The most successful insurers have a number of factors in common, including 'thoughtful growth', a focus on markets in single countries and digital maturity. This is among the findings of a study conducted by Acord and Alchemy Crew on the primary drivers of success among 40 of the largest insurers headquartered in Europe.
UK motor insurers achieved a 90.3% net combined ratio in 2020, following the unprofitable 100.8% recorded the previous year, according to consultancy EY’s latest UK Motor Insurance Results. But it predicts a return to the red in 2021 and forecasts a net combined ratio of 103% for the market. It expects this to deteriorate further in 2022 to 112%.
Covéa Insurance has agreed a deal with water leak detector, Leak Bot to roll out its devices to the insurer’s high net worth customers across the UK through its broker and affinity networks. The new deal builds on an existing relationship that began in 2017.
Insurer Chubb has developed a pay as you roam travel insurance proposition, which uses mobile phone roaming data to identify when customers are away from their home country and to activate coverage automatically at a daily premium. It will be made available through the insurer’s partners in the banking, fintech and telecommunications industries.
Insurance provider CFC has launched a new transaction liability solution for the micro end of the M&A market. Its Private Enterprise policy insures the sellers of businesses with an enterprise value from around £175,000 up to approximately £7m for damages and defence costs resulting from a claim against them for a breach of a representation or warranty in the purchase agreement.
Dublin-based commercial broker Crotty Insurance, which was acquired by Global Risk Partners last year, has purchased Cavan-based broker Martin Insurance. The target broker specialises in commercial covers such as airside, marine and cargo, professional indemnity, contractors, construction, apartment block and motor fleet.
Legal expenses insurer DAS UK Group has teamed up with litigation funding provider Maxima to launch a new clinical negligence and personal injury scheme called Optimise, which is aimed at smaller legal practices, including sole practitioners and small departments.