General insurance companies receive warning from UK financial watchdog

General insurance companies receive warning - red light

The Financial Conduct Authority has accused insurers of failing to focus on value for customers. Britain’s financial watchdog has accused general insurance companies of failing to consider customers’ value for money within their products and services. Insurance CEOs have been warned that the watchdog is prepared to take action against their firms as well as against the senior management of those insurers. According to the F.C.A., insurance companies are failing to provide policyholders with value. The Financial Conduct Authority (F.C.A.) issued a letter to the CEOs of several general insurance…

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Chubb insurance strategy braces for Brexit through corporate structure conversion

Insurance strategy - Brexit

Chubb European Group S.E and Ace Europe Life S.E have both converted to Societas Europaea. As of July 19, 2018, both Chubb European Group S.E and Ace Europe Life S.E have been converted to Societas Europaea as a part of the insurance strategy for coping with Brexit. The move makes it possible for the insurers to shift their E.U. jurisdiction out of the United Kingdom. At the same time, this insurance strategy still makes it possible for the insurers to continue to operate and do business within both the United…

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UK insurance industry unprepared for Brexit, less than a year away

Insurance Industry - UK insurance industry not ready for Brexit - Domino

Without access to the European Union’s single market, U.K. financial firms will face unprecedented struggle. Ireland’s Central Bank Deputy Governor Ed Sibley voiced his concern about the financial and insurance industry challenges following Brexit. He stated that with less than a year before the United Kingdom withdraws from the European Union, banks and insurers remain unprepared. Sibley said the EU should not attempt to stop U.K. banks and insurance companies from the single market. Sibley’s financial and insurance industry warning is in direct opposition to certain E.U. opinions. Some E.U.…

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U.K. insurers market outside of Lloyd’s performs better than expected

Property and casualty insurance companies that are operating outside the Lloyd’s of London market in the United Kingdom have brought in the equivalent of approximately 75 percent of the income of their more high-profile competitors, which is a notably larger amount than had been previously predicted.  According to the first comprehensive survey of the sales of members of the International Underwriting Association (IUA), the insurers, known as the London company market, generated $26.6 billion (16.4 billion pounds) in gross premium income last year. On the other hand, last year, Lloyd’s…

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