AXA XL confirms withdrawal from the London market & more…Keep up with what has been happening this week in our latest insurance news round-up…

WTW price index shows car insurance premiums dropped by 1%

Comprehensive car insurance premiums have fallen by 1% in the third quarter of 2020 due to the Covid-19 pandemic according to Willis Tower Watson’s Car Insurance Price index released in partnership with confused.com.

Insurance industry could be first to tackle economic response in future outbreaks

Speaking at the International Forum of Terrorism Risk (Re)insurance Pools Livestream 2020, Marsh’s chief executive and president John Q Doyle  has said that to help manage future pandemics insurers and brokers should work together backed by the government to write specific pandemic insurance policies and to contribute risk knowledge and infrastructure.

AXA XL confirms withdrawal from the London market

AXA XL has stated that they will be withdrawing from the financial institutions and underwriting management liability business in the London market. Their financial liability business in APAC, the Americas and Europe will not be affected by this withdrawal.

Aviva to commit £10 billion investment in the UK

Aviva’s global asset management arm has set a target of investing £10 billion in real estate projects and infrastructure in the UK over the next three years; in order to ‘help the economy and communities bounce back’, said the group’s chief executive, Amanda Blanc.

Insurer explains why car thefts have surged by 265% in London over last four years

As car thefts continue to increase across the UK over the last four years, London has seen the highest rise by 265%. LV= General Insurance explains that this could be linked to new keyless car technology; allowing thieves to use different methods to access a vehicle.