PwC News

U.K. Financial Firms Paid $91B in Annual Tax: City of London Report

Financial companies in the U.K. paid 71.4 billion pounds ($91 billion) in tax in the latest fiscal year, 7.4 percent more than a year earlier, driven by an increase in the levy on banks’ balance sheets, a report from the …

As Reinsurance Market Evolves, So Must Distribution, Say Experts at Forum

The flow of so-called alternative capital into the global reinsurance market is continuing, bringing it closer to the “convergence” in which traditional providers will eventually become conduits to the capital markets, said panelists at the 2016 Bermuda Reinsurance Conference sponsored …

Big Data Gathered by Twitter Monitoring Could Cut Premiums – and Erode Privacy

When people take to Twitter to comment on the great evening they enjoyed with good food and wonderful friends, reducing their monthly insurance bill is probably the last thing on their mind. But such tweets could help insurers to price …

UK Financial Sector’s Optimism Plunges in Wake of Brexit Vote

Optimism about the outlook for Britain’s financial services sector is at its lowest point since the financial crisis, a survey of finance firms showed on Monday. The latest survey of 115 financial services firms by business lobby CBI [Confederation of …

Low Prices Ultimately Could Bite London Market Insurers: A.M. Best, PwC Reports

The business outlook for the London insurance market is a familiar one across other global markets: underwriting profits are under pressure as ongoing soft market prices begin to take a toll. In separate reports on the London market, both A.M. …

Changing Employee Demographics Push Insurers to Focus on Strategic Recruitment

With nearly 400,000 employees expected to retire from the insurance industry workforce within the next few years, according to the U.S. Bureau of Labor Statistics, its incumbent on carriers to consider the ways in which they communicate with and recruit …

Motor Insurers Need to Adapt to Ward Off Competition from Car Manufacturers

As internet-connected and, eventually, driverless vehicles roll off production lines, traditional motor insurers need to adapt to ward off competition from car manufacturers. Insurers have struggled for years to make a profit from motor insurance due to intense competition and …

Insurers Ignore FinTech Revolution at Their Long-Term Peril: PwC

While 90 percent of insurers fear they will lose business to a FinTech start-up, only 43 percent say they have put FinTech at the heart of their corporate strategies, according to report published by PwC. As customers demand personalized insurance …

London Re/Insurance Market Faces Risk of Casualty Reserve Shortfall: PwC

There is a real risk that casualty reserves for business written in 2015 will run off at a loss in the future, according to PwC’s London re/insurance market review of reserve adequacy. PwC pointed to the fact that the strength …

UK Firms ‘Can’t Afford to Ignore’ Cyber Risks, One of Top Business Threats: PwC

UK companies and institutions remain vulnerable to cyber attacks despite the fact that many CEOs now rank cyber as one of the top threats to their businesses, warns PwC’s Cyber Security practice. Almost three-quarters (74%) of chief executive officers in …