AIG’s estimated losses from subprime mortgage crisis increase fivefold

AEGON to cancel LSE listing

AEGON N.V. is to cancel its listing on the Official List maintained by the UK Listing Authority and its admission to trading on the London Stock Exchange (LSE). Both cancellations are expected to take effect from 8.00 a.m. on 29th June 2012. The Dutch insurer says the volume of its shares traded on the LSE [...]

Standard Life launches communications panel

Standard Life has launched a customer communications council which will act as a consulting body, addressing the ongoing need for insurers to present customers with information from both a legal and transparency point of view. Inaugural members include Karen Barrett, chief executive of unbiased.co.uk, and Nick Caan, chief executive of the Institute of Financial Planning. [...]

Zurich makes GI appointments

Zurich has announced the appointment of Claudia Dill as chief operating officer at its general insurance business (effective 1st July 2012) and Dirk De Nil as head of sales and distribution for general insurance (effective 1st June 2012). Mrs Dill moves from head of global business services within group operations to take over from Mr [...]

ABI calls for overhaul of Riot Damages Act

The Association of British Insurers (ABI) is calling for an overhaul in the Riot (Damages) Act 1886, which allows compensation to be paid by police authorities to victims who suffer loss or damage following a riot. According to the ABI, the intention of the 126 year-old legislation remains relevant but current arrangements have led to [...]

Car insurance costing young drivers dearly

Young drivers are being hit hard with insurance premiums, which can be nearly sixfold those paid by pensioners and up to a fifth of a young person’s salary, new figures have shown. The research, commissioned by Confused.com, has shown that the average income of an 18-21 year old is a little under £14,000, but that [...]