Reinsurance News
ABI
Motor insurance claims in 2020 fell by 19%: ABI
15th March 2021
A report by the Association of British Insurers (ABI) has shown that the number of motor insurance claims settled by insurers in 2020 fell by 19% due to COVID-19. Although this fall was predicted, it reflects the effects of lockdown restrictions throughout the year which led to significantly fewer vehicle journeys. As ... Read the full article
COVID claims among ABI members reach £2.5bn
22nd February 2021
Members of the Association of British Insurers (ABI) expect to pay up to £2.5 billion for COVID-19 insurance claims incurred in 2020, according to new data. The majority of this figure (£2 billion) stems from business interruption claims, while another £204 million is attributed to protection insurance claims, including life, critical ... Read the full article
UK Treasury commends ABI commitment to omit grants from BI payments
28th September 2020
The Economic Secretary to the Treasury has written to the Director General of the Association of British Insurers (ABI), Huw Evans, after ABI members confirmed they will not make deductions from business interruption insurance claims payments to account for government grant funds. John Glen welcomed the commitment to omit the Coronavirus ... Read the full article
UK insurers pay £90mn to help families with COVID-19 deaths: ABI
14th August 2020
UK insurers received almost 7,000 life insurance claims, and paid £90 million – the equivalent of £980,000 every day - to support the families of people who died due to COVID-19 at the peak of the crisis, according to data issued by the ABI. The figures collected by the ABI show ... Read the full article
ABI rejects pub industry appeal for pandemic BI cover
22nd May 2020
In response to an open letter penned by a coalition of beer and pub businesses, the Association of British Insurers (ABI) has insisted that the UK re/insurance industry has no responsibility to pay business interruption (BI) claims related to the COVID-19 pandemic. The coalition letter, addressed to ABI Chair Jon Dye, ... Read the full article
ABI approves UK Gov trade credit reinsurance backstop
13th May 2020
Industry body the Association of British Insurers (ABI) has voiced its support for the UK Government’s now confirmed scheme to provide a reinsurance backstop for trade credit insurers. Economic Secretary to the Treasury, John Glen, announced today that the Government would move ahead with the scheme following several weeks of ... Read the full article
ABI members to pay out £1.2bn+ for COVID-19 claims
27th April 2020
Initial estimates from the Association of British Insurers (ABI) indicate that its members expect to pay out over £1.2 billion in claims to support businesses and individuals affected by COVID-19. This estimate includes payments for business interruption, travel insurance, weddings policies and cancelled school trips, but does not include claims made ... Read the full article
ABI pegs storm Ciara, Dennis payouts at £360mn
9th March 2020
The Association of British Insurers is expecting total payouts for UK storms Ciara and Dennis to exceed £360 million. The ABI says insurers made initial emergency payments of over £7.7 million to help flooded homeowners and businesses in the immediate aftermath of the flooding and wind damage. With repairs to many properties ... Read the full article
ABI endorses new Bank of England governor Bailey
20th December 2019
Huw Evans, Director General of the Association of British Insurers (ABI), has released a statement endorsing the recent appointment of Andrew Bailey as the new governor of the Bank of England. Bailey, who currently serves as Chief Executive of the UK’s Financial Conduct Authority, will bring a “deep understanding” of regulatory ... Read the full article
UK election result offers insurers increased certainty: Clyde & Co’s Newman
16th December 2019
Despite much work still needing to be done around the UK's Brexit vote and future trade relationships, the result of the general election last week, which saw the Conservatives win an overall majority, delivers a greater level of certainty for insurers than what the sector has been used to over ... Read the full article
ABI calls on new Government to support industry and secure an orderly Brexit
29th July 2019
Following the appointment of Boris Johnson as the new Prime Minister of the UK and subsequent Cabinet reshuffle, the Association of British Insurers (ABI) has underlined the importance of the new Government supporting the UK's insurance industry and implementing an orderly Brexit. Huw Evans, Director General of the ABI stressed that ... Read the full article
Gov’s Ogden Impact Assessment document “flawed”, says ABI’s Huw Evans
19th July 2019
The Director General of the Association of British Insurers (ABI), Huw Evans, is surprised that Lord Chancellor David Gauke signed the "flawed" and "misleading" Impact Assessment document relating to the government's plans to change the Ogden rate to -0.25%. Echoing the disappointment expressed by much of the insurance and reinsurance industry, ... Read the full article
Allianz’s Jon Dye takes over from Blanc as Chair of ABI
11th July 2019
Jon Dye, Chief Executive at Allianz Insurance, has been named as the new Chair of the Association of British Insurers’s (ABI). He replaces Amanda Blanc, whose surprise resignation as CEO EMEA at Zurich last week also resulted in her stepping down from her position as ABI Chair. The Association requires that ... Read the full article
Uncertainty remains despite vote seeking article 50 extension: Clyde & Co, ABI
15th March 2019
Despite the fact MPs voted overwhelmingly to seek an extension to article 50, widespread uncertainty remains for the UK's financial services sector, with a no-deal scenario still very much a possibility. MPs voted in favour of an extension to article 50 by 413 votes to 202, a move that would delay ... Read the full article
ABI Director urges Brexit delay to avoid “economic self-harm”
26th February 2019
Huw Evans, Director General of the Association of British Insurers (ABI), has urged the UK Government to delay the UK's planned withdrawal from the European Union (EU) in order to avoid a no-deal scenario, which he claims would be “an unforgivable act of economic and social self-harm that the UK ... Read the full article
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