Insurance

War insurance costs spike for ship owners as Black Sea threats grow

War insurance costs for ships sailing to the Black Sea have spiked again, with insurers reviewing policies daily as the conflict in Ukraine spills into sea lanes, five shipping and…

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Complaints about car financing, insurance race up UK ombudsman’s in-tray

By Huw Jones LONDON, (Reuters) - Britain's Financial Ombudsman Service (FOS) said this week that complaints about financing and insuring cars have spiked as claims management firms pile in with…

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EU agrees to ease capital rules for insurers to boost investment

By Huw Jones LONDON, Dec 14 (Reuters) - The European Union agreed a deal on Wednesday to ease its capital rules for insurers, a step the bloc's lawmakers said could…

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Rising war risks prompt property insurers to rethink cover

By Carolyn Cohn and Noor Zainab Hussain LONDON, (Reuters) - Insurers grappling with the rising risk of physical attacks on businesses due to war or civil disorder are reconsidering the…

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Insurers heavily exposed to climate change, global watchdog says

LONDON, from their alternative investments in reinsurance, the International Association of Insurance Supervisors said in a report this week. Insurers continue to have "material exposure" to climate change through investments…

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Insurers review Middle East events coverage after cancellations

By Carolyn Cohn and Noor Zainab Hussain LONDON (Reuters) - Some insurers are excluding Israel, Lebanon and other Middle Eastern countries from their event cancellation policies after the Israel-Hamas war…

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Jul

PB Group acquires 100% of the Thomas Smith insurance and logistics businesses

PB GROUP, a Malta-based company specialised in the delivery of highly specialised engineering solutions in the Water & Energy sectors and a key regional logistics operator has acquired all the…

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Stop insuring carbon projects ‘immediately’, NGOs tell CEOs

A group of climate activists has called on 30 insurance company CEOs to "immediately" stop underwriting new fossil fuel projects in the wake of a stark climate warning from U.N.…

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UK motor insurance costs jumped 8% in fourth quarter of 2022 – ABI

LONDON, Feb 3 (Reuters) - British households saw their motor insurance bills rise by 8% on average over the last three months of 2022, according to data published by the…

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Activists aggravate art insurers’ climate headache

Concern other groups could join in attacks Some insurers only cover works behind glass Inflation will also drive premiums higher Flood and fire damage risk add further pressure By Carolyn…

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Global reinsurers see inflation, war driving higher rates

BERLIN/LONDON, Sept 12 (Reuters) - Global geopolitical tensions, high inflation and climate change have heightened demand for risk protection and will lead to increased premiums, top reinsurers said at the…

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Financial Services: Truss wants more de-regulation, growth

Liz Truss becomes Britain's prime minister on Tuesday after a campaign in which she promised to "really unshackle" the City of London by making the most of Brexit in the…

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EU watchdog tackles insurance policy price differences

The European Union's insurance watchdog launched a public consultation on Monday to crack down on how insurers unfairly charge customers different prices for the same type of cover. The European…

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Insurance watchdog calls for pan-EU policy protection

Harmonised insurance protection schemes of last resort are needed across the European Union as consumers increasingly buy policies from outside their country, the bloc's insurance regulator said on Tuesday. Petra Hielkema, chair of the…

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Cyber insurers face hefty Ukraine war-related claims, despite fine print

LONDON (Reuters) - Insurers face potential multi-billion dollar claims for cyber attacks related to Russia's invasion of Ukraine, despite policy wording designed to get them off the hook for war, industry sources…

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COVID-19 loss of $44 bln is 3rd largest catastrophe cost to insurers

Insured losses of $44 billion from COVID-19 so far represent the third largest cost to insurers of any catastrophe, behind Hurricane Katrina and the 9/11 attacks, insurance broker Howden said…

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EU insurance regulator calls for independence of national supervisory authorities

The European Insurance and Occupational Pensions Authority (EIOPA) has published criteria for assessing the independence of supervisory authorities. In a statement, the EU regulator said that he independence of supervisory…

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Factbox: Germany’s election and the finance industry

Germany elects a new parliament on Sept. 26, with potential ramifications for its financial industry. Here are details on how the parties in the running to lead the next government…

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London takes aim at New York with five-year financial plan

ritain needs to ease taxes on banks and make it easier to hire staff from abroad, its financial and professional services lobby said in a blueprint to help London unseat New York…

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Insurers worry about COVID-19 discrimination claims as workers return to desks

Liability insurers on both sides of the Atlantic are scaling back the cover they offer companies ahead of an expected wave of discrimination claims as employers call staff back to…

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UK financial watchdog to protect home, motor insurance customers from ‘loyalty penalty’

Britain's financial regulator said on Friday it will move to protect consumers from so-called loyalty penalties in motor and home insurance, potentially saving an estimated 4.2 billion pounds ($5.95 billion)…

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Insurer of ship that blocked Suez Canal says reduced claim still high

CAIRO, May 10 (Reuters) - UK Club, an insurer of the container ship that blocked the Suez Canal in March, said on Monday a reduced compensation claim made by the…

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EU watchdog says super regulator for insurers is overdue

LONDON, Feb 4 (Reuters) - Regulating insurers in the European Union should be removed from member states and handed to a powerful bloc-wide body that can push through reform such…

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Businesses win pandemic insurance payouts after UK top court ruling

Small businesses, from restaurants to nightclubs and wedding planners to beauty parlours, on Friday won the right to insurance payouts after Britain's highest court ruled their policies should cover losses caused…

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European insurers slightly less exposed to risks compared to the beginning of COVID-19 outbreak but concerns remain

On Monday, the European Insurance and Occupational Pensions Authority (EIOPA) published its updated Risk Dashboard based on the second quarter of 2020 Solvency II data. The results show that the…

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Brexit has taken chunk out of London commercial insurance, says IUA

Britain's departure from the European Union may have cut business in the London commercial insurance market by 14% last year, the International Underwriting Association said. Gross premium income for the…

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Fake death insurance fraud leads to six arrests in Palermo

Italian police on Wednesday arrested six people in Palermo on charges of filing bogus life insurance claims after falsifying documents to show that claimants were dead, when they were not.…

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UK life insurers pay 90 mln stg in COVID-19 claims

British life insurers paid 90 million pounds ($117.18 million) in claims related to deaths from the COVID-19 pandemic in the three months to end-May, the Association of British Insurers (ABI)…

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Very low interest rates significantly affecting the European insurance sector

The ultra-low interest rate environment remains a key concern for the insurance market, EIOPA, the sector's European regulator said, describing it as one of the most important sources of systemic…

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Pandemic-proofing: Insurance may never be the same again

Insurers are creating products for a world where virus outbreaks could become the new normal after many businesses were left out in the cold during the COVID-19 crisis. While new…

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Lloyd’s of London says coronavirus related claims to be biggest since 9/11

Insurance market Lloyd's of London has said it expects coronavirus-related claims to cost it $3bn to $4.3bn (£2.5bn to £3.5bn). That means its biggest payout since the 11 September 2001…

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British insurers to pay 1.2 billion pounds in coronavirus claims

British insurers are likely to pay more than 1.2 billion pounds ($1.5 billion) on claims from businesses and individuals affected by the coronavirus pandemic, an insurance trade body said on…

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EU Commission approves €10 billion French guarantee scheme to support insurance market in coronavirus outbreak

The European Commission has approved, under EU State aid rules, a €10 billion French guarantee scheme to support the domestic credit insurance market in the context of the coronavirus outbreak.…

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Allianz partners with Microsoft to digitally transform the insurance industry

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Italian police arrest 11 in Palermo in connection with violent amputations for insurance claims

A brutal operation of mutilation intended to defraud insurance funds was uncovered. ANSA reports that consenting individuals join the shocking scheme enduring violent amputations of arms and legs to later…

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