Claims Newsletter Wednesday 1st March 2023

Claims News

Law firm Keoghs and insurer Aviva have foiled a fraudulent conspiracy involving 40 claimants, a deliberate collision between a bus and a Skoda and some highly amateur dramatics. The case led to an award of £74k in damages, including £50k exemplary damages, with savings for Aviva totalling more than £300,000 and costs to be decided. (Mark Dugdale, 28/2/2023, Claims Mag, 'Keoghs and Aviva secure £74k in damages')

Allianz Insurance is delighted to have been awarded the coveted Gracechurch Service Quality Marque for the fifth year in a row, for its claims service in 2020. Whilst the Gracechurch mid market claims report, based on its quarterly surveys of UK Claims brokers/specialists, showed service ratings collapse for some insurers, Allianz’s scores improved across all of its major lines of business – Property, Motor and Casualty.(Allianz, February 2023, youTalk Insurance, 'Allianz awarded Gracechurch Service Quality Marque for 5th year in a row')

An inquiry into how whiplash injuries resulting from traffic accidents are processed following the 2021 reforms has been launched. The parliamentary Justice Committee will investigate the effects of whiplash reform and how the Official Injury Claim portal operates. A focus of the inquiry will be the purported savings in premiums of between £40 and £50 a year per motorist that were originally put forward as a major benefit. (Mark Dugdale 17/2/2023, Claims Mag, 'Justice Committee launches whiplash reforminquiry)

VisionTrack has launched a new artificial intelligence-powered post-analysis solution. Called NARA (Notification, Analysis and Risk Assessment), the solution provides risk intervention and incident validation for video telematics analysis. VisionTrack, an AI video telematics and connected fleet data specialist, believes it could dramatically reduce road deaths and injuries whilst saving an average of £2,000 per claim in insurance costs. (Mark Dugdale, 9/2/2023, Claims Mag, 'VisionTrack launches AI-powered video analysis solution')

Allianz Commercial has refreshed its fleet policies to reduce repair times amid a period of double-digit claims inflation. Designed to deliver swifter sustainable repairs for customers, Allianz has implemented new wordings to fleet policies that prescribe the fitting of green parts and encourage the use of approved repairers. (Mark Dugdale 8/2/2023, Claims Mag, 'Allianz updates fleet policies to boost claims efficiency')

Computers specially configured to make cyber criminals think they were small businesses operating in London were attacked by hackers over 2,000 times every minute this January. The computers – called honeypots – were operated by cyber insurer Coalition as part of an exercise to assess the volume of cyber attacks directed against businesses in the capital. (Staff reporter, 28/2/2023, CIR, 'London cyber decoys attacked 91m times in a month')

Insurtech WhenFresh has developed a new cladding dataset aimed at helping insurers to better understand property risk across their policy portfolio, along with all the other data available via API, to drive more accurately priced, instant quotes for new insurance applications. (Staff reporter, 22/2/2023, CIR, 'WhenFresh partners with RICS on cladding data')

Enstar Group has reached an agreement for a ground-up loss portfolio transfer with a number of QBE Insurance Group subsidiaries on a diversified portfolio of business, covering international and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programmes. (Staff Reporter, 20/2/2023, CIR, 'Enstar to enter US$1.9bn LPT with QBE')

PERILS has released its fourth and final loss estimate for the European windstorm series which affected the British Isles and continental Europe from 16 to 21 February 2022. The series consisted of three storms named Ylenia, Zeynep and Antonia by the Free University of Berlin, and Dudley, Eunice and Franklin by the UK Met Office. In its fourth and final loss report, provided in the form of a detailed industry loss footprint with losses per CRESTA Zone and Property LoB, PERILS estimates that the event has cost the insurance industry a total of EUR 3,851 million. This industry loss figure is based on detailed loss data collected from affected insurers.(Zurich, 21/2/2023, perils.org, 'PERILS releases final loss estimate for European Windstorm Series of February 2022')

Cyber insurance rates are continuing to rise, albeit at a slower pace, according to data published by Marsh. Financial and professional rates fell for a second quarter, according to the company’s quarterly Global Insurance Market Index, which shows that, in Q4 2022, prices increased 4% across the board (down from a 6% increase in Q3 and a 9% increase in Q2). Whilst this is the 21st consecutive quarter of increases, growth across most regions moderated or remained the same due to an overall decrease in certain financial and professional lines, most notably D&O. In the US, composite pricing increased by 3% (down from 5% in Q3 of 2022) while rates in the UK were up by 4% (down from a 7% increase in Q3).(Deborah Ritchie, 2/2/2023, CIR, 'Cyber rate hikes slowing – Marsh')

British law firm Beale & Co has become the latest member of the Global Insurance Law Connect network, joining 12 members in its European group, and bringing the number of territories reached by the network to 21. Gillian Davidson, Chair of GILC and Partner at Sparke Helmore, commented: “Beale and Co has significant insurance expertise in the UK as well as globally through its offices in Dublin and Dubai. With the UK being a major insurance hub, it is vital to have strong representation in this market and Beale and Co’s membership of GILC brings benefits to our network and our clients around the globe. On behalf of GILC, I am delighted to welcome Beale and Co to our team.” (Staff Reporter, 3/2/2023, CIR, 'Beale & Co joins GILC')

Willis Towers Watson has launched a new analytics platform designed to generate insights into companies’ climate, sustainability and wider ESG risks. ESG Clarified draws on multiple data sources to create a comprehensive picture of exposures, in real time. Ben Fidlow, Global Head of Core Analytics at WTW, commented: "ESG Clarified joins several solutions our clients are already using to address ESG risks, including Climate Diagnostic, Risk Tolerance Clarified and D&O Quantified. We are excited to introduce ESG Clarified as an addition to our market-leading analytical solutions suite and we’ve made them all accessible through our Risk Intelligence Quantified (RiskIQ) platform.”(Staff Reporter, 3/2/2023, CIR, 'WTW unveils its new ESG Clarified platform')

The Worldwide Broker Network has chosen Zurich Resilience Solutions as preferred supplier of risk management and sustainability services to WBN’s network of 120 members in 100 countries. The collaboration will make Zurich’s resilience and sustainability solutions available to all WBN members, effective immediately. (Staff Reporter, 6/2/2023, 'WBN and Zurich in risk collaboration')

Axa XL has published its new three-year sustainability strategy. 'Roots of Resilience' sets out 23 ambitious targets to be met by 2026 or before and is built on three main themes: valuing nature, addressing climate change and integrating ESG factors into its business operations. Biodiversity goals include launching a collaborative partnership to take positive action for nature and increasing client awareness of underappreciated nature risks, and planting over 300,000 trees, prioritising degraded land or other critical reforestation areas by 2026. (Staff Reporter, 7/2/2023, CIR, 'Axa XL outlines new sustainability strategy')

Risk Solved is partnering with GWTInsight to bring the latter’s real-time commercial property data to the risk management platform provider’s suite of tools. GWTInsight uses patented technology to capture a range of real-time data sources helping users mitigate risk, reduce cost and carbon usage, and actively address ESG commitments across property portfolios. The enhanced property risk data can also offer better risk selection and pricing for underwriters, greater risk management and mitigation oversight, and provide energy use data to track ESG and carbon footprint or reduction targets. (Deborah Ritchie, 13/2/2023, CIR, 'Risk Solved partners with GWTInsight')

Chaucer has updated its ESG strategy, including plans to decarbonise its business and embed ESG into the underwriting decision-making process. The global specialty re/insurance group announced last year that it intended to achieve net zero greenhouse gas emissions by 2050 or sooner and aims to be carbon neutral across its operations by 2030 or sooner. Chaucer’s new strategy will be applied across all six of its defined core functions – investments, marketing, underwriting, operations, risk and governance, with each having a tailored sustainability purpose, focus and objective. (Staff Reporter, 14/2/2023, CIR, 'Chaucer unveils new ESG strategy')

DWF has been reappointed to RSA's defence legal panel, covering the insurer's Motor, Casualty, Property and Complex claims. The law firm is one of three to be appointed to the insurer’s panel, reduced from six previously. The firm has also extended the range of services it provides to RSA, adding complex work in Northern Ireland to its set of services. (Staff Reporter, 14/2/2023, CIR, 'DWF reappointed to RSA's defence panel')

Mergers & Acquisitions

GHG Claim and Risk Solutions has announced the acquisition of Jacksons Partnership Ltd, the specialist provider of TPA and loss adjusting services in the Park and Leisure Homes, Commercial Leisure, and Thatch & Let Property insurance sectors. Established in 1997 and headquartered in Tunbridge Wells, the business has been owned and run by Nick and Debra Jackson with a clear focus on quality to deliver the highest level of customer care through a personal and pro-active claims service. Whilst Nick and Debra will still be supporting the business on a consultancy basis, Charlotte Jackson will lead the business on the next stage of its journey. (GHG Claims and Risk Solutions, February 2023, ghgsolutions.co.uk, 'Acquisition of JPL')

PIB Group has added an insurance business to its portfolio with the acquisition of Jigsaw Insurances Services. Formed in 2000 and headquartered in Harrogate, Jigsaw brings specialisms in motor, breakdown and pet insurance to PIB, while complementing its capabilities in motor and fleet. (Mark Dugdale, 20/2/2023, Claims Mag, 'PIB Group acquires Jigsaw Insurances Services')

The Ardonagh Group has completed its acquisition of Australian insurance firm, Envest. Headquartered in Brisbane, Queensland, Envest is an insurance investment and distribution group with a diverse portfolio of businesses and a national footprint. The businesses acquired as part of Envest Group include a national network of insurance brokers operating under the Aviso brand, three direct to consumer insurance brands and eight intermediated agencies. (Staff Reporter, 6/2/2023, CIR, 'Ardonagh completes Envest acquisition')

The international arm of global specialty insurance broker Amwins and has acquired Roberts Armytage and Partners, the specialist, Energy and Marine-focused London broker. One of the largest independent Wholesale brokers in London, Amwins Global Risks places more than US$2bn in premium annually. "We couldn't be more excited about partnering with RAP as we have a history built on the success of strategic partnerships with entrepreneurial business teams," said Nate Mathis, Chief Executive Officer of Amwins Global Risks. (Staff Reporter, 8/2/2023, CIR, 'Amwins Global Risks acquires Roberts Armytage')

Movers

QBE has created a client proposition team as part of its drive to enhance its client offering and deliver a top-notch service. Matt Lacy will lead the team in the newly created role of director of client proposition. The client proposition team brings together multiple QBE specialisms under one leadership structure. These include client management, with responsibility for supporting QBE’s largest clients in partnership with brokers, and risk solutions, which is a 24-strong team of risk management professionals that provide education and mitigation advice across a range of practices.(Mark Dugdale, 15/2/2023, Claims Mag, 'QBE creates client proposition team' )

DAC Beachcroft has secured the return of Faye Fishlock, who joins the law firm’s claims solutions group. She re-joins the law firm as a partner following a two-year stint at Carpenters Group where she was head of defendant services. Fishlock is experienced in dealing with motor, employer’s liability, public liability and catastrophic claims, with a specialism in the defence of chronic pain and fatal claims. (Mark Dugdale,10/2/2023, Claims Mag, 'DAC Beachcroft appoints partner in claims solutions group')

Zurich has appointed James Nicholson to the role of UK chief claims officer. Nicholson joined the insurer as a graduate 26 years ago and has held a number of claims leadership roles across personal lines, Zurich Municipal, property and global corporate. Before taking on the interim chief claims officer role, Nicholson was Zurich’s head of expert and commercial insurance claims. (Mark Dugdale, Claims Mag, 6/2/2023, 'Zurich appoints chief claims officer for UK')

Resilience First has announced the appointment of Rick Cudworth as its new chair. Mr Cudworth succeeds Simon Collins who stepped down at the end of 2022, having been involved in with the organisation since its foundation in 2018. (Staff reporter, 21/2/2023, CIR, 'Cudworth appointed chair of Resilience First')

MNK Re Group has established a branch in Poland. The new MNK Re branch will focus on insuring difficult risks in a variety of areas including Financial and Specialty, Chemical, Industry, Energy and Terrorism, and will also offer Parametric Solutions. The new Chief Executive Officer of MNK Re Poland, Agnieszka Zolędziowska, has 30 years’ industry experience, having started her career as a Broker, before going on to become President and Chief Executive Officer of the Polish branch of AIG Europe and serving as Vice-Chairman of Axa from 2016 to 2021. A key part of her role will be to expand MNK Re’s presence in Poland and across Eastern Europe. She is joined by Agnieszka Szymczak, who is responsible for business development and cooperation with insurance companies and local and international intermediaries. Szymczak has been working in the insurance industry for 25 years. (Staff Reporter, 9/2/2023, CIR, 'MNK Re expands coverage in Europe')

CFC has appointed Scott Bailey as Cyber Underwriting Leader. Bailey returns to CFC after almost 10 years at Markel International, the last four as Managing Director of its Cyber division and a year as European Underwriting Director for Technology and Cyber at CNA Europe. He previously spent 12 years at CFC managing the technology and media division. (Staff Reporter, 9/2/2023, CIR, 'Bailey returns to CFC')

Sedgwick is entering the Finnish insurance market, following sustained growth across the Nordic region. In the past 18 months, Sedgwick has revamped its Nordic operations, with the acquisition of Leif Hansen A/S in Denmark, hiring of Dan Sivertsen as Norway CEO, promotion of Julia Holm to Sweden CEO and appointment of Christian Leif Hansen as Nordic CEO. Recently, Noora Valla has been appointed Sedgwick CEO for Finland, bringing with her over two decades of loss adjusting experience at large firms in Finland. Valla has led teams across multiple product lines, with a focus on Motor, Bodily Injury and Liability claims.(Staff Reporter, 9/2/2023, CIR, 'Sedgwick expands Nordic operations')