Global insurance protection gap reaches new high
21 June 2021
The global insurance protection gap for health, mortality and natural catastrophe risks has reached a new high of $US1.4 trillion amid the pandemic crisis, Swiss Re says...
International
Switch to new accounting rule set to cost industry at least $19 billion
21 June 2021
The insurance industry globally will likely incur about $US15-20 billion in cumulative costs to make the transition to IFRS 17, a new accounting rule that comes into effect on January 1 2023, according to a survey of 312 insurers by Willis Towers Watson...
Aon's solution for vaccine shipments highlights IoT potential
21 June 2021
A specialised cargo insurance product launched in April by Aon for global COVID-19 vaccine shipments is a game changer for the insurance industry, according to GlobalData...
Comparators must innovate, go beyond price: GlobalData
07 June 2021
A change in UK regulation around so-called “loyalty penalties” will most impact price comparison websites and encourage them to pair with insurtechs to innovate benefits beyond price, GlobalData says...
Allianz ups coal no-go list, signs net-zero insurance alliance
07 June 2021
Allianz has outlined further measures to hasten its withdrawal from thermal coal activity for a faster reduction of greenhouse gas emissions over the next ten years...
North Pacific region likely to see 'very active' cyclone season
07 June 2021
Reinsurance broker Guy Carpenter has released its annual cyclone briefing for the Western North Pacific region, predicting the area can expect a “very active” storm season...
Europe's mutual insurance model proves sustainable, AM Best says
07 June 2021
Europe’s mutual sector has demonstrated the sustainability of its model amid an increasingly challenging operating environment, according to a new report from AM Best...
More UK SMEs pay insurance premiums on credit cards
07 June 2021
Small businesses in the UK are borrowing more to pay for business insurance, premium funding company Premium Credit says...
FCA bans home and motor loyalty penalties
31 May 2021
UK insurers will be banned from penalising loyal home and motor customers through their pricing practices in measures the regulator estimates will save consumers £4.2 billion over 10 years...
Dive In 2021 to use hybrid model after attendance trebled
31 May 2021
The organisers of Dive In, the insurance industry’s long-running festival for diversity and inclusion, are planning a hybrid format combining both virtual and physical events this year, to be held September 21-23 across the world...
Florida insurers struggling to stem profit declines
31 May 2021
Florida insurer profitability has continued to decline despite no hurricanes making landfall in the state during the past two years, and with a more active season looming, AM Best says...
COVID inflicts $10 billon earnings hit on industry: S&P
31 May 2021
An S&P Global Ratings report has outlined the financial hit from COVID-19 on the industry, saying the pandemic led to an $US8 billion fall in net income last year for the 16 multiline insurers that it tracks...
Insurers well placed in scramble to reduce IT carbon footprint
31 May 2021
Insurance ranks highest for having a sustainable information technology strategy with well-defined goals and target timelines, new research shows...
UK brokers urged to work on trust challenge
24 May 2021
A new report from UK professional body the Chartered Insurance Institute says brokers should refocus on building trust with their customers, particularly SME clients...
COVID puts mandatory IP on the agenda
24 May 2021
The pandemic has triggered calls to consider mandatory income protection insurance for disability and unemployment in some countries, research by Zurich and the University of Oxford says...
Lloyd's appoints Market Transformation Director
24 May 2021
Lloyd’s has appointed Bob James to the role of Market Transformation Director to manage engagement and drive uptake of the Future at Lloyd’s products and services...
Huw Evans to stand down from UK's ABI
24 May 2021
The Association of British Insurers is undertaking a full recruitment process to appoint a new Director General after Huw Evans announced he will depart in December...
Crawford & Company appoints first female chair
24 May 2021
Atlanta-based claims management firm Crawford & Company has appointed board member Michelle Jarrard as its new non-executive chair, the first woman to occupy the role in the company’s 80-year history...
Gallagher to buy Willis Re in Aon/WTW asset sale
17 May 2021
Arthur J. Gallagher will pay $US3.57 billion for a suite of businesses including reinsurance broker Willis Re under a transaction arising from Aon’s moves to win European regulatory clearance for its merger with Willis Towers Watson...
UK business interruption settlements reach $780 million
17 May 2021
UK business interruption final claim settlements have climbed to £433.2 million, the Financial Conduct Authority says in its latest update following this year’s test case judgment...