Lloyd’s of London insurance companies prepare for a September re-opening

Lloyd’s of London Insurance - Lloyd's building mirrored in other building

Following the pandemic lockdown, the insurers are preparing to bring their workers back to offices. Lloyd’s of London insurance companies will be re-opening their offices and bringing their workers back in September 2020. The insurers are preparing to make a range of changes in order to prepare for employee returns. Among the changes Lloyd’s of London insurance companies will use methods such as temperature checking thermal cameras, clear screens on underwriting boxes, and click and collect take-out catering services. These will be meant to help ensure workers will continue reducing…

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FCA watchdog issues serious warning to the UK insurance industry

UK Insurance industry - Lloyd's of London

The Financial Conduct Authority’s caution follows on the heels of major admissions at Lloyd’s. The Financial Conduct Authority has issued a stern warning to the UK insurance industry to clean up its act. It warned insurer bosses that they had better eliminate their unacceptable behaviors and improve diversity among their numbers. The FCA’s warning comes with a threat to the jobs of the commercial insurance company bosses. This warning to the UK insurance industry arrives shortly after the 2019 admission from Lloyd’s of London of cases of sexual harassment and…

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UK insurance industry sees $75 billion shift as Brexit sends business out of London

UK insurance industry - Brexit - Map of Europe

Firms are shifting their centers out of London and into rival EU locations as the UK readies to leave. As much as $71 billion from the UK insurance industry is stepping out of London and is headed into locations throughout the European Union. The shift away from the capital city and into the EU is occurring as a direct result of Brexit. The EU’s insurance and pensions regulator has issued an order to every underwriter across the UK insurance industry. Those firms are required to transfer policies held by clients…

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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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American Insurance Association enters coalition between US and UK despite Brexit

American Insurance Association UK coalition

The trade association for P/C insurance leaders will use the coalition to make notable improvements. As Brexit Day in March 2019 moves ever closer, the American Insurance Association was undaunted and joined a coalition between the United States and the United Kingdom. The goal is to boost discussion from both countries regarding investment and trade in the industry. The American Insurance Association is the property and casualty insurance industry trade association. It recently announced it would join the American side of the Financial and Related Professional Services Coalition with the…

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