Aviva, L&G and Admiral to report next week as long-time insurance boss Sir Nigel Wilson eyes exit August 11, 2023 Investors will need to figure out the impact of new accounting rules next week as three of the country’s biggest insurers report their financial results. It will also be the final set of half-year results for Legal & General boss Sir Nigel Wilson, who is set to depart later in 2023. “Sir Nigel steps down [...]
Tesla: Musk’s EV giant ready to enter UK insurance market with launch of London firm February 6, 2023 Electric vehicle (EV) maker Tesla appears to be readying itself to begin insuring British drivers through the launch of its own London-based insurer. Elon Musk’s automotive company is seeking to open a UK branch of its Malta-based insurance business, filings to Companies House show. Tesla is also hiring a lawyer to work in its “full-stack [...]
Solvency II reform ‘welcome boost for UK investment’, say insurance giants November 17, 2022 The UK's insurance giants have hailed reforms to Solvency II as a "significant opportunity" to channel cash into the economy today, after the government announced it would legislate reforms to the rules.
As cyber risk intensifies, insurers must offer a better market to companies in need of protection December 26, 2022 From rising inflation to Russia’s invasion of Ukraine, this year has yet again demonstrated the domino effect that occurs following a crisis, and the impact this has on businesses. There are many lessons to be learned as we move into the new year. If we take the war in Ukraine, the geopolitical crisis triggered sanctions [...]
Socially conscious insurer Lemonade makes first entry into UK market October 3, 2022 New York insuretech company Lemonade Inc today launched in the UK market with a view to disrupting Britain’s centuries-old insurance sector with its socially-conscious, AI-driven business model. The digital insurer aims to break the “cycle of distrust that plagues the insurance industry” with its pledge to cap its margins at 25 per cent by donating [...]
Soaring inflation risks creating UK property ‘insurance gap’ August 25, 2022 SOARING inflation in the construction sector threatens to create a major “insurance gap” amongst UK policyholders, London headquartered insurer Chaucer has warned. Sharp increases in the costs of building materials could leave homes and businesses underinsured, as policies fail to cover the cost of repairing and rebuilding damaged properties, research carried out by the Lloyd’s of [...]
Direct Line boss James quits as another insurance firm counts the cost of the deep freeze January 27, 2023 Direct Line said it was seeking a new chief executive following the resignation of Penny James. James, who was also a director of the FTSE 250 company, will be leaving with immediate effect. Jon Greenwood, who was Direct Line’s chief commercial officer, will step in as acting chief executive officer until a permanent replacement is [...]
Marsh launches world’s first dedicated hydrogen insurance fund August 22, 2022 Insurance broker Marsh today set out plans to launch the world’s first ever dedicated hydrogen insurance offering, to provide coverage for new and existing H2 energy projects. Marsh’s new fund will provide cover worth up to $300m per project in a bid to capitalise on a fast-growing sector that is set to see $150bn invested [...]
Don’t penalise cash-strapped Brits, FCA warns insurers September 29, 2022 The City watchdog has fired a warning shot at insurance firms today and told them to ensure they are supporting consumers as a cost of living crunch hits.
Saga looks to sell off insurance business to help pay down £721m debt January 22, 2023 Saga is reportedly seeking to sell its in-house insurance business in a bid to raise £90m to help pay down its huge £721m debt. The London-listed company, which offers cruises, package holidays, insurance, and financial services to the over-50s, is looking for buyers for its underwriting arm, according to The Sunday Times. Any sale of [...]