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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
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. [...]
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 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, [...]
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 [...]
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 [...]
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 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 [...]
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 [...]
Applications for home insurance in the worst flooded areas of the UK have increased substantially since June. According to moneysupermaket.com, the price comparison website, applications from the residents in Sheffield, Doncaster, Hull, the West Midlands and parts of Scotland increased by up to 300% in June, as compared with May. Richard Mason, director of insurance [...]
Swinton Group has acquired Rockford Insurance Brokers, the commercial insurance broker. The move will enhance the group’s existing commercial division, Swinton Business. Rockford, which has three offices in the north of England, was founded in 2001 and employs over 50 staff. The firm has a premium income of £15 million and the acquisition is in [...]
The Law Commission has published proposals that could make it easier for consumers to make claims against their insurance policies. The law covering insurance claims dates back 100 years and the Commission believes it needs to be updated to reduce the number of claims refused because consumers have made unintentional errors in completing proposal forms. [...]
The Motor Insurers’ Bureau (MIB) is raising awareness of insurance issues amongst young motorists, some of whom appear not to be aware of the importance of car insurance and the risks of driving when not insured. The MIB believes that young men are the most likely group to get behind the wheel with no insurance, [...]
The Financial Services Compensation Scheme (FSCS), which provides compensation for customers badly treated by regulated financial services firms, paid out almost £150 million during 2006/07. The FSCS, which was set up under the Financial Services and Markets Act 2000, protects consumers’ interest in areas such as insurance, investment and mortgage business. During 2006/07 the number [...]
Legal & General (L&G) has warned that millions of people are not receiving the maximum benefit from their critical illness insurance because they are not disclosing key information. The insurance company claims that many people are still not disclosing all the relevant data when filling out a proposal, despite clear and unequivocal warnings about the [...]
According to the Association of British Insurers, there are approximately 32 million with-profits endowment policies in force with approximately £423 billion of assets invested, but many companies pay little or no annual bonus and some policy values are continuing to fall, despite the rise in share prices over the past four years. Experts in the [...]
