The insurer of London’s Grenfell Tower, where at least 80 people died in a fire, raised its estimate for property and liability insurance claims to GBP50 million (USD65 million). British police have said the final death toll from the blaze that gutted the 24-story apartment block on June 14 may...
Motor insurance premiums hit record highs between 2015 and 2016, according to the Association of British Insurers (ABI). Data from the organisation found all age groups except those aged under 21 saw costs rise. The average price paid for comprehensive motor insurance across all ages hit a record GBP462, a...
Most European insurers and reinsurers have made solid progress regarding the implementation of the Own Risk and Solvency Assessment (ORSA), but the European Insurance and Occupational Pensions Authority (EIOPA) has called for further improvements. A supervisory statement released by the EIOPA explores the implementation of ORSA under Europe’s Solvency II...
As InsureTech aims to hit mainstream, consultancy EY expects technology based insurance to increase rapidly. EY surveyed 22,000 digitally active consumers from across 20 markets as part of its FinTech Adoption Index, finding that insurance technology usage has risen significantly in the last two years. In terms of adoption, insurance...
AXA chief executive Thomas Buberl plans to overhaul the group’s US operations, proposing to float its American life insurance and asset management businesses in 2018 in order to free up capital and pursue takeover targets elsewhere. In the past investors have questioned whether AXA needs to retain two separate asset...
Generali has unveiled an ambitious push into asset management, with a new plan to more than triple the profits it makes from the business. The move comes despite tough conditions in the asset management world. Generali, which earlier this year saw off takeover interest from Intesa Sanpaolo, plans to increase...
London is at risk of losing its global share and importance in reinsurance to places like Bermuda, a new report has warned. London Matters — The Competitive Position of the London Insurance Market, commissioned by the London Market Group, said that the City of London’s share or reinsurance had dropped...
Markel Corporation has announced that following discussions with BaFin, the German federal financial supervisory authority, it plans to apply for regulatory approval to establish an insurance company in Germany in the aftermath of Brexit discussions. Subject to approval from the regulator, Markel will incorporate and capitalise the new insurance company...
Zurich Insurance is deploying artificial intelligence in deciding personal injury claims after trials cut the processing time from an hour to just seconds, its chairman said. “We recently introduced AI claims handling … and saved 40,000 work hours, while speeding up the claim processing time to five seconds,” Tom de...
Lemonade Inc, a tech-driven insurance start-up, has won approval from California regulators to sell policies in the state, the company said. The insurer’s foray into California comes amid the company’s push to become licensed nationwide, less than a year after launching in New York. Last month, Lemonade, which sells policies...
