FCA proposes ‘significant reform’ of insurance market & more…Keep up with the latest insurance news in our round-up…

Loyal insurance customers should not pay more, says FCA

About 10 million home and car insurance customers should save nearly £120 a year after the UK financial regulator effectively banned the industry from charging higher premiums to loyal customers.

Swiss Re finds major economies at risk from biodiversity decline

A new report from Swiss Re Institute claims that one fifth of countries worldwide are at risk from ecosystem collapse and biodiversity declines, which threaten some of the major global economies.

Aviva considers selling off another business unit

Aviva is exploring a potential sale of its French unit, which could be valued at about 3 billion euros, according to reports from Bloomberg.

Willis Towers Watson adds to its aviation team

Global advisory, broking and solutions company, Willis Towers Watson, has made significant appointments across its global aviation team to provide class-leading renewals for clients.

FCA tells insurers to pay out business insurance claims

Following the high court judgement of the Financial Conduct Authority test case, they have ruled in favour of the policy holders; where insurers would now need to pay out business interruption claims relating to the pandemic.

Riots and Looting in America will cost Insurance industry over $1bn

After George Floyd’s death, riots broke out across parts of America and worldwide. Axios has reported that the damage from these riots in America will cost the insurance industry up to $2bn; making it the most expensive in insurance history compared to damages of other riots/demonstrations throughout history.

NFP Corp to rebrand its brokerages for a unified identity

Insurance group NFP Corp will be rebranding their UK and Ireland brokerages; this will be under a unified name to help benefit their employers and clients. “Taking on the NFP name across all brokerages brings us together in ways that will benefit our employees and the clients we serve. We will be able to collaborate and access expertise more efficiently; enhancing our ability to help clients overcome challenges, protect what they’ve built, and advance their growth,” said Matt Pawley, NFP Managing Director.