The financial lifeboat fund said on Thursday that it plans to slash its levy on businesses in Britain by almost £150 million ($182 million) in the next financial year, although it forecast that the cost of paying compensation claims will remain high.
The government has overruled the concerns of regulators and sided with lobby groups over reforms to capital requirements for the insurance sector, as it published long-awaited plans on Thursday to free up billions of pounds for investment in the economy.
The grounding of the Ever Given container ship in the Suez Canal in 2021 has highlighted the vulnerability of global trade to disruption caused by climate change at key shipping routes, an insurance broker warned on Thursday.
Zurich Insurance Group said Thursday that it would probably take a $550 million hit from Hurricane Ian as insurers begin to count the cost of one of the most devastating natural catastrophes to hit the U.S. in recent years.
Television broadcaster ITV said on Wednesday that there are still question marks over how much it has to pay to bail out a pension scheme, months after it was slapped with a £133 million ($152 million) warning notice by the retirement savings watchdog.