Insurance news

What AI considerations do insurance businesses need to be aware of?

Sharing insights into some of the current – and future – legal implications of AI on the insurance industry, Rosehana Amin (pictured), partner at Clyde & Co, noted that regulators are turning a closer eye to AI governance, which has important legal implications for the insurance industry. In the UK, there is no single comprehensive AI regulation. Rather, she said, the UK is adopting a sector based approach based on a set of principles to manage AI risks.

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“The group has delivered on the strategic objectives set out by Adam Winslow at our capital markets day in July,” said Richard Ward, Direct Line Group’s remuneration chairman, in the annual report. “Strong growth in our core product areas has driven improved trading performance, further supported by bringing Direct Line Motor on to price comparison websites for the first time.”

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The team will be led by Rob Best, who has four decades of experience in the London insurance market, having built teams at JLT, Gallagher, and Willis. He will be joined by David Sparrow, former CEO of Built Asset Consultancy EC Harris and a former member of the Global Management Committee at Environmental Consultancy Arcadis.

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It also includes protection against losses from social engineering fraud, including impersonation fraud, such as fake president fraud. Losses due to third-party fraud, including robbery, burglary, fake buyers or suppliers, payment diversion, and forged invoices, are covered as well. In addition, the policy includes business continuation costs for up to six months following a fraud incident.

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The survey also found that many insurers view technology as the most effective means to close the protection gap. Some companies are already applying advanced tools to reduce insurance costs, with 40% of respondents reporting the adoption of these measures. Others are developing new products, such as parametric or microinsurance, which 40% of organizations are currently using. Additionally, 28% of firms are engaging with regulators through industry bodies, while 32% are using data to improve risk assessment and product design.

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MAPFRE’s growth across regions

In its assessment, Fitch also cited MAPFRE’s business profile, describing it as very strong due to its market positions, particularly in Spain and Latin America, and the company’s geographic and business line diversification, which Fitch said contributes to the stability of its results.

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What is the Elite Women list?

Each year, Insurance Business invites industry professionals from across each of its regions to nominate exceptional female performers. These are women who are leaders, breaking through barriers or inspiring those around them. Nominators were asked to outline their achievements over the last 12 months – and those achievements were then put to an independent panel of judges for assessment. In the UK, that panel consisted of:

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In early February, the Treasury’s consultation on a UK captive regime closed. The London Market Group has worked closely with market practitioners to develop our response and, through that process, it has been made clear that there is real enthusiasm and excitement amongst captive owners, advisers and other interested parties in the prospect of being able to have a captive insurer in the UK. The phrase that was used time and time again was “the UK has the potential to be a ‘destination domicile’.

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Strategic expansion and financial terms

Woodruff Sawyer, operating from 14 US offices and one in the UK, serves middle and large-market clients with a range of risk management and insurance solutions. The firm reported estimated pro forma revenues of $268 million for the 12 months ending December 31, 2024, with an EBITDAC margin of 33%.

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Insurance written premiums increased by 10% to $6.16 billion, up from $5.60 billion in 2023, while net insurance written premiums rose to $5.15 billion from $4.70 billion the previous year. Despite the positive financial results, Beazley’s undiscounted combined ratio deteriorated to 79%, compared to 74% in 2023, while the discounted combined ratio stood at 75%, down from 71%. Return on equity also declined to 27% from 30%.

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