Insurers calls on government to expand pensions ‘auto-enrolment’ scheme June 21, 2022 The Association of British Insurers (ABI) has called on the government to to expand its pensions “auto-enrolment” scheme, following a review of the policy’s successes since it came into force a decade ago. The ABI said the government should set out plans to expand its auto-enrolment policy, which requires employers to automatically enroll all staff [...]
FCA vows to take action against insurers falling short on business interruption claims October 4, 2022 The UK’s financial watchdog has warned insurers are falling short of its requirements in their handling of business interruption (BI) claims. The Financial Conduct Authority (FCA) said it will “consider using all regulatory tools” it has available to ensure insurers meet its standards after a review carried out by the watchdog determined insurers have “fallen [...]
Over 50s take to the waves once more as cruise and insurance giant Saga’s revenue boosted by 50 per cent April 4, 2023 Over 50s specialist Saga boosted its revenue by more than 50 per cent on last year, as older and middle-aged Brits returned to cruises and holidays post pandemic. Shares in the company were up almost three per cent this morning, as it announced 2023 earnings of £581m for the year ended January 31, up from [...]
Threat of ‘catastrophic’ cyber attack requires new approach from insurers, new report says November 7, 2022 The potential for a state-backed cyberattack to have a “catastrophic” impact on society requires a new approach to cyber insurance, reinsurance giant Swiss Re has said. The digitalization of critical infrastructure has created a situation in which a large scale cyberattack could have a “devastating” effect on society in having the potential to interrupt the [...]
Insurance broker Arthur J. Gallagher subpoenaed by US authorities over business with Ecuadorian firms November 7, 2022 US insurance giant Arthur J. Gallagher has become the latest multinational to find itself embroiled in a far-reaching investigation into corruption in Ecuador, after being asked by US authorities to hand over information relating to its business with Ecuadorian state-owned firms. Arthur J. Gallagher received a subpoena from the DoJ’s Foreign Corrupt Practices Act (FCPA) [...]
City braces for day of carnage as XR and Palestine protestors descend on Square Mile – with not even a pint safe February 29, 2024 The Square Mile is set to play host to a raft of climate and pro-Palestine protests today, with one insurer's building already covered in red paint.
Insurance giant Axa calls for clarity on self-driving cars June 16, 2022 French insurer Axa has called on the government to offer greater clarity around autonomous vehicles to support the rollout of self-driving cars. The French insurance firm called on the government to put in place laws that enable the deployment of self-driving vehicles, as it said lawmakers should work with the insurance sector to “pave the [...]
Hurricane Ian sees global insurance sector suffer more than $100bn loss for the fifth time since 1970 March 22, 2023 The global insurance sector suffered natural catastrophe losses of more than $100bn (£81bn) for just the fifth time in 2022, after taking a major hit from Hurricane Ian, new research shows. Natural catastrophes caused $275bn worth of damage in 2022, costing insurance companies $125bn, the research from reinsurance company Swiss Re shows. The hit [...]
Aviva: Profit and sales jump at FTSE 100 giant as UK premiums surge August 14, 2024 Insurance giant Aviva reported that sales, operating profit and dividend were all up for HY 2024 as the group generated over £6bn in general insurance premiums
Car insurance prices sink to lowest in seven years May 5, 2022 Car insurance prices have, on average, sunk to the lowest since 2015, the Association of British Insurers (ABI) announced today. Comprehensive prices, which are now at £416, dropped 5 per cent compared with 2021 levels following the Financial Conduct Authority’s decision to offer both new and returning customer the same tariff, and end “loyalty premiums.” [...]