Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 18th of July 2018
December 18, 2008

jml-insurance offers Lifestyle excess insurance

by Richard Kilner

Story link: jml-insurance offers Lifestyle excess insurance

The jml-insurance website is now offering lifestyle insurance excess products through a dedicated link. The products, provided by insurance4excess, are designed for consumers who make insurance claims and end up paying the excess, and are available for home, motor, health, travel and pet insurance. The way it works is that a customer takes out a […]



Tysers enhances UK PI operation

by Richard Kilner

Story link: Tysers enhances UK PI operation

Independent insurance broker Tysers has announced that it has bolstered its UK Professional Indemnity capability with two new appointments. Richard Bowdidge takes up the role of divisional director, and Kingsley Miller assumes the position of divisional associate director. The two senior executives both joined the firm’s Corporate Risks Division from First City Limited, and in […]



Lawsuit: AIG bailout illegal and anti-American

by David Masters

Story link: Lawsuit: AIG bailout illegal and anti-American

A Christian rights group in America has filed a lawsuit against the US Treasury to stop bailout funds going to troubled insurer AIG (American International Group). The Michigan-based Thomas More Law Center (TMLC) brought the lawsuit on the basis that government ownership of AIG violates the US Constitution, and means that the state is funding […]



December 17, 2008

NU sees equity release market doubling in five years

by Gill Montia

Story link: NU sees equity release market doubling in five years

Norwich Union (NU) is predicting that the UK’s equity release market will thrive during the recession. The group sees the impact of the current economic turmoil on savings, a general lack of retirement funding and the Government’s growing emphasis on self-funded retirement as the main drivers in the market. The insurer expects High Street banks […]



Norwich Union: Fraudulent motor claims rising

by David Masters

Story link: Norwich Union: Fraudulent motor claims rising

Motor insurance giant Norwich Union has warned that car insurance fraud is on the rise because of the credit crunch. Research by the insurer found motorists trying to reduce premiums by declaring false information to their insurance firm when taking out a policy. However, Norwich Union warned that insurance granted on false premises is invalid, […]



Experian highlights the cost of duplicate mailings

by Gill Montia

Story link: Experian highlights the cost of duplicate mailings

Data management specialist, Experian, has revealed the extent to which the financial services sector wastes money by duplicating customers’ mailings. In a report entitled “Making Sense of a Crowded Nation” Experian sets out guidance on optimising contact data management strategies. Research commissioned by the company revealed that two-thirds of financial services firms fail to remove […]



Willis reports rise in aviation insurance costs

by Gill Montia

Story link: Willis reports rise in aviation insurance costs

Broker and risk management specialist, Willis, is forecasting that aviation insurance premiums will rise through to the end of 2008 and into 2009. In a report by the firm’s Aviation Practice, Willis notes that in November aviation premiums increased 16%. During the month renewals by five pure cargo carrier programmes saw premiums rise by 40% […]



Credit insurance difficulties threaten banks’ lending

by Gill Montia

Story link: Credit insurance difficulties threaten banks’ lending

Barclays and Royal Bank of Scotland are predicting trouble ahead for UK businesses as credit insurance becomes more difficult to obtain. According to a report in The Times, representatives of the banks appeared before the Department for Business Select Committee yesterday and suggested that problems with trade credit insurance were preventing banks from lending to […]



Siemens fined $1.6bn for international fraud

by David Masters

Story link: Siemens fined $1.6bn for international fraud

German engineering giant Siemens Aktiengesellschaft (Siemens AG) and three of its subsidiaries have pleaded guilty to paying $1.4 billion in contract winning bribes to foreign officials. At the District Court in Columbia, Siemens AG pleaded guilty to violating the Foreign Corrupt Practices Act (FCPA) and agreed to pay $1.6 billion in fines to US and […]



Aon warns of fraudulent claims danger

by David Masters

Story link: Aon warns of fraudulent claims danger

Broker and risk manager Aon has warned that 2009 will be a year when UK insurers find their bottom line pressured by fraudulent claims and legal fees. Economic recession will see a rise in fraudulent claims. In turn, this will push up legal fees, driving premium increases. Meanwhile, the insurance claims landscape will be reshaped […]



Catastrophes make 2008 an expensive year

by David Masters

Story link: Catastrophes make 2008 an expensive year

This year will be the second most costly on record for insurers, according to preliminary estimates released by Munich Re. The world’s biggest reinsurer estimates total economic damages from natural catastrophes of $200 billion, of which around $100 billion are weather related. This is close to the biggest ever yearly loss on record, and could […]



Marsh expands presence in China

by Richard Kilner

Story link: Marsh expands presence in China

Insurance broker and risk adviser Marsh has been given the go ahead by regulatory authorities in China to establish a branch office in Dalian, the biggest city in Liaoning province. The new officer becomes the fifth Marsh China has outside of Beijing, and follows on from offices in Shanghai, Guangzhou, Chengdu and Hebei province. The […]



December 16, 2008

Hiscox warns against false economies

by Richard Kilner

Story link: Hiscox warns against false economies

Specialist insurer Hiscox has warned households against making false economies to try and ease the effects of the economic downturn. Older washing machines, for example, cost more to run than their modern counterparts and are also more liable to cause insurance claims, such as for fire or flooding. The insurer also advises against running appliances […]



AIG offloads $39.3bn of toxic assets to Maiden Lane II

by Gill Montia

Story link: AIG offloads $39.3bn of toxic assets to Maiden Lane II

American International Group (AIG) has sold $39.3 billion (£25.7 billion) of its residential mortgage-backed securities to Maiden Lane II, a newly formed trust backed by the Federal Reserve. The stricken US insurance company secured an $85 billion government bail out in September, only hours after the collapse of Wall Street investment bank, Lehman Brothers. The […]



FSA statement on transparency and conflicts of interest

by Gill Montia

Story link: FSA statement on transparency and conflicts of interest

The Financial Services Authority (FSA) has issued a statement on transparency, disclosure and conflicts of interest in the commercial insurance market, in which it accepts that the industry should develop its own guidance to bring about improvements. According to the regulator, evidence from recent work suggests that although intermediaries are largely managing conflicts of interest […]



Fortis sale frozen by court order

by David Masters

Story link: Fortis sale frozen by court order

The Belgian government has announced that it will be appealing against a court ruling which prevents the sale of Fortis Bank’s Belgian assets to BNP Paribas. Belgium’s leaders still believe that selling Fortis’s assets to the French bank is the best way to ensure the long term future of Fortisbanque Belgium. However, on Friday a […]



December 15, 2008

Ironshore acquires Marine Re

by Gill Montia

Story link: Ironshore acquires Marine Re

Ironshore Inc, the property and casualty insurer, has acquired Bermuda-based reinsurer, Marine Re. Marine Re has been established for nine years and specialises in reinsuring hull and cargo for commercial and pleasure craft, in North American markets. During 2008 the firm underwrote gross premium income of $35 million. Ironshore provides broker-sourced specialty commercial property and […]



CFC Underwriting profits double

by David Masters

Story link: CFC Underwriting profits double

Specialist lines underwriting agent, CFC Underwriting, has reported its eighth year of growth in a row. In the year ending 30th September 2008, CFC reported a revenue increase of 65%, whilst operating profit doubled on year to £1.8 million. Managing director David Walsh said eight years of successive growth is an ‘outstanding achievement’. Walsh believes […]



Zurich pays $25m fraud settlement

by David Masters

Story link: Zurich pays $25m fraud settlement

Zurich Financial Services Group has agreed to pay a $25 million settlement to the US Securities and Exchange Commission (SEC) in connection with charges of civil securities fraud. A related charge was also settled against Converium Holding AG, which operated under the name Zurich Re until it was spun off in 2001. In paying out […]



FOS reports surge in PPI complaints

by Gill Montia

Story link: FOS reports surge in PPI complaints

The Financial Ombudsman Service (FOS) says it has received over 25,000 complaints relating to the sale of payment protection insurance (PPI), since January. By comparison, during the 12 months to April 2008 the service recorded 10,652 complaints regarding PPI, up significantly from 1,832 during the previous 12 months. At the beginning of the year, the […]