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Many of world’s largest hedge funds face UK stress test | Hedge funds
Many of the world’s largest hedge funds will reveal whether their investment activities risk amplifying economic shocks and harming the UK’s financial system, after being recruited into the first-ever stress tests involving the shadow banking sector. The Bank of England has released the names of more than 50 City institutions taking part in the exercise, which will measure the ways that banks and non-bank financial institutions – often referred to as the shadow banking sector – affect financial stability. The list includes large banks such as HSBC, Goldman Sachs, JP Morgan and Merrill; insurers including Aviva and Legal & General;…
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L&G/Nigel Wilson: legacy of inclusive capitalism leaves insurer better off
Receive free Legal & General Group PLC updates We’ll send you a myFT Daily Digest email rounding up the latest Legal & General Group PLC news every morning. Capitalism has made a lot of people better off, repelling challenges from other political and economic systems. That premise’s validity has taken a beating since the financial crisis. Sir Nigel Wilson, who steps down as Legal & General’s chief executive this year, believes the UK suffers more than most. He presided over his final set of interim results for the insurer on Tuesday. This provided an opportunity to assess his performance as…
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I can’t get Allianz to refund travel insurance though my partner has died | Money
I planned to go on holiday with my girlfriend DM to Tenerife this autumn, and we were looking forward to it. Sadly, she died after an unexpected cancer diagnosis and I’m struggling to get my money back. I booked last summer, originally for April, at a cost of £3,228, plus £253 for travel insurance with Allianz Assistance. We also paid an additional £220 premium for DM, who was in her early 80s with unrelated health conditions. She was diagnosed with lung cancer in November and embarked on a course of chemotherapy, so we had to postpone the trip. I was…
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US P&C insurers: paradise lost as severe weather event hits Hawaii
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. Are hailstones getting bigger, one equity analyst recently asked an executive at Travelers. The US property and casualty insurance industry has suffered through a summer of devastating thunderstorms on the continent. The National Oceanic and Atmospheric Administration says the US has had 15 climate/weather loss events exceeding $1bn through early August. The 40-year average for a whole year is eight. Texas has been hit hardest. Allstate’s second quarter combined ratio — incurred losses and expenses over…
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Crisis in NHS presents ‘business opportunities’, says boss of insurer Axa | Axa
The growing crisis facing the NHS presents “quite a few business opportunities” for AXA to expand its private healthcare business, the French insurance group’s chief executive has said. Speaking to the Financial Times, Thomas Buberl highlighted the mounting pressures on the health service, including record waiting lists, rising inflation pushing up costs such as the price of drugs and a crisis with recruiting and retaining staff. “This puts, by definition, the system under strain,” the German executive said, predicting that things would get worse given the ageing population. “With what is happening at the moment, probably the first choice of…
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Greensill charged ‘excessive’ fee to arrange NHS project financing
Receive free Greensill Capital updates We’ll send you a myFT Daily Digest email rounding up the latest Greensill Capital news every morning. Greensill Capital charged an “unreasonable and excessive” fee for arranging financing for NHS building projects and deliberately avoided disclosing this fact, according to the collapsed company’s main insurer. Australian insurance agency Bond & Credit Co arranged $10bn of coverage for Greensill, which specialised in supply chain finance and collapsed into administration in 2021 after its insurance expired. BCC, which is owned by Japanese group Tokio Marine, has targeted the “commercially unsupportable” fee in its latest filing in Australian…
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Aviva joins Axa in saying crisis in NHS presents opportunities to expand business | Aviva
The boss of Britain’s biggest insurer, Aviva, has said there are “big opportunities” in expanding private health cover in the UK as the strain on the NHS grows and waiting lists for treatments hit record highs. The company gained 170,000 health insurance customers in the past year, who were signed up either directly or through their employer. It now has more than 1 million, making it the third biggest player in the UK market after Bupa and Axa. Amanda Blanc, the chief executive of Aviva, said there had been “significant growth in demand for things like digital GP”, which offers…
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Admiral says ‘cycle is turning’ after surge in cost of motor insurance
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. UK motor insurer Admiral has said the “cycle is turning” in the sector as surging prices catch up with a sharp rise in the cost of repairing cars, signalling there may be some relief for consumers next year. Motor insurance prices are at a record high after insurers raised their premiums to match the cost of meeting claims, which have been driven higher by parts and labour shortages. “The market increased price quite substantially in the…
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Admiral profit up 4% despite insuring 380,000 fewer vehicles | Car insurance
The car insurer Admiral has turned a profit in the first half of this year despite covering 380,000 fewer vehicles, after it put its premiums up by 20%. The price increase came on top of a 20% rise in the previous six months, meaning the cost of cover has gone up by about 44% over a year. On Wednesday, the Office for National Statistics revealed that the quoted price for car insurance premiums across the industry had risen by 53.4% over the 12 months to July. Admiral said its group pre-tax profit had increased 4% during the first half of…
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Admiral: insurer fires starting gun on price recovery
Receive free Admiral Group PLC updates We’ll send you a myFT Daily Digest email rounding up the latest Admiral Group PLC news every morning. Admiral Horatio Nelson’s advice was not to interrupt the opposition when they were committed to a mistake. British insurer Admiral has followed this strategy, avoiding the errors made by peers who took large losses on underpriced risks. Half-year results show profits rising and underwriting losses falling. The share price has been hoisted 8 per cent in response. UK motor insurance has had a rough ride. Motor policy prices fell during the pandemic as cars remained stuck…
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