Commercial motor Hub
Welcome to Insurance Age’s Commercial motor Product Hub. This page hosts all of our commercial motor product news and insight to help the market keep abreast of latest developments and to boost their business development strategies.
Product Hub: Commercial motor
Welcome to Insurance Age’s Commercial Motor Product Hub. This page hosts all of our commercial motor product news and insight to help the market keep abreast of latest developments and to boost their business development strategies.
Product overview: Commercial motor
The commercial motor insurance market has come a long way since 1901, when the first cars were insured at Lloyd’s under marine insurance documents. But while vehicles are no longer described as ‘ships navigating on dry land’, the market is still finding itself having to adapt as new challenges emerge.
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Fleet specialist Flock secures $38m in funding
London-based insurtech Flock has raised $38m (£31.7m) in series B funding led by Octopus Ventures.
Morton Insurance buys private hire business of Export & General Insurance Services
Morton Insurance has bought the private hire business of fellow London-based broker Export & General Insurance Services for an undisclosed sum, Insurance Age can reveal.
No major impact on insurers by inflation: report
Plenum Investments’ 2022 half year report has shown that inflation has not had a serious impact on the insurance sector, except for UK motor insurers, and higher interest rates gave led to an improvement in Solvency II positions.
Mulsanne and Complete Cover parent slips to 2021 loss
Gibraltar-based motor insurer Mulsanne Insurance more than doubled its gross written premium to £119m in 2021 from £54.8m in 2020.
Complete Cover report details outsourcing to South Africa and job cuts
Complete Cover Group introduced a restructuring programme in the fourth quarter of 2021 to significantly reduce the UK workforce with much of the customer facing activities outsourced to South Africa, a Companies House filing has revealed.
One Call reports £6.25m fall in profit, despite rise in turnover
One Call Insurance has reported a drop in profit to £10.75m (2020: £17m) for the financial year ended 31st December 2021.
Zego doubling down on growth with 40 brokers
Zego is pursuing a route of working with brokers who “see how the future is evolving” rather than a working “with any broker” approach, CEO Sten Saar told Insurance Age.
Aviva launches standalone cover for electric vehicle charging points
Aviva has launched standalone insurance products covering electric vehicle charging points aimed at installers and operators.
SRG completes Hamilton Leigh buy
Specialist Risk Group has completed the acquisition of motor-trade specialist Hamilton Leigh for an undisclosed sum.
Zego partners with QBE
Zego has partnered with QBE to expand its fleet insurance offerings.
Aviva UK sees COR deteriorate and operating profit slip
Aviva UK’s combined operating ratio for H1 2022 has deteriorated to 95.6% and operating profit dropped to £159m from £169m in the same period last year.
Jensten buys MGA Origin
The Jensten Group has bought SME specialist managing general agent Origin UW for an undisclosed sum.
Zego confirms redundancies
Insurtech motor specialist Zego has told staff that it will be cutting its headcount by 17%.
Roundtable: How can brokers blossom in the ever-evolving EV market?
The electric vehicle and hybrid market is set to grow exponentially in the next decade as UK motorists are encouraged to transition from internal combustion engines. Our expert panel and sponsor AX learn more.
Freedom Services Group launches 4-day week pilot
Freedom Services Group is rolling-out a four-day work week scheme to give staff back time with no salary reduction.
ERS widens appetite on car offering with digital expansion
Motor provider ERS has developed its digital offering and is set to add its manually-traded Prestige and Enthusiast products to its e-trade proposition as it seeks to make them more accessible to brokers.
Covéa returns to profit in 2021
Covéa Insurance has reported post-tax profit of £7.9m in 2021 reversing the loss of £30.8m the previous year.
Broking Success: Moving forward and storing up success
Greg Wildman, managing director of Basil Fry & Company, unpacks how the removals, storage and self-storage specialist broker has consistently delivered yearly double-digit organic growth in a sector that is a bellwether for the UK economy
IFB reveals new ‘crash for cash’ hotspots across UK
The Insurance Fraud Bureau has detailed the top 10 new areas targeted by ‘crash for cash’ gangs as it warned drivers to be vigilant of the scam.
Ex-Axa leader David Williams joins Humn
David Williams has joined commercial motor insurtech Humn as a non-executive director.
People Moves: 13 - 17 June 2022
Stay informed on the top personnel changes in the insurance space.
The Stats: Q1 2022 - Cost of commercial cover continues to climb
Recent figures from the Acturis Commercial Lines Index shows business insurance remains on a relentless upward trajectory. Rachel Gordon reports
In Depth: Developing the HNW market for electric vehicles
What are the insurance requirements for HNW electric vehicles and how is the industry responding? Sam Barrett investigates.
One Sure buys Unicom from Tradewise liquidators
One Sure Insurance has bought the motor trade specialist Unicom Insurance brand, customer base and systems with all staff moving across as part of the deal, Insurance Age can reveal.
Cyber pricing hardens over 30%, says Aon
Market conditions for cyber insurance in the UK remain challenging with prices hardening by over 30% for the first quarter, according to an update by Aon.
GRP buys Durham-based Castle Insurance Services
Global Risk Partners has bought 100% of the share capital of Castle Insurance Services as the consolidator targets growing its presence in the North East.
