Insurance Times looks at highlights from Q3 2024 in its review of the year
The most popular story with Insurance Times readers this quarter was yet more take over chatter from the market, as both Japan’s Ompo Holdings and European insurer Generali were rumoured to be considering a potential acquisition of specialist insurer Hiscox.
In July, news also broke that a class action lawsuit had been launched against freehold owners over what City solicitor Liam Spender called the “national scandal” of “hidden insurance commissions” paid by leaseholders over recent years.
The leasehold buildings insurance commissions scandal erupted over 2023, with this latest development the result of government and the FCA aiming to empower leaseholders to view the costs of the insurance they were ultimate paying for.
Later in the year, in November, the FCA issued an update that described how it would soon launch a consultation on the ban of excessive buildings insurance commission under the Leasehold and Freehold Reform Act.
September also saw news that Axa UK had snapped up a former member of Aviva’s c-suite as its new chief risk officer.
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