The average cost of an insurance scam has risen 20% to nearly £15,000 in the past year, according to new figures published by the Association of British Insurers today.

The Association of British Insurers has today announced Tim Bailey, UK CEO of Zurich, as its new President, replacing Barry O’Dwyer, group CEO of Royal London, who is stepping down.

Sales of annuities surged more than a fifth during the first three months of the year to reach their highest level for eight years.

The Treasury’s call for evidence on small pension pots is “deeply frustrating”, according to former Pensions Minister Steve Webb, a partner at LCP.