Motorists travelling to the continent this summer are being urged to drive carefully as a car crash abroad could prove expensive. Germany and France are the most expensive countries in Europe for a road accident. Drivers who cause a crash in Germany will pay out an average of £2,940, over 50% more than the European [...]
Insurance companies can now take advantage of the newly launched ClaimSpec property damage claim system, designed to enable cost reductions, superior customer service and accelerated claim resolution timeframes. ClaimSpec is a fully integrated Continuous Competitive Tendering system which will allow insurers to make savings in both time and money from property damage claims. The system’s [...]
International broker United Insurance Brokers (UIB) has announced a brace of new appointments to bolster its aviation division. Ken Coombes joins as aviation director and US wholesale specialist Chris Hamilton Cox becomes a divisional director. Together industry veterans Coombes and Hamilton Cox add almost eight decades of experience to UIB. Presently Coombes is a member [...]
Specialist insurance, reinsurance and risk management firm THB has declared that it has acquired Property Risk Management Limited (PRM), which provides UK commercial and residential properties’ owners and operators with risk management services. PRM’s acquisition has been made on the basis of bolstering THB’s offering in the field of risk management. As part of THB, [...]
Insurers can expect claims lines to be busy today as flash floods hit locations in Derbyshire, Sheffield and Wales in the past 24 hours. According to a BBC report, eleven workers had to be rescued in Dronfield, north Derbyshire, when floodwaters isolated their building. Meanwhile, in Sheffield parts of the supertram service had to be [...]
Jean-Bernard Crozet has been named by Amlin as the firm’s new head of Aggregate Modelling for Amlin London, a global specialty business including the aviation, marine, property & casualty and reinsurance business units. He is presently an associate director in the Actuarial Practice of PricewaterhouseCoopers (PwC), and has worked for PwC for the last four [...]
The Government has agreed to back date access to “top up” cover on trade credit insurance to 1st October 2008. The news has been welcomed by the British Insurance Brokers’ Association (BIBA), which has been petitioning the Department for Business Enterprise and Regulatory Reform (BERR) for the change. According to BIBA, the original scheme failed [...]
Insurance broker MMA Insurance plc has named its new chairman, with Graham Doswell succeeding the incumbent Scott Nelson. Nelson stands down from the post after occupying it for five years, and has spent a total of nine years on the MMA board. Doswell is a veteran of the insurance industry, and brings to the role [...]
Motor insurers should use more sophisticated methods to calculate premiums so conscientious young drivers no longer have to subsidise the 20% of young motorists who crash within a year of passing their test. Simon Douglas, director of AA Insurance, said companies should reward young motorists who drive carefully. “I believe the industry must work together [...]
Amlin watched itself slide off the list of Britain’s 100 biggest companies this week as its share price plummeted. Its fall in value makes it the final Lloyd’s of London insurer to crash out of the FTSE 100 index. The decline in Amlin’s stock was blamed on its share issue to fund its acquisition of [...]
Less than a month after announcing that it was recruiting 150 new staff, Hastings Direct is looking for a further 150 employees to fill new positions across the company. The insurer was acquired from Insurance Australia Group in a management buyout earlier this year, since when it has begun an ambitious programme of expansion. Last [...]
Homeowners have been advised to make sure their garden contents are covered by their home insurance policy by moneysupermarket.com’s Steve Sweeney. The average value of garden items is £700, and many gardens’ contents are worth over £1,000 with sun loungers, trees, smaller plants and barbecues. However there is a significant shortfall between the average value [...]
According to a survey by KPMG International and the Economist Intelligence Unit, insurance executives are beginning to feel tentatively optimistic regarding the prospects of the next 12 months. Many of those surveyed in March and April expected to see some growth during the next year. The executives came from 49 countries and numbered 315 in [...]
International general insurance and reinsurance firm Brit Insurance Holdings PLC has announced the appointment of Kevin Foley as class underwriter of International Property, part of the Global Markets business. He leaves behind the post of Property Underwriting manager with German firm Munich Re to join Brit, and brings with him over a quarter of a [...]
The Association of British Insurers (ABI) has published new research indicating that one in four people have cancelled their home insurance in efforts to survive the recession. The study was conducted by YouGov on behalf of the ABI and involved 2,000 adults across the UK. It reveals the extent to which policies are either not [...]
Searchlight Insurance has launched a new service aimed at helping insurance companies train staff effectively. Under Financial Services Authority (FSA) rules, authorised firms must employ personnel with the skills, knowledge and expertise necessary for the discharge their responsibilities. According to Searchlight, while most businesses understand that the FSA requires evidence that employees are competent, many [...]
Three fraudsters who accessed customer information from Aviva and stole £638,000 have received custodial sentences from Southwark Crown Court. The scam involved using personal details of Aviva directors obtained from Companies House to extract information about the directors’ life insurance policies from the insurer’s call centres in the UK and India. The £638,000 was obtained [...]
Global core system solutions provider to general insurer Guidewire Software® has named Olivier Faugère as vice president of Sales for Europe. The appointment has been made in the strategic context of developing and enlarging the firm’s presence on the continent. Faugère is well-equipped with experience in sales and takes on responsibility for business development and [...]
AXA Travel Insurance, part of the AXA Assistance Group, has secured a five year partnership with low cost airline, Ryanair, which expects to carry 67 million passengers this year. The agreement will take effect in September 2010 when the insurer will provide Ryanair passengers with single-trip, multi-trip and annual travel insurance policies via the Ryanair [...]
