HOME
-
UK to establish resolution regime for insurance companies
Receive free UK insurance industry updates We’ll send you a myFT Daily Digest email rounding up the latest UK insurance industry news every morning. The UK is pressing ahead with plans to create a resolution regime to deal with the failure of big insurance companies, saying the “swift and decisive” action to rescue Silicon Valley Bank’s UK arm in March underlined the importance of such arrangements. The government said on Wednesday that it would legislate “when parliamentary time allows” to give the Bank of England new powers and flexibility to manage the demise of a large insurer, mirroring the resolution regime for…
Read More » -
Direct Line ordered to review five years of car claims after underpayments | Car insurance
Britain’s second-biggest car insurer, Direct Line, has been ordered to go back through five years of claims after admitting it had underpaid some customers who had their cars and vans written off. After an investigation into the car insurance market that began in December 2022, the Financial Conduct Authority (FCA), this week ordered Direct Line to conduct a review of claims where vehicles had been written off “to identify any policyholders who received unfair settlements and provide them with appropriate redress”. Direct Line, which has recently been accused by customers of upping premiums by 50%-75%, said in a statement that…
Read More » -
The US insurance storm continues
Receive free US insurance industry updates We’ll send you a myFT Daily Digest email rounding up the latest US insurance industry news every morning. Mayhem persists among the US’s property and casualty insurers. Auto-insurance businesses are still losing money. And a run of unusually destructive bad weather has brought additional losses for their property-insurance businesses. Allstate reported a 2Q loss of $4.42 per diluted share earlier this week, with its stock down around 3 per cent since last Friday. (The stock is off nearly 20 per cent year to date.) Progressive’s stock has fared better after it eked out 57c…
Read More » -
State Farm stopped insuring California homes due to climate risks. But it shares lobbyists with big oil | Lobbying
The largest home insurer in the US, State Farm, which is halting new homeowner policies in California due to the “rapidly growing catastrophe exposure” posed by wildfires, has hired lobbyists who also work to advance fossil fuel industry interests across 18 states, a new database shows. While State Farm in May refused to take new home insurance applications in California, it retains a lobbying firm in the state – the Sacramento-based KP Public Affairs – which also represents Tenaska, a gas developer. Across the US, State Farm shares lobbyists with a raft of oil and gas companies, including ExxonMobil, Calpine…
Read More » -
Berkshire Hathaway’s cash pile nears all-time high at $147bn
Receive free Berkshire Hathaway Inc updates We’ll send you a myFT Daily Digest email rounding up the latest Berkshire Hathaway Inc news every morning. Berkshire Hathaway’s cash and investments in short-term Treasuries surged to $147bn at the end of the second quarter, underscoring Warren Buffett’s faith in the backbone of global financial markets despite the rocky political climate in Washington. The sprawling conglomerate — which owns the BNSF railroad and Geico insurer — increased the holdings by nearly $17bn in the second quarter, to sit just below an all-time high of $149bn set in 2021. More than $120bn of that…
Read More » -
No insurance claim against me, so why am I a marked driver? | Money
When I tried to renew my van insurance policy with Privilege, the premium had increased from £508 to £989. Privilege said a claim had been made against me last year. In 2022, a car scraped the rear bumper of my van causing minimal damage. I reported the incident to Privilege, but did not make a claim. When I questioned this, Privilege admitted that the other driver had not made a claim either, but said the price hike was because there was a record of an incident. I tried another insurer which said the same and quoted me £850. I now…
Read More » -
‘Arbitrary’ cladding rules leave residents in England’s low-rises with big bills
Keep abreast of significant corporate, financial and political developments around the world. Stay informed and spot emerging risks and opportunities with independent global reporting, expert commentary and analysis you can trust. Subscribe to unlock this article Try unlimited access Only $1 for 4 weeks Then $69 per month New customers only Cancel anytime during your trial Explore our subscriptions Individual Find the plan that suits you best. Professional Premium access for businesses and educational institutions. Check if your university or organisation offers FT membership to read for free. Source link
Read More » -
‘Cascading impacts’ warning as Farmers becomes latest insurer to quit Florida | Florida
Farmers Insurance became the latest property insurer to pull out of Florida on Tuesday despite repeated efforts by the state’s legislature and its Republican governor, Ron DeSantis, to try to calm the volatile market that is making home ownership less affordable. Farmers informed the state that it was discontinuing new coverage of auto, home and umbrella policies. The company said in a statement that the decision would affect policies issued through its “exclusive agency distribution channel”. It said there would be no effect on 70% of current policies in Florida. Critics of DeSantis, who is seeking the 2024 Republican nomination…
Read More » -
People in Florida: have you been struggling to insure your property? | Home insurance
Farmers Insurance became the latest property insurer to pull out of Florida on Tuesday despite repeated efforts by the state’s legislature and its Republican governor, Ron DeSantis, to try to calm the volatile market that is making home ownership less affordable. Farmers said in a statement that the decision was based on risk exposure in the hurricane-prone state. We’d like to hear from people living in Florida who have been struggling to get insurance for their properties, and how this has been affecting their finances and plans for the future. Source link
Read More » -
How financial engineering in Bermuda boosted Apollo
Receive free Apollo Global Management LLC updates We’ll send you a myFT Daily Digest email rounding up the latest Apollo Global Management LLC news every morning. Many rivals of Apollo Global Management were convinced that its merger with Athene Holding, its retirement annuities affiliate, would prove a strategic blunder. The risk was that the private equity firm would spoil its high-margin, capital-light business of collecting hefty asset management fees by taking on a heavily regulated, lumbering balance sheet of a life insurance company. Yet two years on, Apollo’s stock price is trading at an all-time high as its assets under…
Read More »