Commercial property Hub
Welcome to Insurance Age’s Commercial property Hub. This page hosts all of our commercial property product news and insight to help the market keep abreast of latest developments and to boost their business development strategies.
Product Hub: Commercial property
Welcome to Insurance Age’s Commercial Property Product Hub. This page hosts all of our commercial property product news and insight to help the market keep abreast of latest developments and to boost their business development strategies.
Product overview: Commercial property
Protecting businesses from risks such as fire, flood and theft is a well-established role for insurance. But while the commercial property market has a long history, it’s facing a number of challenges that could bring about change.
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Aston Lark strikes deal to buy Allegiance Insure
Howden-owned Aston Lark has agreed terms to buy Allegiance Insure in its first acquisition of 2023.
Barbon aims to double £21m earnings in five years
Barbon aims to double its current £21m Ebitda over the next five years, new managing director Wayne Tonge has revealed to Insurance Age.
Start-up The Yorkshire Broker targets SME
A new commercial insurance broker, The Yorkshire Broker, which is set to launch officially in the SME market in February has shared its frustration over the Financial Conduct Authority’s lengthy application process.
Analysts warn of further hit to UK property insurance market in 2023
Increasing weather-related claims and soaring rebuild costs will damage the profitability of UK property insurers this year, according to analytics company Globaldata.
Gallagher calculates 40% of commercial properties underinsured
Gallagher has assessed that two in five commercial properties in the UK are currently underinsured with the problem hitting a record high.
Residential property specialist Deacon rebranded to Gallagher
Specialist residential property broking business, Deacon, will be rebranded as Gallagher on 5 December, the consolidator has confirmed.
Iprism buys Metier Underwriting
Managing general agent Iprism has struck its first deal buying specialist underwriting agency Metier Underwriting for an undisclosed sum, Insurance Age can reveal.
Commercial Express and Arag team up on broker schemes
Commercial Express and Arag have partnered up to provide commercial legal protection to brokers serving a range of retail and wholesale business clients, as well as emergency assistance and legal protection to residential property owners.
FCA contemplated commission level ban in flats insurance review
The Financial Conduct Authority “considered a number of options” as it worked on the multi-occupancy buildings insurance review and “one of them would include whether we should go forward and try to think about potential price caps or bans”, Sheldon…
Aviva “disappointed” at other insurers for not offering fairly priced multi-occupancy building insurance
Aviva’s UK & Ireland general insurance CEO, Adam Winslow, has responded to the FCA’s report on insurance for multi-occupancy buildings and has expressed disappointment in other insurers for not offering fairly priced insurance.
The stats: Q2 2022 - Pricey premiums pile on the commercial pressure
There have been rises across all classes, except fleet, as recent figures from the Acturis Commercial Lines Index reveal, putting pressure on companies. Rachel Gordon reports
Trade credit joins cyber as a challenging market – Aon
Pricing in the UK market continued to harden across all classes in the second quarter except for directors and officers’ insurance, according to the latest report by Aon.
Two-fifths of London businesses at risk of flash flooding
Research by Zurich has revealed that two-fifths of London businesses are at risk of being hit by flash floods as heavy rainfall is predicted to hit the capital.
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.
FOI reveals scale of FCA investigation into leaseholder insurance
A Freedom of Information request by Insurance Age has revealed that the Financial Conduct Authority has held 59 meetings, 10 workshops, engaged Deloitte as a consultant and had up to 31 employees working on its ongoing investigation into multi-occupancy…
Gallagher denies negligence and breaches over Paradigm claim
Gallagher has hit back at claims by client Paradigm Housing Group that it acted negligently and breached its duty over cover for a £8m flat complex which had its roof blown off in 2020 storms.
Jensten buys MGA Origin
The Jensten Group has bought SME specialist managing general agent Origin UW for an undisclosed sum.
First Underwriting launches real estate product range
First Underwriting has added real estate expertise to its team and launched real estate product lines as it seeks to expand from its core motor proposition.
Towergate Underwriting hit with £3.3m suit by pub over non-paying Gable policy
Few Inns has launched court proceedings against Towergate over a Gable policy which failed to pay out following a fire at one of its pubs in 2015.
Football clubs step up BI court case against insurers
A group of professional football clubs has set out its demand for multiple business interruption payments having kicked off a High Court multi-million pound Covid-19 related legal case last month.
Blog: Stonegate v MS Amlin and others - battle lines drawn in a £1bn dispute
Reed Smith’s Peter Hardy and Catherine Lewis consider the impact of Stonegate’s £1bn court claim.
Start-up digital broker Policy Powerhouse targets over £20m GWP within five years
Policy Powerhouse has launched a holiday let buildings and contents insurance product as CEO John Bibby set out the goals of the new digital broker.
Gallagher sued for negligence and breach of contract over failure to cover flat block
Paradigm Housing Group is suing Gallagher for failure to provide the right advice or cover for a £8m flat complex which was damaged in 2020 storms.
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
FloodFlash stakes claim for 'smart quote' as "paradigm shift" in mass market parametrics
FloodFlash has released 'smart quote' in its biggest update to its broker platform since launching in 2019.
Dirty Martini cocktail chain owner files £4m BI legal case against QIC Europe
CG Restaurant has opened a £4m business interruption legal proceeding against QIC Europe at the High Court in London.
