General Insurance newsletter Friday 21st March 2025

Insurance News

What can we expect from the 2025 Insurance employment market? - Growth across the insurance jobs profession is expected to rise by approximately 0.58% in 2025, but hiring and talent retention remains a challenge — 52% of employers struggle with talent shortages, while 60% of employees plan to leave their current employer due to heavy workloads, low pay, and limited growth. With 66% of firms lacking a strong employee value proposition, improving employer branding, compensation, and career development is crucial for retention. (IDEX Consulting news, 'What can we expect from the 2025 Insurance employment market?')
How does your salary compare to your peers? Find out with our Insurance Salary Guide - The Insurance sector highlights strong growth but challenges with sourcing tech savvy specialists and potential AI upskilling. Our IDEX salary guide data shows that 52% of insurance employers don't think they have the talent needed to achieve their business objectives and a significant number of employees have not had a pay rise in the past year. When was the last time you checked your salary and compensation package to see how it compares to the industry averages? Check now with our 2025 salary guide. (IDEX Consulting news, 'How does your salary compare to your peers? Find out with our Insurance Salary Guide')
Predictive analytics: what you need to know - Predictive analytics is transforming insurance by improving risk assessment, fraud detection, and claims processing. Insurers are using new technology tools to analyse data sets to refine pricing, detect fraudulent claims, and streamline settlements. What developments are happening across the market and what tools do you need to be aware of to aid your competitive advantage? (IDEX Consulting news, 'Predictive analytics: what you need to know')
M&A financial services market analysis: new opportunities - James Salmon, Financial Services M&A specialist shares his thoughts on how the MA& market has fared so far in 2025, what opportunities there are for sellers and buyers and how leaders can differentiate themselves to secure the best possible deal, read our insights piece to help inform your growth strategy. (IDEX Consulting news, 'M&A financial services market analysis: new opportunities for IFAs')
As insurers seek to improve accuracy and consistency in policy reviews and claims assessments, Kennedys IQ has introduced an artificial intelligence (AI) risk analysis solution designed to support decision-making. The new tool, Kennedys IQ SmartRisk, integrates into the firm’s technology platform and aims to help insurers navigate complex coverage evaluations and liability determinations. (Rod Bolivar, 20/3/2025, Insurance Business, 'OneAdvent CEO on the conditions impacting the MGA and broker markets today')
Andrew Tolman, travel expert at Allianz UK, urges brokers to "promptly inform" policyholders of the risk of travelling to countries on the FCDO's banned list, as doing so may invalidate their insurance. This comes as the discussion surrounding FCDO travel guidelines reaches new heights. UK travellers have been cautioned about visiting a variety of countries and territories by the FCDO, which has raised concerns over “safety, political conflicts, and natural disasters,” according to The Independent. Travellers are also advised to exercise varying degrees of caution depending on their destination. (Yasmin Donald, 20/3/2025, Insurance Business, 'FCDO travel ban upheaval: how brokers can prepare for take-off')
How are businesses evolving amid softening market conditions? When Tim Quayle stepped into his new role as CEO of OneAdvent after its “landmark” MBO in September 2023, he underscored his ambition to accelerate the business’s growth agenda. Catching up with Insurance Businesssome18 months on, he highlighted some of the milestones achieved by the business – and offered his insights into the market conditions impacting MGAs and brokers today. (Mia Wallace, 20/3/2025, Insurance Business, 'Kennedys IQ introduces AI for insurance risk')
The International Underwriting Association (IUA), which represents 79 companies operating in the London insurance market, has appointed Chris Jones (pictured) as its new chief executive. Effective May 1, 2025, Jones will succeed Dave Matcham, who is retiring after a 45-year career in the London Market, including 20 years as head of the IUA. (Kenneth Araullo, 20/3/2025, Insurance Business, 'Chris Jones named new chief executive of IUA')
Coinciding with a rise in claims ratio attributed to several large-scale catastrophe events, premier re/insurance market Lloyd’s reported a lower profit before tax of £9.6 billion for 2024, down from £10.7 billion in 2023. The major claims ratio increased to 7.8%, reflecting the impact of large-scale catastrophe events, including hurricanes Milton and Helene and the Baltimore Bridge collision. Despite this, Lloyd’s said that it maintained its focus on profitability, with a stable expense ratio of 34.4%. (Kenneth Araullo, 20/3/2025, Insurance Business, 'Lloyd's reports lower profit in 2024 with higher claims ratio from disasters')
A study commissioned by AXA UK indicates that nearly two-thirds (63%) of UK motorists do not intend to purchase an electric vehicle (EV), with battery lifespan concerns cited as a key deterrent. Among those who do not plan to buy an EV, 37% attribute their reluctance to worries about battery longevity. The research also found that only 8% of respondents intend to purchase a second-hand EV. Cost remains a significant barrier, with 61% of those surveyed stating that EVs are too expensive, while 36% cite a lack of local charging infrastructure as a key reason for their decision. (Kenneth Araullo, 20/3/2025, Insurance Business, 'What's stopping UK drivers from going electric?')
There is more to boxing than what happens in the ring, and Anthony Joshua OBE knows it well. The former two-time heavyweight world champion has expanded his career beyond sport, building business ventures alongside his achievements in boxing. At the British Insurance Brokers’ Association (BIBA) Conference 2025, he will discuss resilience, leadership, and success in and out of competition. (Rod Bolivar, 20/3/2025, Insurance Business, 'BIBA reveals Anthony Joshua for 2025 Conference')
Viridium Group, a consolidator of life insurance portfolios in Europe, is set to operate under new ownership following an acquisition by a consortium of insurers and asset managers. The transaction, valued at approximately €3.5 billion, is expected to impact the management of closed life insurance policies, potentially influencing the direction of the European life insurance sector. The consortium, led by Allianz, BlackRock, and T&D Holdings, will acquire Viridium from private equity firm Cinven, which is exiting after more than a decade of investment. (Rod Bolivar, 20/3/2025, Insurance Business, 'Giants team up to swoop on insurance consolidator')

"We are pleased to welcome Christina to Agria as part of our continued growth journey," said David Haak, CEO of Agria. Almtun brings extensive industry experience, most recently serving as commercial head at Svedea for 13 years and holding multiple leadership positions at If, focusing on business development and strategic integration. Almtun will lead the company's existing markets in Sweden, Norway, Denmark, Finland, Germany, France, the United Kingdom, and Ireland, with a mandate to explore further European expansion. Agria Pet Insurance has appointed Christina Almtun as its new head of European operations, effective August 18, 2025. (Camille Joyce Lisay, 20/3/2025, Insurance Business, 'Insurance moves: Agria, Tokio Marine')
An economic transition is underway as an estimated $70 trillion in assets is projected to transfer from baby boomers to younger generations globally, according to recent financial research by LV=. Kings Court Trust estimates the UK wealth transfer will reach £5.5 trillion. Financial experts are focusing on strategies to mitigate potential risks associated with wealth preservation. Taxation emerges as a critical consideration in wealth transfer planning. Current tax rates are at historic levels, with potential increases on the horizon. Inheritance Tax (IHT) presents particular challenges, with multiple strategies available for mitigation. (Camille Joyce Lisay, 20/3/2025, Insurance Business, 'Baby boomer wealth transfer reshaping global economy – LV=')
It has never been more important for businesses to protect themselves against cyber threats. While the soft market for cyber insurance has continued to drive rates lower, cyber risks have evolved rapidly. In 2024, security services took down a number of ransomware groups, which dispersed attackers across numerous smaller groups. Now, these groups have reorganized and once again are focusing on critical and high-threat software vulnerabilities. (James Doswell, 19/3/2025, Insurance Business, 'Stay protected: Insights on cyber threats and risks')
After the release of its preliminary results, Talanx Group confirmed a strong financial performance for 2024, with double-digit growth in insurance revenue and a significant rise in operating profit. Insurance revenue rose 11% to €48.1 billion, while operating profit (EBIT) increased to €4.9 billion from €3.1 billion in the previous year. Net income grew by 25% to €1.98 billion, exceeding the company’s original 2025 target ahead of schedule. Return on equity reached 17.9%, up from 16.6% in the year prior. (Kenneth Araullo, 19/3/2025, Insurance Business, 'Talanx reports strong year with double-digit revenue growth')
Cyber security and insurance professionals have issued a critical warning about the escalating cyber threat landscape, calling for immediate and proactive risk management strategies across the industry. In a recent roundtable hosted by Intersys, industry experts highlighted trends that pose significant risks to insurance businesses. Key findings revealed that 60% of businesses affected by ransomware ultimately shut down within three years, underscoring the devastating potential of cyberattacks. (Camille Joyce Lisay, 19/3/2025, Insurance Business, 'Cyber experts warn: Insurance firms must act before it's too late')
Think AI is a thing of the future? Not so, suggests Crawford & Company as it introduces its SaaS platform Turvi into the UK market. The insurtech solution applies artificial intelligence and automation to claims management, aiming to reduce processing times, minimise errors, and support faster decision-making in property and casualty (P&C) claims. (Rod Bolivar, 19/3/2025, Insurance Business, 'Crawford & Company introduces AI-powered claims tool in UK')
Artificial intelligence has become a critical business tool, with nearly two-thirds of companies testing AI technologies in the past year, according to a new report by Gallagher. The research revealed that the majority of companies have adopted AI in their operations, highlighting its potential, but with a catch. By the end of 2024, 45% of businesses were integrating AI into daily operations, marking a substantial one-third increase from the previous year. Larger firms have been particularly aggressive, with 82% adopting AI technologies compared to 69% a year earlier. (Camille Joyce Lisay, 19/3/2025, Insurance Business, 'AI is reshaping business – Gallagher looks at the cost')
A polar vortex is set to hit the UK this mid-March, according to new forecasting data. The Met Office has warned that the UK is “highly likely to see a polar vortex collapse in March,” as reported by The Independent. A polar vortex is “a circulation of winds high up in the stratosphere,” the Met Office explained. Its collapse has “also been linked to many spells of cold winter weather in recent years.” (Yasmin Donald, 18/3/2025, Insurance Business, 'Mid-March snowstorm: how brokers can help homeowners')
The legal battle between Newmont Corporation and a group of international insurers over coverage related to Newmont’s mining operations in Ghana continues to advance in federal court, with the parties now bound by a detailed confidentiality agreement governing the disclosure of sensitive information during the pretrial phase. (Matthew Sellers, 18/3/2025, Insurance Business, 'Gag ordered over AIG, Munich Re, Swiss Re, Zurich, Starr and multiple Lloyd's underwriters')
Insurance Business UK opens the fourth annual Brokers on Construction to discover the UK’s best construction insurers. The report will gather insights from brokers and allow them to rate their construction insurance provider in critical areas, such as coverage, value for money, underwriting expertise and claims processing. (Insurance Business UK, 18/3/2025, Insurance Business, 'Take the 2025 Brokers on Construction survey')
Jensten Group has introduced Jensten Network, a new broker network aimed at providing insurance professionals and independent brokers across the UK with flexible options for business growth and operational support. The network is open to independent brokerages, appointed representatives (ARs), and Coversure franchise members. (Kenneth Araullo, 18/3/2025, Insurance Business, 'Jensten Network debuts with flexible options for UK brokers')

Mergers and Acquisitions

European insurance mergers and acquisitions (M&A) activity reached a record high in 2024, with 694 announced deals, a more than 20% increase from 574 transactions in 2023, according to analysis by FTI Consulting. The firm’s 2024 European Insurance M&A Barometer indicates that market conditions continue to support consolidation, particularly within the distribution sector, despite ongoing geopolitical and economic shifts. (Kenneth Araullo, 19/3/2025, Insurance Business, 'Private equity fuels record-high M&A deals across Europe')
Emerald Holding, Inc. has acquired the assets of Insurtech Insights, a London-based company that produces insurance technology conferences across Europe, Asia, and the US. The acquisition marks Emerald’s entry into the insurance technology sector as part of its broader strategy to expand into high-growth markets through acquisitions. (Josh Recamara, 18/3/2025, Insurance Business, 'Emerald enters insurtech market with Insurtech Insights acquisition')

Movers

"We are pleased to welcome Christina to Agria as part of our continued growth journey," said David Haak, CEO of Agria. Almtun brings extensive industry experience, most recently serving as commercial head at Svedea for 13 years and holding multiple leadership positions at If, focusing on business development and strategic integration. Almtun will lead the company's existing markets in Sweden, Norway, Denmark, Finland, Germany, France, the United Kingdom, and Ireland, with a mandate to explore further European expansion. Agria Pet Insurance has appointed Christina Almtun as its new head of European operations, effective August 18, 2025. (Camille Joyce Lisay, 20/3/2025, Insurance Business, 'Insurance moves: Agria, Tokio Marine')
Marsh has appointed Amy Barnes (pictured above) as global head of energy & power, effective immediately, as the industry ramps up support for the net zero transition. In her new role, Barnes will oversee strategy and innovation for Marsh’s global network of energy and power advisors, risk engineers, and brokers. Barnes will also continue her responsibilities as head of climate and sustainability strategy at Marsh. (Kenneth Araullo,19/3/2025, Insurance Business, 'Marsh names Amy Barnes global head of energy & power')
Specialty and property and casualty re/insurer, Canopius, has appointed Candace Steele (pictured left) as group risk director. Steele, who joined the company on March 17, 2025, reports to group chief risk officer Sheldon Lacy and will oversee the firm’s risk framework. She will work with business unit chief risk officers to coordinate risk functions across Canopius’ global operations. (Rod Bolivar, 19/3/2025, Insurance Business, 'Canopius, Aurora announce executive moves')
Two players in the financial and insurance sectors have announced senior leadership changes aimed at refining their business operations and responding to market demands. Close Brothers Premium Finance (CBPF) and Liberty Specialty Markets (LSM) have each announced structural adjustments, appointing key figures. (Rod Bolivar, 19/3/2025, Insurance Business, 'Close Brothers, Liberty Specialty restructure leadership')
Aon plc announced several leadership transitions, including the departure of Eric Andersen from his role as president. Andersen will now serve as a senior adviser to Chief Executive Officer Greg Case, who will also assume the role of president. The transition period will continue until June 2026, the company said in a statement. (Josh Recamara, 18/3/2025, Insurance Business, 'Aon announces leadership changes')
Markel Group announced that Simon Wilson, currently president of Markel International, has been appointed chief executive officer of the company’s three primary underwriting businesses – Markel Specialty, Markel International, and Markel Global Reinsurance. As part of the leadership transition, these businesses will now operate collectively under the name Markel Insurance. (Kenneth Araullo, 17/3/2025, Insurance Business, 'Markel consolidates insurance divisions under new CEO Simon Wilson')