Standard & Poor’s: Brexit could “significantly dent” UK financial services and insurance sectors June 23, 2015 Any departure from the European Union could do significant harm to the UK's insurance and financial services sectors, ratings agency Standard & Poor's has suggested. Read more: Eurosceptic report sets the stage for Brexit In a report published today, the organisation pointed out that between them, the two sectors account for 30 per cent of [...]
House insurance prices forecast to fall further as competition thrives June 17, 2015 The UK’s household insurers could swing to an underwriting loss within two years, despite recording an industry-wide profit of around £500m last year. In a report released today, audit firm Deloitte warns that increasing competition pressures are forcing household insurance prices down. Relatively benign weather conditions over the past two years have also helped keep [...]
London’s getting an insurance tech accelerator as Startupbootcamp expands FinTech startup search June 16, 2015 A new global tech accelerator has been launched London which will search for tech companies around the world which can bring new innovation to the traditional world of insurance and its well-established companies. As FinTech takes off in the capital like never before, tech accelerator Startupbootcamp has added the new sector to its roster to [...]
Insurance giant Aviva to slim down with sale of property debt June 14, 2015 Aviva, the FTSE 100 insurance firm, is said to be selling off property loans to the value of billions of pounds. One source familiar with the matter told Morning Wire that big four audit firm Deloitte is currently working with Aviva. The property debt reportedly includes loans secured against House of Fraser’s department store in [...]
Taiwanese insurer Fubon Life Insurance snaps up site of Madame Tussauds May 25, 2015 Top tourist attraction Madame Tussauds Marylebone site has been snapped up by a Taiwanese insurer in a multi-million pound deal. Fubon Life Insurance bought the premises, which has been home to the waxwork museum for about 130 years, for £348.8m according to media reports. It's located on Marylebone Road near Regents Park and displays waxworks figures of [...]
Beware under-insurance: Four in five people don’t have adequate coverage for their precious things May 12, 2015 Do you have adequate insurance for the contents of your home in the event of a disaster? Probably not. Research suggests four in every five high net worth individuals is under-insured, according to Oak Underwriting. Another study from Datamonitor put the figure slightly lower, at 70-75 per cent of wealthier homeowners – but still a [...]
Insurance customers may be ripped off by poor sales information May 11, 2015 Insurance firms received a slap on the wrist from the City watchdog yesterday for failing to provide proper information to customers on the costs of various payment options. The Financial Conduct Authority’s study found that insurance sellers do not always make it clear how much customers will pay if they pick various different payment options. For [...]
BHS hires 250 new staff in food retail push amid withheld credit insurance rumours April 27, 2015 BHS announced its intention to take on 250 staff yesterday, and denied rumours its suppliers were seeing their credit insurance withheld. The struggling department store is hiring the extra staff as it seeks to expand into food retail following a successful trial in its Romford, Staines and Warrington stores. BHS has signed a contract with [...]
MPs tell FCA to sharpen up after insurance fiasco March 26, 2015 The City watchdog has not learned its lessons from the bungled insurance announcement which rocked insurance firms’ shares last year, an influential group of MPs said in a hard-hitting report today. Sloppy communications between the Financial Conduct Authority (FCA) and a newspaper led to a report that the watchdog was planning a probe into millions [...]
Pension Insurance Corporation sees benefits of bond issue as profits rise March 16, 2015 Pension Insurance Corporation (PIC) has posted pre-tax profit of £170m for the year to 31 December 2014, up from £114m in 2013. The specialist insurer also reported new pension business premiums of £2.6bn across 19 transactions, with clients, including French oil group Total and management consultancy firm Aon Hewitt. PIC raised £300m through a bond issuance [...]