Skip to main content
Category

Insurance news

Lockton reports US$4bn in revenue for FY25

“Lockton is, first and foremost, a growth company, and consistent double-digit organic growth continues to set us apart from our competition,” said Lockton. “As broker consolidation accelerates, Lockton’s independence, performance, and consistent commitment to our clients and associates continue to fuel growth and attract best-in-class talent.” 

Source

Israel announces extended conflict as flights cancelled, rerouted and Marine carriers on guard

Flight disruptions and premium volatility 

Following the escalation, Iranian, Iraqi, and Jordanian airspace was shuttered, and Israel’s Ben Gurion airport ceased operations entirely. Eurocontrol has reported the disruption of nearly 2,000 European flights, with 650 cancellations within a single day. Insurers now face increased liabilities linked to aviation war risk covers, while airlines are re-routing via Saudi and Turkish airspace, incurring significant cost escalations. 

Source

Insurance industry reacts as Lords report slams regulatory approach

The FCA, for its part, pointed to recent efforts to cut back on bureaucracy and increase efficiency. A spokesperson noted the regulator has reduced data reporting requirements, removed outdated supervisory materials, created a private market framework for securities, simplified insurance regulations, and is advancing reforms aimed at clarifying redress processes for firms and consumers.

Source

Applied Systems to withdraw platform from UK

“Applied Systems invests heavily in innovation and market expansion where we believe we can create new value for independent insurance agencies and brokerages,” said Taylor Rhodes, chief executive officer of Applied Systems. “Our decision to bring Applied Epic into the UK market was based on our belief that the UK broking community desired new BMS alternatives, but we struggled to deliver a fully featured product in the face of competitors with incredibly strong positions in the market. As in any business, you take calculated risks, and some of them play out and return significant value and others do not. While this investment did not work out, recognising this fact now presents us with the opportunity to reallocate capital toward other investments that are supporting our winning position in our other markets.” 

Source

How insurer is involving tech cover

In the latest edition of Insurance Business TV, Adam Atkins, of Hiscox, explains how the company is reshaping its technology insurance coverage. He looks at customer feedback and explicit AI coverage, as well as how client confidence has been boosted.

Source

Closing the underinsurance gap: the power of brokers and specialist insurers

Cyber and D&O: Two of the biggest missed opportunities

Treloar pointed to cyber and directors and officers (D&O) insurance as two key areas where clients are often exposed, despite clear risk signals. “There are still many customers that should purchase [cyber cover] that don’t,” he said. “Equally, I think the same is true for D&O.” S&P Global Ratings noted in a recent webinar that “only 5% to 10% of small and medium-sized enterprises currently hold cyber insurance.” For D&O, a Global Information report found that “39.9% of SMEs now have D&O (excluding sole traders), a figure that rises along with company size.” Treloar added: “We want to find solutions for these exposures for all of our customers as well, and to support them as the world continues to evolve.”

Source

contact us