Keep up to date with the latest actuarial and finance news in our weekly round-up…

Prudential appoints former government minister Baroness Vadera as new chair

Insurer Prudential said it had appointed former banker and government minister baroness Shriti Vadera to chair its business.

Lloyds pension schemes agree £10bn longevity swap

The UK’s second-largest longevity swap ever has been completed; after Lloyds Banking Group Pensions Trustees Limited agreed a £10bn transaction with Pacific Life Re.

Insurtech investment soared to $6bn in 2019, says Willis Towers Watson

The insurtech sector received $6.37 billion in investments throughout 2019; with nearly $2 billion of that figure coming from the fourth quarter alone, a Willis Towers Watson report has found.

Costliest decade of natural disasters recorded

Natural disasters have resulted in more economic losses over the last 10 years than in any other decade on record, research from insurance company Aon has found.

Co-Op Insurance and IBM play blame game over collapse of £175m megaproject

In a long-running spat, British insurer Co-Op Insurance is suing IBM for £155m over what it claims Is Big Blue’s “deliberate” failure to deliver a new IT platform for the British financial services provider.

Insured losses from Australian hailstorms now at AUD 401mn

The Insurance Council of Australia has revealed that in just one day, the insurance industry losses from the recent severe convective storms and large hail events in parts of Australia has increased by 275 to AUD 407 million.

Hastings shares tumble as insurer issues profit warning

Hastings shares plummeted after it warned that it expects a 42% drop in annual profit because of high claims costs in the final quarter.

Sir Steve Webb to join LCP

Sir Steve Webb will join LCP as a partner, leaving Royal London where he is currently director of policy. The former pensions minster joins the consultancy to focus on its client service  and the “ever-evolving” regulatory environment.

Insurtech investment soared in 2019 & more...

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