Insurance sector exodus could serve major hit to Russia’s energy exports May 25, 2022 Efforts on the part of insurers to cut their links to Russia could put a stranglehold on Russian energy exports, unless the Kremlin fills the void, analysts have said. The push amongst Western insurance companies to distance themselves from Russian clients, to ensure they are not in breach of Western sanctions, could severely impact the [...]
Solvency II shakeup will boost UK insurers’ competitivity, Bank of England exec says June 15, 2022 A high-ranking exec from the Bank of England’s (BoE’s) financial services watchdog has said the government’s plans to overhaul Solvency II will boost the insurance sector competitivity. Charlotte Gerken, executive director of insurance at the BoE’s Prudential Regulation Authority (PRA), said the government’s plans for reforms of Solvency II will increase the UK insurance sector’s [...]
Insurers could speed up rewriting policies to reduce exposure to claims following crypto crash July 15, 2022 The drastic crash in the crypto market could lead to insurers speed up rewriting policies to reduce exposure to claims. Following the crypto rout, which has seen prices of major cryptocurrencies plummeting and wiped out billions of dollars from the market, insurers will likely review or amend policy wordings to avoid indirectly insuring losses from [...]
Specialist insurer PIC buys out House of Fraser pensions scheme for £600m June 14, 2022 Specialist insurer Pension Insurance Corporation (PIC) bought out the House of Fraser pensions scheme, in a deal worth £600m, following the department store chain’s collapse in 2018. The British insurer will take over control of the pension scheme, which was formed in 2013, for ex who worked at House of Fraser, and its two subsidiaries [...]
UK space insurance industry grows by a quarter despite pandemic contraction April 13, 2022 The UK’s space insurance industry grew by quarter in the year the pandemic hit, drawing in some £20m into the more than £16bn sector, according to fresh analysis. Linklaters associate Nicholas Puschman told City A.M. that the growth was “not surprising given that London has a well-established history in underwriting space risks and responding to [...]
Russian cyberattacks could cost insurers billions, industry experts warn April 3, 2022 Insurers could be forced to pay out billions to those impacted by cyberattacks following Russia’s invasion of Ukraine. Ambiguous wording in cyber insurance policies could see insurance companies made liable to pay out billions to victims of hacking Insurers may be forced to cover the costs imposed on businesses of paying for ransoms and repairing [...]
Direct Line is now on price comparison sites – what does this signify? July 11, 2024 Direct Line was one of the last big insurers to resist the lure of price comparison websites. Until now.
Young accountant wins payout over insurance chief’s ‘demanding’ millennial comments April 26, 2022 A trainee accountant has won a case against employer, after his boss said she had made “the wrong decision in giving a dyslexic person the job” whilst firing him from his job at the Lloyd’s insurance broker. 26-year-old accountant Jay Patel is set to receive compensation for unfair dismissal, after an employment tribunal heard his [...]
Chinese firm that owns Lloyd’s building brings in architects to draw up plans if insurer leaves June 23, 2022 The Chinese insurance giant that owns Lloyd’s of London’s City headquarters has brought architects into the Grade I listed building to come up with ideas for what to do with it if Lloyds decides to leave. China’s biggest insurer Ping An – which bought the Lloyd’s building for £260m in 2013 – has brought in [...]
Hong Kong insurer becomes first in Asia to open up coverage to NFTs April 24, 2022 A Hong Kong insurance firm has opened up its coverage to NFTs – becoming the first insurer in Asia to offer such a service – as the city wrestles with its pandemic-induced “isolated status”. OneDegree, one of four virtual insurers in the global financial hub, has entered a three-year partnership with German reinsurer Munich Re [...]