Latest News – Page 740
-
NewsQBE: Brexit may require “revised approach” for £500m of premium
QBE has warned that it may have to take a “revised approach” to around £500m of the insurance and reinsurance premium it sources from the EU following the UK’s decision to leave the bloc. This could involve writing the business through new EU-licensed entities, the insurer ...
-
NewsInsurance saleswoman faces jail for £31k commission fraud
A saleswoman at health insurer Simplyhealth has been sentenced to nine months’ imprisonment for a £31,500 mis-selling scam. Jacqueline Buckmaster, 54, of Rumney, Cardiff, was handed the sentence, which is suspended for two years, at Cardiff Crown Court on Friday after pleading guilty to fraud by ...
-
NewsMoody’s will cut UK rating if it loses core of Single Market access
Moody’s has will downgrade the UK’s debt and issuer ratings if it fails to preserve “core elements” of its access to the EU Single Market following the country’s decision to exit the EU. The rating agency currently rates the UK Aa1, one notch down from its ...
-
NewsAviva fights back amid wave of consolidation
Aviva is investing heavily in smaller independent brokers in an effort to stave off the lure of the consolidators who are on a buying spree. After the large-scale acquisitions of Oval, Giles and Jelf, there are not many big brokers left in the market. So attention ...
-
NewsGibraltar insurer Elite considering new European unit post-Brexit
Gibraltar-based insurer Elite is considering setting up a new company so it can continue writing mainland European business after the UK leaves the European Union. Elite currently takes advantage of passporting rules, which allow companies to operate across the EU and European Economic Area with a ...
-
NewsAviva reassures market on solvency amid Brexit turmoil
Aviva said this morning that its Solvency II coverage ratio “remains close to the top of its working range” of 150% to 180% despite market volatility triggered by the UK’s decision to leave the European Union. The insurance group announced with its full-year 2015 results in ...
-
NewsVolume of claims from flash floods manageable – insurers
Insurers said the volume of claims following yesterday’s flash floods had been manageable. The worst hit areas in London were Havering, Barking, Dagenham, Bexley, Greenwich and Lewisham. AXA claims technical director Martin Ashfield said claims were still coming in, but that many had experienced flash flooding ...
-
NewsS&P: UK rating faces multi-notch cut over Brexit
The UK’s sovereign rating could be downgraded by more than one notch over today’s decision to leave the EU, rating agency Standard & Poor’s (S&P) has warned. The rating agency gives the UK its highest rating of AAA, although it is on negative outlook, which means ...
-
NewsPound slumps, insurance shares track market lower after Brexit vote
Sterling fell to its lowest in three decades and £86bn was wiped off the value of the stock market after Britain voted to leave the EU. The pound plunged 11% in early trading to $1.32, its lowest level since 1985. It recovered to $1.37 in mid-afternoon ...
-
-
NewsInsurers try to allay Brexit fears
Insurers have moved to allay fears of disruption following UK voters’ decision to leave the EU. Aviva said it has conducted “extensive analysis” in the implication of leaving the EU and said the decision will have “no significant operational impact on the company”. It added: ”Aviva’s ...
-
NewsAA: fuel prices will be the "biggest immediate concern" following decision to leave the EU
Motor, home and travel insurer AA said fuel prices, border controls and motor insurance are likely to be affected as a consequence of the referendum result. The AA expects fuel prices to rise as the value of the pound has fallen by more than 9%. AA ...
-
NewsFCA: EU-derived rules still apply despite Brexit vote
The FCA has reminded companies that they must continue to abide by their obligations under UK law, including any derived by the EU, following the vote to leave the European Union. The regulator said the rules would apply until the government changes legislation to reflect the ...
-
NewsWhat next for insurance after Brexit? Read the SR guide
How does the insurance industry cope with Brexit? Our sister publication Strategic Risk has published a guide to the key risks of Brexit, with contributions from academics, legal experts and QBE chief executive Richard Pryce. Click here to view the guide: Assessing the Key Risks of ...
-
NewsCustomers should avoid hasty decisions after Brexit vote - ABI
Customers of UK insurance companies should avoid making hasty decisions about their financial matters in the wake of the UK Brexit vote, according to the ABI. “Customers should remember we remain part of the EU until the process of leaving is complete and they should therefore ...
-
NewsBrexit could force insurers restructure as passporting rights go - PwC
The loss of passporting rights following the UK’s Brexit vote could force general insurers and the London market into a major restructuring, according to corporate services firm PwC. “The Lloyd’s & London Market and general insurance Market make extensive use of passporting. The loss of these ...
-
NewsPound, share prices slump on Brexit vote, Cameron resignation
Britain’s vote to leave the EU and Prime Minister David Cameron’s resignation have sent the pound plunging and wiped billions of share prices as markets opened this morning. The pound suffered its biggest one day fall in history, plunging more than 11% from its highs late ...
-
-
-
