Headline Makers - February 2023
The key stories from the past month all in one place.
The top 5 most read
The key stories from January 2023 all in one place: www.insuranceage.co.uk
- Why Direct Line’s disastrous profit warning should matter to brokers www.insuranceage.co.uk/personal/7952269/why-direct-lines-disastrous-profit-warning-should-matter-to-brokers
- Broker convicted for indecent exposure www.insuranceage.co.uk/broker/7952199/broker-convicted-for-indecent-exposure
- SSP hackers threaten to publish confidential broker information www.insuranceage.co.uk/broker/7952225/ssp-hackers-threaten-to-publish-confidential-broker-information
- Ageas makes significant changes to its UK executive team www.insuranceage.co.uk/insurer/7952294/ageas-makes-significant-changes-to-uk-executive-team
- GRP buys Christopher Trigg Insurance Brokers www.insuranceage.co.uk/insight/7952206/grp-buys-christopher-trigg-insurance-brokers
Around the country
Glasgow, Scotland: Acrisure has bought Glasgow-based Affinity Brokers; its 11th deal in the UK market.
https://www.insuranceage.co.uk/broker/7952301/acrisure-snaps-up-affinity-brokers-in-scotland
Wakefield, Yorkshire: Jon Newall’s start-up broker, Prosura, is targeting £10m of gross written premium within five years.
https://www.insuranceage.co.uk/broker/7952240/start-up-broker-prosura-targets-ps10m-gwp-in-five-years
Birmingham: Sompo International has flagged the importance of getting closer to brokers as it has opened an Birmingham; its first in the UK outside of London.
https://www.insuranceage.co.uk/insight/7952302/sompo-international-expands-outside-london-with-birmingham-office
Caerphilly, Wales: Thomas Carroll Insurance Brokers has launched a new insurtech company, TCi Future.
https://www.insuranceage.co.uk/technology/7952241/thomas-carroll-launches-insurtech-start-up-tci-futures
Quote of the month
For the depth of conversation – and I know I would say this because it is my own brand – there is nothing like this in the insurance space. We are not just saying ‘buy an insurance policy from us and F-off’, we are saying ‘join us and be part of this movement – and part of the conversation’.
Sam White on her new business Stella
Insurance Cares
ECH Facilities has launched a home insurance policy in partnership with the Salvation Army to help people with lower incomes protect their contents.
Neil Bresler, managing director at ECH Facilities, designed the policy and said it will enable people with less disposable income to protect some of their contents for the first time, and help to close the premium poverty gap.
Bresler said: “The sad truth is that those who need insurance the most are the least likely to be able to obtain it, either because they can’t afford the premium, or because they live in postcodes that are deemed high risk by traditional insurers, or because they’re subject to punitive exclusions.
“These conditions have locked millions of people out of protection, and our industry has done little to move the needle – until now.”
Bresler stated it is estimated that of the 22.6m households in the UK, 26% or 6m have no home contents insurance, and this is the market the broker is seeking to help.
Soundbites
“The UK is one of the world’s leading international financial centres, but our competitors are biting at our heels. Complacency is not an option.”
- Miles Celic, CEO at The City UK
“This year’s manifesto links together issues relating to helping with the cost of living, helping the UK economy to grow, and helping to solve key risks that face consumers and businesses. Brokers have a key role to play in all of these.”
- Biba CEO Steve White
“The board has looked at the opportunities to optimise Saga’s operational and strategic position in the insurance market, in line with the evolution to a capital-light business model and the stated objective to reduce debt. The board has concluded that a potential disposal of its underwriting business is consistent with group strategy and would crystalise value and enhance long-term returns for shareholders.”
- Saga board statement
The month in numbers
- 35% Initial analysis by Imas has detailed that mergers and acquisition deals for UK general insurance distribution firms dropped in 2022, with fewer than 100 transactions announced versus 148 in 2021.
- £90m Direct Line has issued a profit warning noting that it was predicting this much in unexpected claims across its home and commercial business as the freezing December weather triggered escape of water claims across both areas.
- £70.7m Allianz Commercial has revealed that detected insurance fraud was up 11.2% on the £63.6m that was uncovered in the year before.
- 28% Aviva has urged brokers to keep having conversations with clients on business continuity plans, as the insurer revealed only this many firms have one in place.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk