Nov 12, 2013
It’s official, Christmas adverts are upon us! The year is not done yet but I still found myself looking back over 2013 at what could be deemed UK Insurance’s top stories. Here is my pick:
- Guess whose back? The newly appointed Chairman and CEO of Endurance, the renowned John Charman has already increased the share price simply by showing up! A market scholar says; “Their support [for him] is causing other multi-billion players to say: ‘Maybe we haven’t articulated a ballsy enough agenda’.”
–Source Insurance Insider
- “Amazing that even in a bumper year like 2012, 27 out of 92 Lloyd’s syndicates didn’t make any underwriting profit. Most were small…”
–Source Mark Geoghegan, Editor, Insurance Insider
- Dubbed ‘controversial’ by the insurance media, Berkshire Hathaway has struck deals to access Lloyd’s via facility – so far agreements are held with Willis and Aon – a trend that threatens free competition?… watch this space…
- AJG continue to take over the world. Well, Giles, Belmont International and Barbon Insurance Commercial & Property in 2013, following 6 acquisitions in 2012.
–Source AJG press releases
- With so much M&A activity it’s no wonder that the value of European insurer mergers and acquisitions over the first half of 2013 were 1.6bn, the highest for 2 years
– Source Insurance Times, October edition
- Ageas, AXA and RSA continued to produce Core Operating Ratios above 100% for commercial lines. Is commercial the new motor?
–Source Insurance Age, March 2013 edition
- There have been 33,445 complaints against top insurers to the Financial Ombudsman Service about general insurance since the start of 2011…
– Source Insurance Times, September 2013 edition
- The FSA became the FCA which was, at the time, anticlimactic. Despite 95% of the staff remaining the same they’ve insisted they will act differently and their publicity supports this (assessing staff bonus schemes, enforcing fines etc). The regulation panel at the Xchanging London Market conference seemed impressed to date with the FCA and PRA … another tbc?
- Complaints about terms in insurance policies have risen by three quarters over the past five years. Nearly half of all complaints about unfair contract terms (UCTs) relate to insurance policies, according to data released from the FCA
– Source Insurance Times, September
- Three of the top UK broker networks bring in around 500 million pounds EACH in revenue; Brokerbility, Broker Network and Willis Networks
– Source Insurance Times, July edition
Any I’ve missed?