Recent research undertaken by DQM Group indicates that public confidence in the ability of insurance companies to keep personal data secure has fallen away in the past year. The data protection company says that little research work has been done to evaluate levels of trust specifically in relation to customer data security. To fill the [...]
Assurant Solutions has launched a home emergency assistance policy, aimed at helping homeowners deal with the cost of unexpected repairs. Cover can be purchased via online provider, Protectyourbubble.com, and customers can avail themselves of a “Silver” policy, which includes drains, plumbing, mains service supply and home security, or go for “Gold” which extends to primary [...]
Equitable Life policyholders are demanding a judicial review of the compensation offer made by the Government in January. In 2001, millions of investors in the UK’s oldest mutual insurance company lost up to 50% of the value of their pension funds when Equitable Life came close to collapse. From the 1950s the company had sold [...]
International general insurance and reinsurance firm Brit Insurance Holdings PLC has announced the appointment of Neil McMillan as class underwriter in the Property Liability part of its Global Markets business. McMillan will assume his new role on 17 April, and be directly responsible to Jonathan Nunes-Carvalho, the divisional underwriting director. He brings to the role [...]
Heath Lambert’s specialist insurance scheme for people with pre-existing medical conditions, Unique, has entered into a partnership with the British Polio Fellowship. The British Polio Fellowship, which is the largest UK charity dedicated to supporting sufferers of polio and Post Polio Syndrome, has teamed up with Heath Lambert to offer travel, life annuities, home, motor [...]
In recent times there has been an increasing number of professionals in the insurance and risk management fields whose business dealings do not fall under the umbrella of a single trade body. The Insurance Manager’s managing director, Danny Cooper, has stated that in the five years of trading the firm found its combination of risk [...]
A new study from the US highlights the increased risk of death and injury posed by the small car involved in a head-on crash, even when it is fitted with the latest safety equipment. A report published by the Insurance Institute for Highway Safety (IIHS) states that even with airbags, electronic stability control and strong [...]
Aon Risk Services has reported that shipowners navigating the Gulf of Aden are seeing insurance premiums for kidnap and ransom (K&R) rise tenfold. Some could therefore be paying a premium of $30,000 for $3 million of cover during one journey across seas that have become treacherous because of the activities of Somali pirates. According to [...]
The Post Office has increased the cost of its payment protection insurance (PPI), which is provided by AXA. A flat premium of £4.50 per £100 of cover is being replaced by a premium based on circumstances that can cost up to £6.50 per £100 of cover. Controversially, cover for existing policyholders is being reduced at [...]
A new study from the Economist Intelligence Unit (EIU) has warned that not all insurers have been paying sufficient attention to the management of risk exposures throughout their entire organisations. In a recent report, the analyst concedes that most insurers are managing risk in operational silos; however, the majority of companies surveyed were not looking [...]
Aviva has joined Aon in making changes to its pension scheme to ride out the credit crisis and recession. According to a report in The Times, around 15,900 Aviva staff will no longer benefit from a defined contribution (DC) scheme that has been completely free, while thousands of final-salary scheme members will see their contributions [...]
UK commercial property, investment and development company Targetfollow has selected independent insurance broker Heath Lambert Group to place its general insurance. Targetfollow’s speciality is seizing opportunities city centres and owns property in London, Birmingham, France and Germany. Based in Norwich, the firm’s portfolio of office, industrial and retail buildings is continuing to grow and now [...]
Direct Group has launched Direct Group Liability Services and Direct Group Travel Services in a bid to expand its claims management activities. The operations catered for by these new services have been outsourced by Longhawk Group to Direct Group, and will incorporate the Nexus and TPS Claims operations. Direct Group will benefit from the migration [...]
National Deposit has announced that it is rebranding as National Friendly from next month. The friendly society and private medical insurance provider said the name change reflects a new focus on building the healthcare side of the business, and better conveys the values of the company. In particular, market research by the group found that [...]
QBE yesterday announced the appointment of John Rumpler as chief executive of its Americas Division. In his new role, Rumpler will lead the Americas division of the Australia-based insurance group, continuing its strategy of growth and focused diversification. Rumpler has worked at QBE since 1997. He led the development of the group’s credit, surety, and [...]
RSA Insurance Group yesterday announced the acquisition of Ireland-based Benchmark Underwriting Limited. Established in 2004, Benchmark provides household and commercial insurance, and has gross assets of €3 million. Its gross written premiums in 2008 were around €10 million. Philip Smith, RSA Insurance Ireland chief executive said: “We have a very strong business in Ireland and [...]
Prudential has revealed some shocking statistics highlighting the discrepancy between the pension incomes of men and women. The Prudential Class of 2009 retirement survey suggests that the estimated 2.76 million women in the UK who plan to retire this year expect to receive an average pension income £6,642 behind that of their male peers. For [...]
American International Group (AIG) has announced it has completed the asset sale of a retail bank and credit card operations in Thailand. The two ventures, AIG Retail Bank Public Company Limited and AIG Card (Thailand) Company Limited, were sold in Thailand to Bank of Ayudhya Public Company Limited with proceeds of around $45m in addition [...]
n Risk Services’ Aon Specialty division has launched the United Kingdom part of its global Aon Energy unit. The integration of Benfield Corporate Risks’ energy specialists into Aon Speciality has delivered the new energy team. The UK team will be led by chairman Magne Seljeflot and head of energy William “Monty” Lynch, beneath whom 100 [...]
