PruHealth has conducted research which reveals that British women, far from succumbing to short-term diet fads, are tending to make longterm lifestyle changes when attempting to become slimmer. Over two-thirds of women begin diets at the start of the year, with a third of them considering it to be a permanent process as opposed to [...]
The chief executive of the FSA, Hector Sants, has announced a raft of personnel changes in the upper echelons. The most significant change is the departure of retail business managing director Clive Briault, by mutural agreement. David Kenmir is to assume his vacated role on a temporary basis, with the position to be advertised. Kenmir’s [...]
New research confirms that young drivers are at high risk of being involved in a serious motor accident. According to statistics from the Association of British Insurers (ABI), each day Britain’s roads see four fatalities or cases of serious injury resulting from accidents involving young drivers. Meanwhile, the country’s eighteen-year-olds cause 50 collisions a day, [...]
Legal & General (L&G) is urging investors not to let the recent downturn in the UK housing market stop them investing in property, which the insurer maintains is still a worthwhile consideration. Rob Martin, a spokesman for the company, believes property is “an excellent asset to include in any portfolio”. He notes that a number [...]
Oval has reached a six-figure settlement with Berkeley Burke after former Oval employees who joined Berkeley took a number of clients along with them without getting Oval’s consent to do so. Oval took legal action against rival broker Berkeley and against the four former employees. Success in court has seen them awarded with a six [...]
American International Group (AIG) have come to a $13.5 million settlement with the Pennsylvania Insurance Department after allegations of false financial information and bid-rigging. The allegations relate to an investigation by the department into an alleged false reinsurance deal between AIG and General Re Corp, which involved financial misreporting. Last month, a former AIG executive [...]
Heath Lambert Limited, the independent insurance broker and employee benefit consultant, has issued a trading update ahead of the publication of its 2007 results. Last year, the group generated recurring UK operating revenue of £113.1 million, while earnings before interest, tax, depreciation and amortisation rose 6% on 2006, to £18.5 million. The broker recorded strong [...]
DAS UK Holdings has announced its 2007 results, with headline profits increasing by 82% to £10.3 million. The holding company for DAS Legal Expenses Insurance Company also reported an 8% increase in gross income, which reached £109 million. Underlying premium growth was also high, at over 20% (net of commission payments). After exceptional items are [...]
Manchester-based CBG Group has reported its 2007 results, with pre-tax profits hitting £1.9 million, an on year increase of 60%. The financial services and insurance broker specialist saw revenues rise by more than 40% to £7.4 million. The group made a number of acquisitions during 2007, and is expecting more this year. CBG’s chairman, Laurie [...]
Specialist insurer Hardy Underwriting Group has announced its results for 2007, with record profits in excess of £18 million. A recent move to Bermuda has seen profits for the group soar, with pre-tax profits reaching £18.3 million for 2007, compared to £16.8 million in 2006. Gross written premiums rose 40%, up to £147.5 million compared [...]
EMB, the actuarial and business consultancy, has reported that flooding is now the major “act of nature” risk to the UK insurance industry. According to research carried out by EMB through the country’s leading insurance companies, the hazard has moved into first place ahead of heat and wind. Prior to 2007 UK insurers were dealing [...]
Sainsbury’s Finance has conducted research revealing that a large number of consumers are putting their insurance claims in jeopardy by not providing accurate information when taking out policies. The results of the research reveals that a staggering 12.59m policyholders have admitted to making a best guess for information, and that 1.12m have confessed to deliberately [...]
A new range of business insurance products has been unveiled by Direct Line. The new range is designed to cater to small businesses, and provide them with comprehensive coverage. Small businesses can be more vulnerable than their larger counterparts, as a single unfortunate incident such as fire can cause damage to the entire firm. With [...]
Tom Ernoult has been named by Oxygen to serve as the managing director of subsidiary firm Oxygen Insurance Brokers. He joins Oxygen from Heath Lambert, leaving behind the post of managing director of Heath Lambert National. In his new position Ernoult will be tasked with running the day to day operations of Oxygen Insurance Brokers. [...]
Legal & General (L&G) recorded full year operating profit of £912 million for 2007, following a £269 million charge which allowed for an adjustment for the longer life expectancy of its clients. Net profit from ordinary activity fell 56%, to £718 million Tim Breedon, L&G’s chief executive, said: “We have always expected them to live [...]
Young drivers can reduce the cost of their motor insurance by topping up their driving test with an additional motoring qualification. Figures from the Association of British Insurers show that males under the age of 21 are 10 times more likely to have an accident than those over 35, and premiums reflect the increased risk. [...]
BUPA, the private healthcare operator, has reduced premiums on its Individual Protection insurance, with immediate effect. Premium rates for its critical illness policies bought alongside a mortgage have reduced by around 7.3%, while for stand-alone critical illness cover the reduction is around 5.7%. The changes mean that a female non-smoker aged 30 next birthday, taking [...]
Travel insurance providers InsureandGo have revealed the most-claimed-for top five of travel insurance in 2007. Travel insurers based in the UK received a total of 1.75 million claims for the year, totalling over £400 million. The most popular claim was for medical treatment, with over 500,000 claims insurance pay-outs totalling £242.3 million. Medical claims cost [...]
XL Capital Ltd has announced that Michael McGavick is to take up the post of chief executive officer. McGavick requires immigration approval of the Bermudan government to assume the position. On 1 May he will succeed Brian M. O’Hara, who has spent 13 years in the top job after annoucning his retirement in the latter [...]
Complaints received by the Financial Ombudsman Service (FOS) about weather-related insurance claims increased by one-third in 2007. Since last summer’s flooding, insurers have been under pressure to deal with both the volume of weather-related claims and the financial losses incurred. The 2007 floods are estimated to have cost the industry £3 billion, while claims from [...]
