ABI advice to tornado victims
by Gill Montia
Story link: ABI advice to tornado victims
The Association of British Insurers (ABI) has responded to the violent storms and tornadoes that have swept across the country today with the following advice to those who have sustained property damage:
Damage caused to homes and businesses will be covered by buildings insurance.
Household policies will cover the cost of alternative accommodation (up to a […]
Tactica to provide pension deficit cover
by Gill Montia
Story link: Tactica to provide pension deficit cover
Stefan Allesch-Taylor, the entrepreneur and financier, has formed a joint venture with Sir Peter Burt, former chief executive of Bank of Scotland, to offer companies insurance cover for their pension deficits.
They are launching a new company, Tactica Insurance, which will be headed by Wai Au, a former deputy chief executive of Barclays’ British retail banking […]
Prudential and Discovery launch Pru Protection
by Gill Montia
Story link: Prudential and Discovery launch Pru Protection
Prudential has extended it partnership with the South African group, Discovery, to form Pru Protection Holdings, which aims to secure an initial 10% share of the UK life insurance and protection market.
In the next few days, Prudential is launching 25 protection plans covering life insurance, critical illness, income protection and disability insurance.
The policies will be […]
AA And Saga Defend Mass Job Cull Claims
by Stewart Douglas
Story link: AA And Saga Defend Mass Job Cull Claims
Saga and the AA insurance have fiercely denied claims made today by the GMB that they could be poised to lay off around 2,000 staff in the coming months, as a result of slimming down from the recent multi-billion pound merger.
The claims made by the GMB put over 2,000 jobs at risk from a commitment […]
Norwich Union Launches New Underwriting Training Programme
by Stewart Douglas
Story link: Norwich Union Launches New Underwriting Training Programme
Leading insurer Norwich Union has today announced its innovative underwriting academy, designed to facilitate more advanced staff training and product knowledge development to promote better all round service for policy holders.
The academy will be set up to handle 130 staff initially, and contains some of the most advanced training facilities in the industry. The […]
Wipha Damage Not To Exceed $250million
by Stewart Douglas
Story link: Wipha Damage Not To Exceed $250million
The sum total of claims from Typhoon Wipha is likely to come in at around $250million, according to risk modelling firm AIR Worldwide estimates announced today based on state of the art claims estimation projections.
The company, specialising in modelling the level of damage from catastrophes like severe weather patterns and storms and in predicting insured […]
Saga to dominate in AA merger
by Gill Montia
Story link: Saga to dominate in AA merger
Following the £6.15 billion merger of Saga and the AA, four senior AA executives are being replaced by senior managers from Saga.
The AA posts vacated are: financial director, human resources director, information systems director and head of insurance.
Saga’s Stuart Howard has been named group finance director, Janet Thompson will become director of human resources and […]
ABI In Agreement With Rescue Services To Increase Emergency Responsiveness
by Stewart Douglas
Story link: ABI In Agreement With Rescue Services To Increase Emergency Responsiveness
The insurance industry will now be more responsive to emergency incidents after a cooperative agreement with recuse services and local authorities was announced today, allowing more rapid response to claims management.
Under the agreement announced today, the Association of British Insurers will be informed as to the extent of damage at any emergency scene by rescue […]
Crawford & Co Announce Environmental Claims Services
by Stewart Douglas
Story link: Crawford & Co Announce Environmental Claims Services
Insurer Crawford & Company have today announced they are preparing to launch a new insurance product in the environmental sector, to cope with changing legislation from the EU in that area and to provide businesses and domestic polluters with coverage in the event of any environmental liability.
The so called Environmental Pollution Claims Service (EPCS) is […]
AA Overhaul Management In Saga Merger
by Stewart Douglas
Story link: AA Overhaul Management In Saga Merger
The AA Insurance senior management structure has undergone a significant overhaul today following the completion of its merger with Saga worth approximately £6.2 billion, which will see the companies controlled by a single entity with establishing cross platform selling a priority.
The move is designed to allow easier integration of both Saga and the AA’s existing […]
Motor insurers act against “fronting”
by Gill Montia
Story link: Motor insurers act against “fronting”
Motor insurers are tightening up on parents who add children as drivers on their policies, to save costs.
The practice is known in the insurance industry as “fronting” and Royal Bank of Scotland, which owns Churchill, Privilege and Direct Line, is reviewing its underwriting criteria to exclude the loophole.
Churchill will still provide “young additional driver” cover […]
Countywide launches Partner Broker Commercial
by Gill Montia
Story link: Countywide launches Partner Broker Commercial
The Countrywide Network, the UK’s largest broker network, has extended its Partner Broker initiative to include commercial business.
The launch of Partner Broker Commercial is in response to continuing demand from Countrywide’s members and will provide a range of products covering the majority of brokers’ commercial needs.
These include commercial combined, packages, property owners’, liability and fleet […]
Brit Insurance To Establish Offshore Underwriting Team
by Stewart Douglas
Story link: Brit Insurance To Establish Offshore Underwriting Team
Insurer Brit Insurance has today announced it is establishing a small underwriting division within Gibraltar as a facilitator to insurance operations in the UK and reinsurance companies dealing with external claims.
The team is to be located in Gibraltar mainly for tax efficiency reasons, as well as to gain access to offshore markets, and will be […]
Countrywide Extend Partner Broker To Commercial Lines
by Stewart Douglas
Story link: Countrywide Extend Partner Broker To Commercial Lines
The Countrywide insurance group has today announced its intention to widen the reach of its Partner Broker scheme to cover commercial insurance divisions, in line with rising demand from independent brokers nationwide.
The insurance group is extending its focus on developing broker relations through opening a wider range of products to market, as it continues to […]
Post Office Insurance Branch In Rapid Expansion
by Stewart Douglas
Story link: Post Office Insurance Branch In Rapid Expansion
Post Office Financial Services have announced an expansion in its insurance division, which has seen a 300% growth in staff numbers since its inception in 2004.
The insurance division of the Post Office has been subject to rapid expansion plans over the last few years, which look set to continue as the insurance arm of the […]
Standard Life revives Resolution interest
by Gill Montia
Story link: Standard Life revives Resolution interest
Standard Life is reported to be reviving its interest in making a bid for Resolution, the specialist manager of in-force UK life funds.
It is rumoured that Standard Life’s chairman has recently held several informal meetings with his counterpart at Resolution and analysts predict that any bid by Standard Life would exceed £4.5 billion.
Pearl Group, the […]
Resolution interim profits soar
by Gill Montia
Story link: Resolution interim profits soar
Resolution Plc, the specialist manager of in-force UK life funds, has recorded a strong rise in interim profit.
The insurer, which is in the process of merging with Friends Provident, recorded operating profit for the six months to the end of June at £395 million (on a European Embedded Value basis).
The result compares with £118 million […]
Mobile Phone Drivers 30% Less Responsive Than Drunk Motorists
by Stewart Douglas
Story link: Mobile Phone Drivers 30% Less Responsive Than Drunk Motorists
Using a mobile phone whilst driving may be as dangerous as driving under the influence of alcohol as reaction times can be significantly slowed and concentration adversely affected, according to a study by insurance group yesinsurance.co.uk.
The study into various risks associated with driving for insurance purposes found that the majority of the UK’s […]
Resolution Announced Higher First Half Profits
by Stewart Douglas
Story link: Resolution Announced Higher First Half Profits
UK insurer Resolution announced today a significant increase in interim profits over the first half of the year, after strong performance from the former Abbey insurance operation which it acquired earlier in the year.
The insurance arm of the Abbey has been a strong performer for Resolution since it acquired the business, having a significant impact […]
Aquilo Sells ABS Home Contents Replacement Division
by Stewart Douglas
Story link: Aquilo Sells ABS Home Contents Replacement Division
Newly de-listed Aquilo has sold off the home contents replacement arm of its insurance operation as part of an ongoing streamlining process since last week’s withdrawal from their securities exchange.
The insurance company, Aquilo, boasted several distinct operations servicing the insurance market on an independent level. Today’s transaction sees one such branch sold off, along […]
