Insurance News | The latest news for insurance professionals

30 Sep 2022

FCA urges insurers to treat customers fairly amid cost of living squeeze & more…Keep up with what has been happening this week in our latest insurance news round-up…

FCA urges insurers to treat customers fairly amid cost of living squeeze

The City watchdog has issued a warning to insurers to treat customers fairly after concerns that the cost of living squeeze may prompt households and businesses to cut back on insurance, leaving them without protection.

Tysers sale crosses finish line

Lloyd’s wholesale broker Tysers is now owned by ASX-listed firm AUB Group Limited. AUB, which consists of insurance brokers and managing general agents in over 500 locations across Australia and New Zealand, has completed its purchase of the London-headquartered brokerage.

Saga cuts forecasts as inflation drives up cost of claims

Saga, the UK insurance and travel business focused on customers over 50, cut its full-year profit forecasts on Tuesday, sending the group’s shares down more than 23 per cent.

Top insurance companies caught in Rs 824 crore GST fraud in Mumbai

The Directorate General of Goods and Services Tax Intelligence (DGGI) has detected an alleged fraud of Rs 824 crore in availing input tax credit (ITC), without providing any underlying supply of goods and services by top insurance companies in connivance with intermediaries, such as banks and NBFCs that distribute policies.

Swiss Re swaps Granular investment for stake in Google’s Verily

Swiss Re has expanded its partnership with Verily by exchanging an investment in Granular Insurance Company for an equity stake in Verily. Following this transaction, Granular will be wholly-owned by Verily, which is the life sciences and healthcare subsidiary of Alphabet, the parent company of Google.