Keep up with what’s been happening this week in our latest insurance news round-up…
Insurance Europe have conducted a broad survey of 10,000 people across 10 European countries and have found that 43% of European citizens are not saving privately for their retirement however, of those not saving, 62% say they are interested in saving but 42% said they can’t afford to do so.
Hastings blame tough market conditions for their adjusted operating profit drop in 2019. The Chief Executive has said that their decrease in their loss ratio for the year and adjusted operating profit is due to elevated claims inflation.
Carrot Insurance, an app that uses phone data to measure journey length, braking and acceleration to try and make policies more affordable has been questioned by Tory MP Craig Tracey on whether it was ‘fit for purpose’ due to young people being threatened with having their car insurance cancelled due to faults in the app.
Aventus, a UK-based B2B insurtech business and insurance operating system closed a £2.6m funding round led by Outward VC and Notion Capital with participation from TriplePoint and Downing Ventures. The funding will be used to scale up the business.
Bob Young, the founder of Sedgwick Claims Management Services, has died at age 83. After Young moved to California after college in 1969, he founded the National Compensation Services in San Francisco which now has become Sedgwick, with 27,000 employees operating in 65 countries.