Yacht and motorboat insurer Navigators & General has advised boat owners to be careful to adhere to security conditions in their insurance policies. Failure to do so could render an otherwise legitimate claim null and void. February is not a particularly popular month for using boats, meaning more are on trailers than at other times [...]
In a bid to promote the green agenda, the Chubb Group of Insurance Companies is to encourage homeowners to go green after their home is damaged (or even destroyed). One of the issues with going green can be exorbitant costs, but Chubb has promised to assist homeowners with insurance that will cover the costs of [...]
Independent broker, Heath Lambert, is opening a new office in the centre of Birmingham. The premises, which will be in addition to the firm’s Brierley Hill site in the city, will be formally opened on 4th March by Lord Jones of Birmingham. It will form the base for 20 commercial insurance and employee benefits specialists [...]
Specialist insurer Hiscox has teamed up with Maserati to offer exclusive motor insurance via Maserati Insurance Services. Maserati drivers will now be able to take advantage of comprehensive and cutting-edge insurance tailored to their specific needs. Benefits of the coverage include, in the event of theft, compensation for the cost of a personalised number plate [...]
Open GI has bolstered its commercial broking capability with the launch of an integrated SME trading platform known as Open Trader. Open Trader has been formulated to assist brokers by changing the way they handle small package commercial lines business. In addition, the platform will offer underwriters access to the firm’s broker community for their [...]
Fortis Insurance has secured a five-year partnership agreement with UK Underwriting (UKU), which specialises in tailored insurance products for scheme businesses. The company is replacing Axa as majority capacity provider for UKU in a deal worth in excess of £50 million gross written premiums annually. According to UKU, the appointment forms part of a wider [...]
European insurer and reinsurer Glacier Group has announced the appointment of Dirk Turley to the post of chief strategic officer (CSO). He brings with him over two decades of experience, and has also worked for GE Frankona prior to becoming a founding member of Glacier. As CSO of the Group, Turley will report directly to [...]
The trade body that regulates and represents the online price comparison industry is joining forces with the Association of British Insurers (ABI), to develop a new code of practice for online insurance aggregators. The Comparison Consortium was launched this year following an investigation by the Financial Services Authority into claims by consumer groups that price [...]
OurNetwork has widened its product range with the addition of three new products for its brokers. The legal expenses, premium finance and commercial retailers products have been furnished by new panel members Brit Insurance, DAS and RBS Finsure. The combined product offers a commission rate of 21% and a broad range of coverage, and is [...]
Chubb Insurance has launched a new Pensions Liability Insurance, which aims to provide peace of mind for pension trustees. The firm says it is responding to today’s uncertain economic environment, which has increased the risk trustees face when they are already dealing with more demanding obligations. According to Chubb, to fulfil their responsibilities trustees now [...]
The body that represents professionals working in the insurance sector has warned that climate change will present the industry with the “biggest challenge in our time”. A new thinkpiece from the Chartered Insurance Institute (CII) emphasises “the clear and pressing need” for insurers to assess and effectively manage the issues raised by changing weather patterns. [...]
Prudential has described its sales performance for 2008 as “good” with overall group insurance new business up 5% in “a really challenging environment”. Sales for the year rose to £3.024 billion, up from £2.87 billion in 2007, with increases of 7% in the US, 6% in Asia and 4% in the UK. In addition, the [...]
Swiss Re has confirmed massive losses for 2008 totalling CHF864 million ($735.8 million). This is compared to CHF4.23 billion profit for 2007, although is slightly less than the CHF1 billion loss that the company had said was possible in a preliminary announcement earlier this month. The Switzerland-based insurer reported a return on equity of -3.4%, [...]
Groupama Insurances recorded a 6% rise in revenues for 2008, to £432.6 million. The company reported that the rating environment across personal lines had hardened during the year, with personal motor accounts rising consistently. The insurer also saw strong results from its home insurance and niche accounts so that altogether, personal lines revenues rose to [...]
Legal & General (L&G) has followed other leading insurers in slashing bonuses for investors in its with-profits fund. Holders of with-profits bonds will be worst affected with bonuses on investments begun in 2004 down 18.3% over the year. The company has not been able to give an average rate cut because investor profiles are very [...]
Home insurance underwriting agency, Plum Underwriting, has launched Plum Elite, a new product for the mid net worth (MNW) home insurance market. The move has been accompanied by a re-launch of the firm’s non-standard household product, Plum Flex. Both Elite and Flex are underwritten at Lloyd’s by Beazley Group and are available to new and [...]
The Association of British Insurers (ABI) has announced that it is reviewing the purpose and function of the ABI Fund Sectors. The sectors categorise different types of investment fund and are used by consumers and financial advisers to compare funds with similar investment profiles. The ABI’s director general, Stephen Haddrill, explains that “the current economic [...]
Car insurance premiums fell during the last six months of 2008, according to research by Sainsbury’s Financial Services. The insurer calculates that the average premium for December stood at £498.22 a drop of 3.1% on June of last year, when motorists paid an average £514.16. However, Sainsbury’s warns that premiums could soon be on the [...]
