Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 17th of January 2018
July 31, 2007

Fitch publishes criteria on Takaful businesses

by Gill Montia

Story link: Fitch publishes criteria on Takaful businesses

Fitch Ratings, the credit rating agency, has published details of its expected approach to rating Takaful firms, which are set up to be compliant with Islamic principles. The Takaful principle is based on solidarity and mutual guarantee and Takaful businesses are required to avoid interest-bearing assets or liabilities, investing in certain industries and excessive risk […]



Medical insurance sales reflect C.Diff epidemic

by Gill Montia

Story link: Medical insurance sales reflect C.Diff epidemic

The medical insurance sector is experiencing an upturn in sales of individually purchased cover, after years in which the market declined. More that one million consumers subscribed to personal medical insurance last year and according to the Association of British Insurers, personal and group plans now cover 5.9 million adults and children in the UK. […]



In car insurance certificates recommended

by Gill Montia

Story link: In car insurance certificates recommended

The insurance comparison website, Insurancewide.com, has been alerting drivers to the benefits of keeping a copy of their insurance certificate in the car. Anyone failing to do this could risk a fine and confiscation of their vehicle, should they be stopped by the police. Insurance companies are required to submit a driver’s insurance details to […]



July 30, 2007

Fraud bureau success set to continue

by Gill Montia

Story link: Fraud bureau success set to continue

The Insurance Fraud Bureau (IFB) is celebrating its first anniversary with the news that in the first 12 months of its existence, work in identifying fraud risks should produce actual and anticipated savings of at least £8 million. IFB Chairman, John Beadle, is urging the industry to look at how it can expand current anti-fraud […]



ABI gives flood claim update

by Gill Montia

Story link: ABI gives flood claim update

The Association of British Insurers (ABI) has reported that the insurance industry is currently handling over 50,000 claims resulting from the flooding in June and July. Claims for the July floods currently stand at 12,000 for homes, and 3,500 for businesses. Experts believe that the cost of the damage caused by the July floods is […]



July 27, 2007

Insurance companies waste staff potential

by Gill Montia

Story link: Insurance companies waste staff potential

OPP, the consultancy specialising in business psychology, has been surveying workers in the insurance sector to establish how they feel about their employment prospects. Over half stated that their employer was failing to help them realise their potential and 13% of respondents believed that their managers had no knowledge of their strengths in the workplace. […]



July 26, 2007

Xbroker attracts more UK brokers

by Gill Montia

Story link: Xbroker attracts more UK brokers

Moorhouse Group, the commercial insurance provider, has reported that its Xbroker portal is used by more UK brokers than any of the similar portals provided by its competitors. Xbroker has a membership of 3,800 brokers and it expects to gain 30,000 new policyholders by mid-2008. It also expects 600 new brokers to sign up by […]



Friends Financial emerges from merger talks

by Gill Montia

Story link: Friends Financial emerges from merger talks

Friends provident and Resolution have successfully negotiated an £8.5 billion merger that will take the form of an all-share transaction. The merged companies will be called Friends Financial and will rival Legal & General and Standard Life in terms of its size and assets. The move will give Friends Provident access to capital, while Resolution, […]



Smoking Ban Could Increase Fire Risk

by Gill Montia

Story link: Smoking Ban Could Increase Fire Risk

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 […]



July 25, 2007

Seatwave and Mondial provide ticket insurance

by Gill Montia

Story link: Seatwave and Mondial provide ticket insurance

Mondial, the provider of travel insurance third party administration, has formed a joint venture with Seatwave to provide a new service for consumers purchasing tickets for live events. Seatwave is the UK’s largest fan to fan ticket exchange and its users will now be protected by Ticketcover, which will refund the cost of tickets when […]



Inflating Claims Seen as Fair Game

by Gill Montia

Story link: Inflating Claims Seen as Fair Game

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 […]



ABI Keen to Improve PPI Selling

by Gill Montia

Story link: ABI Keen to Improve PPI Selling

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 […]



July 24, 2007

Flood damage to exceed £2bn but premium rises unlikely

by Gill Montia

Story link: Flood damage to exceed £2bn but premium rises unlikely

The insurance industry is now predicting that claims for flood damage this summer could exceed £2 billion. The Association of British Insurers’ (ABI) estimate for the June flooding stood at £1.5 billion and this combined with the damaged caused by the July floods is certain to make 2007 the worst year for the industry since […]



July 23, 2007

Resolution and Friends Provident in merger talks

by Gill Montia

Story link: Resolution and Friends Provident in merger talks

Friends Provident and Resolution Life, the UK’s biggest manager of closed life funds, are reported to be in the early stages of talks on a merger that could create an £8.3 billion group. Friends Provident is the UK’s fourth largest life insurer and is also the majority owner of F&C, the asset management firm. Resolution […]



Cornhill survey hightlights fears of burglary

by Gill Montia

Story link: Cornhill survey hightlights fears of burglary

Cornhill Direct has undertaken a survey highlighting the fact that a large number of people do not feel safe in their own homes at night. Nearly one in five of the 4,000 people surveyed expressed such fears, with one in ten prepared to keep an object that could be used to threaten an intruder within […]



July 22, 2007

Steady Growth in PMI Subscriptions

by Gill Montia

Story link: Steady Growth in PMI Subscriptions

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 […]



July 21, 2007

Sainsbury's Life Index Shows Premiums Falling

by Gill Montia

Story link: Sainsbury's Life Index Shows Premiums Falling

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 […]



AA Overview of Motor Premium Rises

by Gill Montia

Story link: AA Overview of Motor Premium Rises

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 […]



Lighthill Network Warns of Underpricing

by Gill Montia

Story link: Lighthill Network Warns of Underpricing

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 […]



July 20, 2007

BIBA stands firm on reduction in novice driver premiums

by Gill Montia

Story link: BIBA stands firm on reduction in novice driver premiums

BIBA, the trade association of general insurance brokers, has responded to suggestions from the Transport Select Committee that the insurance industry should reduce premiums for novice drivers. The association has warned that such a move could increase premiums for claim-free drivers and that it believes it is only fair that the higher cost of claims […]