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Share Price Information for Legal & General (LGEN)

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Share Price: 224.70
Bid: 225.40
Ask: 225.50
Change: 1.00 (0.45%)
Spread: 0.10 (0.044%)
Open: 224.50
High: 227.40
Low: 222.80
Prev. Close: 223.70
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Commercial insurers face more claims, slimmer margins from August - Fitch

Tue, 14th Jun 2016 09:34

(ShareCast News) - Insurers are likely to face more more claims, more intense price competition and slimmer margins, Fitch Ratings said, due to changes to UK laws on disputing commercial insurance claims and timing of payments due to come into force in August and next year.Coming into force on 12 August, the Insurance Act 2015 will make it harder for insurance companies to refuse a commercial insurance claim due to insufficient disclosure.Firms will no longer be able to withhold payment if a business customer breached a requirement of the policy that was entirely unrelated to the claim, such as if the customer failed to install required fire alarms, but then claimed for a loss from flooding.In May next year, the Enterprise Act 2016 will give customers the right to sue for damages caused by a late payment of their insurance claim."Together, we expect the new laws to result in fewer disputes over commercial insurance claims and an increase in the number of claims paid," Fitch said."When claims are disputed, insurers may also attempt to deal with them quicker to reduce the risk of being held liable for damages. Overall claims costs will therefore rise and insurers will increase premiums to compensate."The credit agency also feels insurers will find it more difficult to compete on a better service offer as this is likely to become more homogenised."With less ability to on service, price competition is likely to increase, meaning firms are unlikely to be able to increase premiums enough to fully offset the higher costs. Higher overall premiums are also likely to make some customers such as small and medium enterprises even more price-sensitive, adding to the effect."Commercial property insurance is felt more likely to see the largest impact than already-cutthroat commercial motor policies.Fitch said although the largest writers of UK commercial property insurance are giant such as Zurich Insurance, Aviva and AXA, they are well placed to absorb the increased costs due to their geographic and line diversification."Smaller insurers with a heavy focus on commercial policies would be more exposed but the scale of the potential impact is hard to gauge."
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5 Jul 2023 07:59

LONDON BRIEFING: L&G confident; Supreme wins "significant" vaping pact

(Alliance News) - Stocks in London are expected to open lower on Wednesday, as investors assess weaker Chinese economic data, and look ahead to the release of the latest US Federal Reserve meeting minutes.

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30 Jun 2023 10:59

UK life insurers' exposure to Thames Water is 'minimal', Citi says

(Sharecast News) - Analysts at Citi pointed out on Thursday that the UK life insurance sector's direct exposure to Thames Water was "minimal".

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20 Jun 2023 08:33

Lab crunch: British science has nowhere to go

OXFORD, England, June 20 (Reuters) - For Ros Deegan, the thrill of raising $100 million to expand a biotech firm among the dreaming spires of Oxford was soon tempered: unable to find a bigger laboratory, she routinely had to work at home.

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15 Jun 2023 17:15

UK's FTSE 100 rises on energy boost; Informa jumps

ECB raises rates by an expected 25 bps

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15 Jun 2023 11:12

Legal & General new CEO has "hard act to follow" after Wilson's tenure

(Alliance News) - Legal & General Group PLC on Thursday named its new chief executive, but Antonio Simoes has a "hard act to follow."

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15 Jun 2023 09:15

Legal & General hires Santander's Antonio Simoes as CEO

Simoes will join the company on Jan. 1, 2024

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15 Jun 2023 09:10

Santander appoints Castro e Almeida to drive growth in Europe

MADRID, June 15 (Reuters) - Santander said on Thursday it has appointed Pedro Castro e Almeida as regional head for Europe as the Spanish bank bets on this region to drive growth.

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15 Jun 2023 09:00

TOP NEWS: Santander head of Europe to join Legal & General as CEO

(Alliance News) - Legal & General Group PLC on Thursday said Banco Santander SA's regional head of Europe, Antonio Simoes, will join the company as chief executive officer.

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15 Jun 2023 07:52

Santander appoints Pedro Castro e Almeida as Europe's regional head

MADRID, June 15 (Reuters) - Spain's Santander on Thursday announced it appointed Pedro Castro e Almeida as regional head for Europe, replacing Antonio Simoes, who was hired to head Britain's Legal and General Group.

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15 Jun 2023 07:40

Legal & General appoints António Simões as CEO

(Sharecast News) - Legal & General said on Thursday that it has appointed António Simões as chief executive officer.

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6 Jun 2023 12:17

LONDON MARKET MIDDAY: FTSE 100 underwhelms as BP and Shell fall

(Alliance News) - Stock prices in London were lower at midday on Tuesday, with the FTSE 100 hurt by share price falls for oil majors, while a less than stellar reading of the UK retail sector kept a lid on sentiment.

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5 Jun 2023 10:39

Watkin Jones announces forward sale of development in Belfast

(Alliance News) - Watkin Jones PLC on Monday announced the forward sale of Loft Lines, a development site in Belfast, to life insurance and financial services provider Legal & General Group PLC and the Clanmil Housing Association.

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26 May 2023 18:17

Glencore's shareholder opposition to climate report grows

LONDON, May 26 (Reuters) - Just over 30% of Glencore's investors rejected the company's climate progress report at its annual meeting on Friday, demanding more clarity on how the global miner will meet its commitments to cut emissions.

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26 May 2023 16:16

Glencore's shareholder opposition to climate report grows

LONDON, May 26 (Reuters) - Just over 30% of Glencore's investors rejected the company's climate progress report at its annual meeting on Friday, demanding more clarity on how the global miner will meet its commitments to cut emissions.

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24 May 2023 16:18

'Soft compulsion' needed to nudge pension cash into UK companies, says L&G

LONDON, May 24 (Reuters) - Britain has been investing in the wrong things for two decades and 'soft compulsion' is needed to nudge pension fund money towards growth sectors, a top investment executive said on Wednesday.

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