Insurance Post's recap of April
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Esure Group kicked off April by posting a loss before tax of £88.6m for 2023 and the Association of British Insurers tackled premium finance in April.
Technical hitch
Rather than being blue about Esure’s balance sheet, the insurer's CEO David McMillan said the £202m spent on digital transformation since 2021 means the business is now “well placed to capitalise and deliver profitability”. Are his hopes misplaced? The month ended with Post exclusively revealing the provider had to offer six months free home insurance to “a small number of customers” for a “technical error".
Premium pledges
Matt Brewis, head of insurance at the FCA, kicked off 2024 by hinting at regulatory action over premium finance. The day after Post reported him saying: “It is a tax on being poor. Those who are paying monthly are subsidising those who can afford to pay annually”. The share price of both Admiral and Direct Line fell.
This month saw members of the Association of British Insurers agree to follow five principles to manage the amount customers pay when they opt for monthly rather than annual payments. Will the ABI's principles be enough to satisfy the FCA? Only time will tell.
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What to watch
Post is looking for leading lights in the industry to share simple but effective ideas that could take insurance businesses and careers to the next level at this year’s British Insurance Brokers’ Association Conference, taking place in Manchester from 15 to 16 May. Do you have what it takes to be a Top Tips star?
Editor, Insurance Post
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