Aircraft lessors see ‘horrendous’ hike in insurance costs April 7, 2022 Lessors are already seeing a “horrendous” hike in insurance costs as the Kremlin’s retaliation against Western sanctions start to bite, said BOC Aviation’s boss Robert Martin. “Because there are going to be huge claims on these insurances this year for confiscation or theft if the aircraft aren’t given back, this will then have a knock [...]
Solvency II reforms will not be a ‘free lunch’ for insurance sector, Bank of England says July 8, 2022 The Bank of England (BoE) has said its post-Brexit shakeup of the rules that govern the UK’s insurance industry will not be a “free lunch” for the sector, that puts policyholders at risk. In a speech on Friday, Sam Woods, chief executive of the BoE’s Prudential Regulation Authority (PRA) said policyholders must be protected as [...]
Exclusive: Londoners absorb heaviest national insurance hike hit May 3, 2022 Londoners have suffered the worst blow to their finances in the UK in the first month the national insurance hike has been in effect, reveals exclusive research shared with City A.M. today. Workers in the capital have absorbed a near £300m blow to their budgets from higher national insurance bills, the biggest jump in the [...]
WH Smith de-risks pensions scheme via Standard Life insurance policy August 8, 2022 WH Smith on Monday said it had taken out a bulk annuity insurance policy with Standard Life, through which the Phoenix Group subsidiary will cover the costs of the retailer’s £1bn pension scheme. The high-street bookseller’s insurance policy will see Standard Life pay the pensions of the almost 13,000 members of WH Smith’s defined [...]
Phones ringing in Canary Wharf as new Chancellor Kwarteng summons Britain’s bank and insurance chiefs September 7, 2022 The brand new Chancellor, Kwasi Kwarteng, will set out the Government’s new economic approach to the bosses of UK’s major banks after he summoned the banking heavyweights to the Treasury for talks on his first full day in office. Along with the chief executives, the new occupant of No 11 Downing Street invited the leaders of [...]
Allianz vows to stop insuring Arctic oil and gas projects April 29, 2022 Insurance giant Allianz has said it will stop insuring Arctic oil and gas fields by the middle of next year. The German multinational, which is one of the biggest oil and gas sector insurers in the world, vowed to stop insuring new oil and gas fields, oil powerplants, and oil pipelines in the Arctic by [...]
Johnson and Sunak to give joint speech on post-Brexit insurance reforms May 31, 2022 Boris Johnson and Rishi Sunak are preparing to give a joint speech on planned post-Brexit reforms to the EU’s Solvency II insurance regulations. The speech will be concentrated around the UK’s opportunities post-Brexit and will come after the government’s plan to scrap a series of EU regulations on the City was announced in the Queen’s [...]
Happening now in the City: Insurance giant Convex Insurance targeted over coal November 24, 2021 Convex Insurance, the London-based insurance company, is targeted this morning at the London Market Conference by environmental organisation Market Forces, putting further pressure on the insurance company to rule out underwriting the controversial Adani Carmichael coal project. Convex has not ruled out the project despite 40+ other major insurers having done so. The Adani Carmichael [...]
Clyde & Co set to merge with insurance specialist BLM March 18, 2022 London law firm Clyde & Co is in advanced negotiations to merge with insurance specialist BLM, the two law firms have said. A spokesperson for BLM confirmed to City A.M. that the law firm is in advanced talks for a merger with Clyde & Co, as she said the firm will be holding a partner [...]
Insurers suffer impacts of climate change as costs of natural catastrophes triple May 18, 2022 Insurers are now suffering 3.6 times more losses from natural catastrophes than they were three decades ago, according to new research, which suggests insurance companies are being hit by the impacts of climate change. Natural catastrophe events are costing insurers around the world 250 per cent more than they were 30 years ago, due to [...]