Experian, the global support services company, has developed a Motor Insurance Benchmark, which measures motor insurance premium movements in the UK. The model has revealed that in the past 12 months comprehensive motor insurance premiums in the direct market have increased to overtake premiums in the intermediary market. Premiums in the intermediary market have historically [...]
ACE, the direct marketing insurance group, has secured the approval of the FSA to establish a new life assurance company that will be based in London. ACE Life, which was registered in November 2006 as a subsidiary of ACE Tempest Life Re Bermuda, will be launched in 10 European countries during 2007 and 2008. It [...]
Aon is advising businesses affected by the recent floods to check their policies to see if they provide interim payments for repairs and loss of revenue. Some claimants may have to wait months before their insurance claims are settled and this can be a major frustration for businesses, particularly where loss of revenue is involved. [...]
The Financial Services Authority (FSA) has plans to review the investment advice sector and take a look at its level of remuneration. The Authority is keen to improve the advice offered to consumers, particularly with regard to life and pensions products, and is considering rating advisers according to their qualifications and the level of advice [...]
Abbey Home Insurance has gathered data showing that up to 8,600 claims were made on 25th June, as a result of the flooding and adverse weather conditions that affected much of the UK. Of these 3,200 claims were made for flood damage, 5,100 for damage caused by storms and 210 for damage caused by lightning. [...]
New Government plans will give the Financial Services Authority (FSA) responsibility for regulating the sale of travel insurance that is purchased alongside a holiday. Currently the FSA only regulates travel insurance not sold as part of a holiday package and the move will give consumers the statutory protection afforded by FSA regulation. Once the authority [...]
According to the Norwich Union, the ban on smoking in enclosed public spaces could increase the risk of fire. The company is concerned that smokers gathering outside buildings from July 1, when the new measures come into force, could unwittingly ignite nearby storage areas such as those used to store waste or combustible materials. In [...]
The Centre for Crime and Justice Studies has published a report by Professor Susanne Karstedt and Dr Stephen Farrall, of Keele University, which claims that the British middle classes are showing an unprecedented level of contempt for the law. Two thirds of those surveyed admitted to offences such as fraudulently increasing insurance claims and tax [...]
The Association of British Insurers (ABI) together with insurers, banks, mortgage lenders and consumer credit providers, has entered into a commitment to help consumers get the best terms for payment protection insurance (PPI). A consumer guide to PPI has been produced by leading operators in the sector, to explain how PPI works and advise consumers [...]
According to new research undertaken by the Association of British Insurers (ABI), Private Medical Insurance (PMI) policies are becoming increasingly popular among consumers. In terms of numbers, the ABI survey shows a 1.8% increase in subscriptions to such policies in 2006, with 1,030,000 people subscribing. It is estimated that currently nearly six million adults and [...]
Sainsbury’s Bank is keeping track of life insurance premiums with its new Life Insurance Index, which will review market premiums on a six-monthly basis. The data is being supplied by Moneyfacts, the provider of financial information. The index is based on level term life insurance premiums for 38 different risk profiles. It assesses the difference [...]
According the AA, road safety trends alone are not responsible for increases in car insurance premiums. The UK has seen a decline in its road safety record since 2001, which inevitably has had its effect on insurance premiums. However, a number of other factors are coming into play, including the development of new cars designed [...]
The Lighthill Risk Network has warned that certain insurance risks are currently underpriced. The not-for-profit network forms part of the Lighthill Institute of Mathematical Sciences, based at University College London, and it aims to bring together scientific research, the insurance industry, government and third party organisations to exchanging expertise. Its director, Peter Taylor, is recommending [...]
The European Parliament has voted on the findings of a committee of enquiry that has examined the near-collapse of the Equitable Life insurance company, in 2000. MEPs have voted overwhelmingly in support of recommendations that the UK government should compensate those who sustained losses. Equitable closed to new business in 2000 because it was unable [...]
yesinsurance.co.uk, the online insurer, is calling for action to reduce the number of accidents occurring on Britain’s most dangerous roads. Measures such as the installation of crash barriers, improvements in traffic signing and white-lining, and the realignment of junctions are being recommended by the insurer to reduce fatalities and injuries on high-risk stretches of road. [...]
The Association of British Insurers (ABI ) has developed proposals aimed at urging the Government to develop a workable climate change strategy. The Climate Change Adaptation manifesto outlines strategic solutions and action needed to manage the expected increase in adverse weather conditions. Despite current measures to reduce carbon emissions, weather damage is expected to worsen [...]
Abbey Life, the closed life insurance company, is being sold by Lloyds TSB for an estimated £1 billion. There are reports of strong interest in the business from three contenders: Resolution, the life market consolidator, Swiss Re, the Swiss-based reinsurer, and Pearl Group. All three are believed to have submitted indicative offers to Lehman and [...]
British Insurance Brokers’ Association (BIBA), the trade association of general insurance brokers, is supporting moves being made by the Department for Transport (DFT) to allow intermediaries and insurers to email motor insurance certificates to their clients. The DFT is undertaking a consultation on the proposal, which BIBA believes could lead to approximately £11 million in [...]
The Government is being called upon to considering its lack of strategy in countering the increase in staged accident. Nigel Evans, MP for Ribble Valley, and Andrew George, who represents St Ives, have both demanded a UK-wide action plan to be drawn up to address the issues surrounding staged and induced motor accidents. Both the [...]
Lloyd’s is making a return to the debt markets and has been successful in setting terms for £500m of Tier 1 subordinated debt issue. As a result, Lloyd’s syndicates that have paid into the Lloyd’s Central Fund, levied at the rate of 0.75% of capacity, will receive a £335m windfall later this year. The move, [...]
