Line shares soar despite losses after £520m commercial insurance sale September 7, 2023 Direct Line continued to feel the pain of cost inflation, with new boss Adam Winslow faced with a miserable balance sheet
FCA: Insurers must put ‘wrongs right’ and are failing the vulnerable in cost of living squeeze July 3, 2023 Insurers are failing vulnerable customers and need to put “wrongs right” as Brits are hammered by a cost of living crunch, the Financial Conduct Authority has warned today.
Insurers back Bank of England Brexit Solvency II reforms and new investment push June 30, 2023 Insurers welcomed proposals released yesterday detailing potential post-Brexit reforms to the EU’s Solvency II regime. The EU’s Solvency II regime imposed rules on how much capital insurers had to hold and where it could be invested. Plans to reform the regime were announced last year and are designed to unlock billions in capital from the [...]
Admiral: Insurance giant hikes prices by 20 per cent to stave off inflation hit August 16, 2023 Insurance group Admiral ramped up its prices by 20 per cent in the first half of the year to stave off the worst impact of rampant inflation on its profits margins. In its half year results today, the London-listed motor insurance specialist posted a four per cent bump in profits in the six months to [...]
Insurers are undervaluing policy holders’ cars, FCA warns December 4, 2022 The UK’s financial watchdog has warned insurers against undervaluing policyholders’ vehicles after seeing evidence of customers being offered payouts less than their cars are worth. The Financial Conduct Authority (FCA) said it had seen evidence of customers who have had their cars written off being offered less money than their vehicle’s fair market price. It [...]
UK law firms plunged into bankruptcy by soaring insurance premiums January 17, 2023 Dozens of UK law firms have collapsed into bankruptcy over the last year due to being unable to obtain the insurance policies they need to continue operating, new research shows. The rising cost of taking out professional indemnity insurance (PII) policies – that cover any losses arising from negligent services – caused nine UK [...]
London insurers provide cover for ‘critical’ oil recovery operation on stranded Yemen tanker June 13, 2023 LONDON’s insurance market can add a new feather to its cap – after coming together to facilitate a high-risk operation to prevent a stranded ship causing a potentially catastrophic oil spill. Insurance giant Howden was appointed by the UN’s Development Programme to arrange cover for a procedure that will see more than a million barrels-worth [...]
UK car insurance costs likely to rise for another two years, report says June 12, 2023 UK car insurance costs are set to rise for at least another two years, according to a new report. The price for Brits to insure their cars is expected to rise 14 per cent in 2023 and will not flatten until 2025, according to a report by consultancy Oxbow Partners. It comes as inflation has [...]
Inflation drives record rise in car insurance premiums – with Londoners worst hit April 20, 2023 Soaring inflation has led to a record 20 per cent jump in UK car insurance premiums – the sharpest rise in a decade. Drivers are now paying on average £107 more for their car insurance than they were this time last year, according to the latest results from Confused.com’s Car Insurance Price Index. London motorists [...]
FCA to expand guidance for insurers on protecting cash-strapped customers January 11, 2023 The City watchdog has vowed to update guidance for insurers on protecting customers amid the UK’s cost-of-living crisis. The UK’s Financial Conduct Authority (FCA) today set out plans to expand guidance, which was first introduced during the pandemic, to ensure all struggling customers are protected. Under the FCA’s proposed new guidance, insurers will be [...]