Live Insurance News

Coronavirus insurance payouts reach largest non-life levels, says Lloyd’s CEO

May 18, 2020May 15, 2020 Logan B.

Coronavirus insurance payouts - dollar sign and virus

As claims payments move beyond the $100 billion mark, COVID-19 is the industry’s “single largest event”. Lloyd’s of London CEO John Neal has announced that coronavirus insurance payouts will pass the $100 billion mark. This has made the pandemic the “single largest event” the industry has faced in its history. COVID-19 has had a powerful impact on many industries and insurers have been feeling the pain. Lloyd’s of London’s estimates now state that the industry will have paid out $100 billion for the claims relating to this catastrophe. This coronavirus…

Will the UK Financial Services Industry be Affected by Brexit?

November 28, 2019November 28, 2019 Guest Author

The UK has for many decades been a financial services hub within Europe and the World, with large financial services companies being head quartered in the UK or operating their EMEA or European operations in the City of London. With the potential exit from the European Union (EU), many customers of these large financial institutions will be concerned whether their products and services will still be valid following Brexit. At the present time any financial services organization authorized to operate in any European Economic Area (EEA) country can conduct business…

General insurance companies receive warning from UK financial watchdog

April 12, 2019April 11, 2019 G. Turner

General insurance companies receive warning - red light

The Financial Conduct Authority has accused insurers of failing to focus on value for customers. Britain’s financial watchdog has accused general insurance companies of failing to consider customers’ value for money within their products and services. Insurance CEOs have been warned that the watchdog is prepared to take action against their firms as well as against the senior management of those insurers. According to the F.C.A., insurance companies are failing to provide policyholders with value. The Financial Conduct Authority (F.C.A.) issued a letter to the CEOs of several general insurance…

Bitcoin insurance is now available

January 15, 2014January 13, 2014 S.Vagus

Insurance coverage for digital currency comes to the UK Digital currency has been making slow progress with consumers and businesses alike for several years. The idea of digital currency is quite attractive, especially as mobile technology becomes more important in daily life. The idea, however, is also problematic in that digital currency is susceptible to a wide range of problems as well as being very attractive to hackers. Bitcoin could be considered the premier digital currency and its history has been marked by volatility, theft, and exploitation. Now, however, Bitcoin…

Life insurance payout behind woman’s intention to kill her husband

November 21, 2013November 19, 2013 Julie Campbell

A mother of two in England hired a hit man to murder her husband so that she could claim on his policy. In East Yorkshire, England, a 36 year old woman named Lisa Fairpo has been accused of hiring a man to kill her husband so that she would be able to collect on his massive life insurance policy. The intention was to murder her husband so that she would be able to use the payout to avoid bankruptcy. The case is now before the court and has revealed that…

Insurance news from UK reveals investigation plans from regulator

July 11, 2013July 9, 2013 H. Cutner

UK cyber Insurance industry News united kingdom

The FCA is now looking into the selling strategies many insurers are using with add ons. The Financial Conduct Authority (FCA) in the United Kingdom has made an insurance news announcement that it is investigating techniques being used by insurers for the sale of their products in order to increase their competitive powers. The study is being conducted specifically into the practices surrounding the add ons in the industry. The Chief Executive of the FCA, Martin Wheatley, first announced the insurance news at an industry conference that was held on…

Insurance news made by Mayor of London

June 27, 2013June 25, 2013 G. Turner

Boris Johnson made a speech in which he identified the industry as “crucial” to the U.K. economy. The Mayor of London, Boris Johnson, spoke in front of an audience primarily made up of Lloyd’s market participants and made insurance news by underscoring the critical role that is played by the market in the economy of London. He also pointed out that there is a need to boost international investment in the city. Johnson spoke within the historic Underwriting Room alongside John Nelson, the chairman of Lloyd’s. Together, the insurance news…