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...Case also highlighted artificial intelligence as a “very, very substantial” future risk for global business, as well as an opportunity for companies to innovate....
...The syndicate will look to write business across multiple insurance and reinsurance lines, including political violence, marine, aviation and property catastrophe....
...Fast-growing private capital managers such as Apollo have in recent years pushed aggressively to create higher earning assets for insurance companies....
...“The fact that insurance grew here as an industry and as a business, it means that there is so much history and expertise, experience, skills, knowhow that is fostered here in the UK . . . and I would, as...
...Many UK businesses with large pension schemes have offloaded them to life insurance companies....
...The insurer is due to underwrite about £2bn of business within Lloyd’s this year and then grow that as a central part of owner Mitsui’s five-year strategy to reach £3bn within Lloyd’s and the so-called company...
...The chief executive of Lemonade has criticised “naysayers” that predicted the lossmaking insurance start-up would go out of business after it reported a small rise in its cash and investments in the second...
...The company says it still has “reinsurance relationships with some non-Russian entities”. The company is part owned by the Italian insurer Generali, but its stake has been “frozen” since the invasion....
...“The role of reinsurance, particularly offshore reinsurance, is making [it] even harder to regulate an already opaque life insurance sector,” he added....
...Reinsurers “need to feel that it is not just about selling insurance and making a profit. It’s about responsibility as part of society”, Hielkema said....
...In full-year results on Wednesday, the life insurance and asset management group reported a 45 per cent rise in new business profit — a measure of expected earnings from newly sold products — to $3.1bn,...
...Insurance group Prudential’s new business profit rose by about 45 per cent to $3.1bn last year, as its core business in Hong Kong continued to recover from the impact of coronavirus restrictions....
...As insurance companies recover from recent losses, and inflation falls, there should be scope for more competitive pricing....
...Microsoft, which owns Excel, said the company remained a “key technology partner for companies across financial services broadly, and insurance specifically”....
...Insurance companies have lifted prices drastically in the past couple of years after spiralling inflation in their claims costs — as items such as car parts and second-hand cars became much more expensive...
...The rising cost of home insurance and motor insurance has exacerbated cost-of-living pressures on households....
...Bulk annuity sales, as these deals are known, should pick up from around £28bn in 2022 to £80bn by 2027 say pension consultants LCP — good news, you’d think, for insurance companies that specialise in annuities...
...Admiral had even put through a “small price decrease” in the past few months as it sought to win more business....
...However, overall premiums fell shy of the £56bn revenue target set last year, which Keese said was partly a result of firms not writing as much business as anticipated in areas such as cyber and directors...
...This was offset by a positive contribution from other business lines, such as home insurance and motor rescue....
...This month’s £242mn purchase of the Probitas syndicate will allow it to tap into what it said were the many brokers that prefer to place business via the Lloyd’s market....
...Its existing UK operation is the sixth largest in car and home insurance, according to the company....
...On the regulatory side, the forum said it was considering what it called a “sandbox” idea, where the industry and its regulator, the Bank of England’s Prudential Regulation Authority, could “discuss and...
...On Monday, the company announced it was buying Lloyd’s insurer Probitas for £242mn....
...Speaking to the Financial Times, David Howden, founder and chief executive of insurance and reinsurance broker Howden, predicted the price of business cover would flatten this year as the supply of insurance...
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