Hannover Re, one of the world’s largest reinsurers, has yet to suffer any big losses from credit insurance claims despite the rising number of insolvencies around the world. Jan Mueller, managing director for global credit, surety, and political risk at Hannover Re, said he expects a slow recovery to the global economy rather than a [...]
As this summer’s heatwave sweeps across the UK, homeowners have been warned to check that their buildings insurance covers them against subsidence. Over-50s insurer RIAS said soaring temperatures expected this summer could cause subsidence across a number of areas in the UK, especially in clay soil areas. At risk towns and cities include Chelmsford, Colchester, [...]
XS Direct, the Irish motor insurer, has unveiled a new Full Cycle EDI motor product aimed at Open GI brokers. The motor brand began trading four years ago and offers high premium drivers substantial savings on their motor insurance. International Insurance Company, Hannover, is underwriting the new product and its launch brings the number of [...]
Scotland’s main non-domestic water supplier Business Stream has launched a new service with risk adviser and insurer Marsh to offer customers emergency cover. Scotland’s non-domestic water supply has been open for competition since April 2008, and this move is the latest in a number of innovative changes that have occurred since then. The new Business [...]
Lloyd’s of London has confirmed that concert promoters insured Michael Jackson comeback tour with the market, but said losses resulting from Jackson’s death “are not likely to be significant”. Early estimates put Lloyd’s potential exposure from events cancellation insurance at $400 million. However, Lloyd’s said AEG Live, organisers of Jackson’s concert tour, were likely to [...]
Greenbee Home Insurance has conducted a survey of over 2,000 adults and discovered that over a fifth (23%) of 18-24 year olds are wary of hosting parties at home in case of accidental damage. The figure is threefold that of those aged 65 and older, of whom only 8% share the concern of potential party [...]
Legal expenses insurer, MSL, has reported strong take up of its new online quote system. The recently launched facility, called MSL Connect, is currently being used by over 90% of the firm’s intermediary and insurance clients. It allows brokers to log claims and track their progress online via a password-protected system and can generate premium [...]
The Confederation of British Industry (CBI) has today published a quarterly report, prepared in partnership with PricewaterhouseCoopers (PwC), which suggests that the UK’s financial services sector could be emerging from the worst the downturn. While the industry experienced falls in both income and profitability in the three months to June, the rate of decline showed [...]
The British Insurance Brokers’ Association (BIBA) has announced the formation of the BIBA London Market Region Committee (LMRC), which will represent its London market brokers. The committee is chaired by Ken Davidson, currently chairman of Crispin Speers, and will be integrated into BIBA’s existing regional committee structure. The new body replaces the London Market Brokers’ [...]
London-based Pamplona Capital Management has upped its stake in insurer Chaucer Holdings, adding 34.4 million shares to the 54.8 million shares it acquired earlier this week. The acquisition, subject to FSA approval, takes Pamplona’s stake in Chaucer to 16.27%, and values Chaucer’s stock at 44 pence per share. Private equity firm Pamplona confirmed that it [...]
The cost of insuring ships against piracy has increased 100% since the start of the year, an insurance broker has revealed. Marsh & McLennan blamed the two-fold price rise on a spate of pirate attacks off the coasts of Somalia, Nigeria and Indonesia. Attacks on vessels doubled during the first quarter of 2009, triggering extensive [...]
The recession has had little impacts on contracts due for renewal in July, Munich Re said this week. The world’s largest reinsurer by premium income said demand for reinsurance policies “continues to be pronounced”, especially for policies that cover natural disasters. Some sectors will suffer, Munich Re said, as reduced sales of motor insurance, life [...]
Motorists taking a road-trip overseas this summer should swot-up on the rules of the road in the countries they’re visiting, Sheila’s Wheels said this week. A survey by the female-friendly car insurer found that one in three (33%) British drivers wrongly believe driving regulations overseas are the same as in the UK. Nearly a third [...]
Tesco’s motor and home insurance policies are to be underwritten by Fortis following a partnership agreement between the two firms. The deal is set to create up to 1,500 UK jobs, with premiums sold by Tesco worth an estimated £500 million per year. Fortis will replace RBS-owned UKI Partnerships as Tesco’s insurance partner if the [...]
The Association of British Insurers (ABI) has responded to the Financial Services Authority’s (FSA’s) Consultation Paper on the Retail Distribution Review (RDR) by applauding the work so far but expressing disappointment that it does little to encourage savings and advice for the mass market. ABI director of life and savings, Maggie Craig, points out that [...]
Novae Group, the specialist insurance and reinsurance carrier, has announced the appointment of John Renz to the post of Human Resources director. In his new post Renz will be responsible for supervision of operations of Group, syndicate and insurance companies. He leaves behind the post of HR director with Mourant, a financial services administration and [...]
Specialist broker THB Group has announced its interim results which show turnover has risen by 20% and its THB UK operation has grown by 29%. The interim results cover the six months up to 30 April 2009. The sharp rise in turnover has been put down to a robust performance by divisions inside the Lloyd’s [...]
Belgium-based Fortis has emerged as leader of the pack of insurers vying for the contract to manage Tesco’s motor and home insurance businesses. According to the Telegraph, Fortis is in ‘advanced’ talks to agree an insurance partnership with the UK’s largest retailer. Tesco admitted earlier this week that it is reviewing its long-standing insurance arrangement [...]
Hannover Re expects to be hit with net damage claims of €25 million from the Air France plane crash earlier this month. A spokesperson for the reinsurer said the estimate was preliminary, and that the firm is waiting for additional information on the possible causes of the crash. Investigators scouring the scene of the accident [...]
