The UK Supreme Court has denied Allianz Insurance plc’s appeal in a COVID-19 business interruption lawsuit filed by the London International Exhibition Centre, also known as ExCel
Lloyd’s has confirmed that CEO John Neal will step down in 2025 after more than six years leading the world’s largest insurance and reinsurance marketplace
British pension insurance deals totaled approximately £45 bn in 2024, with a similar outlook for 2025, according to LCP. The adviser expects buy-in volumes to remain strong
The UK-based managing general agent (MGA) Optio Group has finalized its acquisition of Den Hartigh Beheer & Exploitatie B.V.
K2 Group Holdings Limited (K2 International), a division of K2 Insurance Services, has officially opened its box at Lloyd’s of London. The move strengthens its presence
Lloyd’s of London has confirmed it is considering outsourcing certain information technology services and operational functions
AM Best reports that upcoming changes to the UK’s solvency regulations, expected to be finalized in November, are likely to positively impact UK insurers
PERILS, a provider of catastrophe insurance data, has released its final industry loss estimate for Windstorm Ciarán (Emir). This storm affected France, the UK, Belgium, and the Netherlands
Lloyd’s of London has partnered with the United Nations Capital Development Fund (UNCDF) to introduce a new disaster resilience vehicle
Aon reports that wildfires in Greece and severe convective storms across Europe could result in hundreds of millions of dollars in losses. Beginning August 12, storms in Switzerland and Austria brought heavy rain
AM Best estimates the property catastrophe bond market reached approximately $45 bn by mid-2024, marking a $3 bn increase
Frequent small to medium events caused global insured losses from natural catastrophes to reach $60 bn in the first half of 2024, according to Swiss Re
Developments such as climate change and digitalisation are changing risk pools and can challenge the viability of traditional insurance products
Climate change is making severe weather more common worldwide, which greatly affects the electric grid. Insurance funding is crucial for adaptation
Aon reports a 4% increase in global reinsurer capital during the first quarter of 2024, reaching a new high of $695 billion
Severe storms and flooding have impacted Central Europe, leading to economic and insured losses in the hundreds of millions of euros
Lloyd’s, a leading global insurance and reinsurance marketplace, will open a new office in Miami to enhance its business in Latin America and the Caribbean
London’s High Court has decided that the $10 bn battle between reinsurers and a host of aircraft leasing companies seeking payouts for more than 200 jets stuck
M&A in the UK insurance industry rose in 2023, in contrast to a wider slowdown in deal activity across Europe, the Middle East and Africa
Financial Conduct Authority of the United Kingdom has outlined its commitment to intensify efforts against crypto market abuse within the cryptocurrency
PERILS has updated its insurance loss estimate for Windstorm Ciarán (also known as Emir) that impacted parts of Europe on 1-2 November 2023
Aviva plc has announced expectations to receive an additional £80 million (approximately SGD 0.1 billion) from the sale of its shares in Singapore Life Holdings Pte Ltd (Singlife)
Insurer AXA UK is joining forces with Synectics Solutions, specialises in combating financial crime through innovative technology, including a syndicated fraud database
Moody’s RMS, the risk modeling and solutions company, estimates that insured losses from Windstorm Ciarán, also known as Emir, will likely fall between $1 bn and $1.6 bn
London-based Insurtech Diesta has concluded its seed funding round, securing an impressive $1.9 mn in capital
The European insurance industry faced a year of changes and challenges, with the top ten insurance companies remaining consistent while a noticeable reshuffling
The FCA introduced in June that it was introducing advertising and marketing restrictions on the crypto sector
Cyber insurtech Cowbell has announced plans to further expand its footprint in the UK market with a new senior appointment and launch of its AI-powered cyber insurance
New rules requiring UK financial services companies to show that their prices represent fair value to customers will negatively affect life sector profitability
Lloyd’s Europe will be closing its branches in Austria, Finland, and Poland following the withdrawal of the freedom of establishment authorisation
Allianz Trade, the trade credit insurer, has introduced a new standalone fraud insurance product to assist businesses
Lessors have not received any insurance payments for planes stranded following sanctions on Russia, and are suing insurers across several jurisdictions, including London
Insurtech Husmus has raised $151K in funding from Google and British governmental agency Innovate UK
Monzo Premium’s worldwide family travel insurance will be provided by Zurich, powered by Qover. Most of the things covered by the insurance will stay the same
Sun Life Financial has completed the sale of SLF of Canada UK Limitedto Phoenix Group Holdings. Headquartered in London
Global insurtech industry was pegged at $16 billion in 2022, and is estimated to generate $160 billion by 2030, growing at a CAGR of 32.7%
Trends at Europe’s largest insurance companies illustrate an upward movement in commercial insurance pricing which is set to continue, albeit at a slower pace
Global catastrophes around the world drove estimated economic losses of USD 270 billion in 2022, of which roughly 44% or USD 120 billion were covered by re/insurance
Dubai International Financial Centre (DIFC) has granted an operating licence to Sukoon’s Syndicate 2880, making it the first syndicate-in-a-box
Floods and storms drive global insured catastrophe losses of USD 38 billion in first half of 2022, Swiss Re Institute estimates
Motor insurers last year recorded a Net Combined Ratio (NCR) of 96.6%, according to EY’s latest UK Motor Insurance Results
1H losses would be around 40% of the 10-year average of $11.1 billion for US seasonal catastrophes in that quarter.
The next phase of the London Insurance Market’s electronic placement platform NextGen 2.0 has been further delayed, this time to February of next year
