Storm Dennis could cost insurance companies £225m & more…Keep up with what’s been happening this week in our latest insurance news round-up…

Nearly half of Europeans are not saving enough according to recent pensions survey

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.

Car insurer, Hastings, see their profits plunge by 42 percent in 2019

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.

The aftermath of Storm Dennis could cost insurance companies £225m

Insurance analysts at PwC estimate that damages to homes, businesses and cars across the UK due to Storm Dennis, could cost between £175m to £225m in insurance claims. Along with Storm Ciara, it is estimated that insurance costs from two February storms could be up to £425m.

Zurich UK’s GWP for general insurance rises by 4% from 2018-19

Zurich UK has reported a 4% increase in GWP across its general insurance portfolio to £2,480m by December 2019 from £2,386m at the end of 2018. They have also confirmed their focus on escape of water and fire risks for 2020.

Allianz Partners UK has entered the bicycle insurance market

Allianz Partners UK has teamed up with specialist cycle insurance firm, Yellow Jersey, which already shares a specialist sports travel scheme, in an exciting new partnership to enter the bicycle insurance market scheme.

Aon buys Cytelligence to bolster group handling cyber hacks

Aon Plc bought closely held Canadian firm Cytelligence Inc. to help boost its ability to respond to and investigate attacks on computer systems.

AXA unit to buy RenaissanceRe (UK) Limited

Currently in run-off RenaissanceRe (UK) Limited is being sold by parent RenaissanceRe Holdings Ltd to AXA Liabilities Managers.

Storm Dennis could cost insurance companies £225m & more...

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