UK market News

Allianz & Insurtech Startup, Flock, to Launch Pay-As-You-Fly Drone Cover in UK

Allianz Global Corporate & Specialty (AGCS) has partnered with insurtech startup Flock to launch on-demand drone insurance in the UK market through a mobile app for commercial and recreational users. To be available in the UK market later this year, …

UK Regulator to Extend Senior Manager Conduct Rules to All Finance Firms

UK regulators set out plans for ensuring senior staff of financial-services firms can be held to account for misconduct on their watch, extending rules already in place for banks to almost all firms. The Senior Managers and Certification Regime is …

UK Faces Future of Record-Breaking Wet Winters, Floods: New Climate Models

Britain faces a future of record-breaking wet winters, potentially leading to more of the widespread flooding seen in recent years, according to new modeling that incorporates changing climate patterns. England and Wales now have a 34 percent chance of record …

Brexit Deal Must Protect Insurance Sector’s Benefits to UK Economy: ABI

The insurance and long-term savings sector is one of the UK’s most productive industries, adding more than £40 billion (US$51.5 billion) a year to the economy and helping Britain thrive, according to a study commissioned by the Association of British …

MGA Pen Underwriting Launches Specialist Cover for UK Construction Market

Pen Underwriting* has launched a new product to address the UK construction industry’s wide-ranging, complex risk exposures. Backed by “A”-rated capacity from specialist insurer CNA Hardy, the single wording, multi-section cover can be offered on an annual or single-project basis …

Existing EU Contracts Must Be ‘Grandfathered’ After Brexit to Avoid Complexity: Lloyd’s CEO Beale

Existing European Union insurance policies should stay in place after Britain leaves the bloc because the process of dividing them into British and EU contracts would be too complex, Lloyd’s of London Chief Executive Inga Beale said. The Lloyd’s of …

UK Plans $1B-Plus Investment in Driverless & Electric Vehicle Technology

The UK government plans to invest more than 800 million pounds ($1 billion) in new driverless and zero-emission vehicle technology as it seeks to boost its economy while leaving the European Union. Investment in research and new recharging infrastructure is …

Chubb Opens Office in Reading, UK; Davison, Glover Appointed to Local Team

Chubb announced it has opened a new office in Reading, Berkshire, in the UK, and has appointed two key members to the local team, as it continues to build its local presence across the UK and Ireland. Mark Davison has …

Swiss Re Corporate Solutions Opens Manchester Office for UK Regional Growth

Swiss Re Corporate Solutions announced it has opened an office in Manchester, UK, in order to grow its regional commercial insurance portfolio. The operation will serve large and upper mid-sized companies through national broking partners with focus on primary property, …

Update: U.K. Voters Reject Prime Minister May’s Vision of ‘Hard Brexit’

Prime Minister Theresa May will plow ahead with her plan to withdraw Britain from the European Union even as her electoral defeat raised questions over whether she will have to soften her approach or even if she will last the …