The value of the average insurance fraud case rose by 20% to £15,000 in 2022 according to the Association of British Insurers. The ABI’s figures also show a 19% drop in the number of insurance scams that were uncovered in 2022, compared to the preceding year. The data paints a similar picture to recent years, … Read more
The average premium paid for private comprehensive motor insurance in the second quarter of this year was £511, according to the Association of British Insurers, the highest figure since it started collecting the data in 2012. The result was up 7% on the previous quarter and 21% higher compared to the first quarter of 2022. … Read more
“The strength of the Allianz commercial business in the UK is without doubt our local, regional capability in those markets and the ability to deliver,” Allianz Holdings CEO Colm Holmes told Insurance Age. The insurer’s UK leader made clear that there would be no move to central underwriting post the creation of Allianz Commercial. “It … Read more
Operating profit fell 5.5% at Allianz Holdings in the first six months of the year to £112.8m, as the combined operating ratio deteriorated to 96.6% from 96.0% in the same period of 2022. According to the insurer, the fall in profit was “predominately driven by inflation”. It detailed that all parts of the business continued … Read more
As part of the Pollen Street Capital acquisition, Tradex’s capacity is growing from around £100m of gross written premium to £450m, Markerstudy group chief underwriting officer Gary Humphreys told Insurance Age. “That is the new approved business plan to the annual business level. An additional £350m over the next 12 months,” Humphreys, pictured, stated. Insurance … Read more