Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The UK insurance industry is to lose one of its best-known brands after the Canadian owner of RSA, formerly known as Royal & Sun Alliance, decided to rename the business.Intact Financial Corporation, Canada\u2019s largest property and casualty insurer, said RSA would become Intact Insurance before the end of the year. NIG and Farmweb \u2014 brokered insurance operations Intact acquired in 2023 from Direct Line Group \u2014 will also fall under the new brand.Commercial insurer RSA, which offers products ranging from cyber and property insurance to business interruption policies, has roots stretching back more than 300 years to the Sun Fire Office founded in London in 1710. The rebrand comes four years after IFC paid \u00a33bn to take over RSA\u2019s operations in the UK and Canada.RSA, whose larger clients include G4S and Network Rail, also provides commercial insurance to 7 per cent of the UK\u2019s small and medium-sized insurance customers. Pre-tax operating profit within IFC\u2019s UK & Ireland business was C$301mn (\u00a3172mn) in 2024, nearly double the previous year\u2019s C$151mn.RSA chief executive Ken Norgrove said that because commercial insurance was sold through brokers rather than the price comparison websites that dominate the personal insurance market, \u201cbeing a household name is not critical for us\u201d.He added that brokers who sold RSA\u2019s products in the UK had pushed for the brand change because of IFC\u2019s positive reputation.Charles Brindamour, IFC chief executive, noted that while UK commercial insurers suffered \u201cbrand damage\u201d from fights over policy wordings during the Covid-19 pandemic, North American peers fared better in terms of reputational hits because their policies more clearly excluded pandemic-related claims.\u201cThe clarity of the language and the product is an issue, especially on this side of the pond,\u201d he said. \u201cNorth America fared much better.\u201dOne looming threat to the industry\u2019s reputation is cyber coverage. Industry leaders have long argued that businesses are not sufficiently protected under existing insurance policies from risks such as hacking or botched IT upgrades.Norgrove said the cyber products currently offered by RSA were tailored to larger clients based on their specific risk management practices, and that the business would like to develop offerings for small businesses that are less bespoke.\u201cWe do provide an element of cyber coverage but in our opinion it\u2019s not broad enough, strong enough, or taken up enough by SMEs,\u201d he said.Brindamour said climate risk had become a competitive advantage for Intact because the company was early to invest in modelling the threat, helping it address the so-called protection gap between weather-related losses and insurance coverage.By contrast, he said, society\u2019s exposure to cyber threats was much larger than cyber insurance coverage \u2014 and the risk may be harder for private insurers to hold. Unlike natural disasters, which are \u201cgeographic in nature\u201d, he said, a single \u201csystemic\u201d cyber attack could affect the majority of businesses worldwide.\u201cIt\u2019s hard to diversify\u2009.\u2009.\u2009.\u2009tail risk management is a big issue,\u201d he said of cyber threats. \u201cThere are models. But the problem is that: they\u2019re models.\u201dIn the UK, he said, Intact had \u201cbaked in\u201d an operating assumption that the cost of natural disasters \u2014 stemming mostly from flooding \u2014 would increase by 50 per cent over the next 15 years.<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The UK insurance industry is to lose one of its best-known brands after the Canadian owner of RSA, formerly known as Royal & Sun Alliance, decided<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":{"0":"post-275192","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-tech"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/275192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=275192"}],"version-history":[{"count":0,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/275192\/revisions"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=275192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=275192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=275192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}