Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 16th of January 2018
July 31, 2009

Salaam Halal launches Shariah home insurance

by Richard Kilner

Story link: Salaam Halal launches Shariah home insurance

Salaam Halal insurance has launched home insurance compliant with the principles of Shariah. The firm claims to be providing the millions of British Muslims with their first opportunity to take advantage of Shariah-compliant coverage. In mid-2008 Salaam Halal launched the country’s first Shariah-compliant car insurance, to which it has now added home insurance. The insurer […]



Novae announces bi-annual losses

by Richard Kilner

Story link: Novae announces bi-annual losses

Specialist insurance group Novae Group plc has reported its results for the first six months of the year including a pre-tax loss of £2.1m, compared to a £16.8m pre-tax profit made in the first half of 2008. The pre-tax loss occurred after a charge of aviation reinsurance and credit insurance claims worth £26m. Post-tax losses […]



Buildings and contents premiums diverge

by Gill Montia

Story link: Buildings and contents premiums diverge

New research from AA Insurance shows a 10% rise in the average cost of residential buildings insurance, over the 12 months to the end of June. The cost of annual buildings cover has now risen for the sixth successive quarter, to £223.92. However, those making a keen effort to shop around can expect to pay […]



Lancashire reports strong Q2

by David Masters

Story link: Lancashire reports strong Q2

Lancashire Holdings this week posted its second quarter results with pre-tax profits more than doubling on year to $107.2 million. The London-listed Bermuda-based specialty insurer saw its combined ratio for the quarter drop to just 35.4%, down from 72.3% in the year ago period. Gross written premiums increased 23% on year to $241.9 million. Chief […]



Euler Hermes profit plummets 99%

by David Masters

Story link: Euler Hermes profit plummets 99%

Euler Hermes’ first half profits slumped 99%, the credit insurer reported this week. The Allianz-owned unit, hit by higher claims, saw profits slide to €0.7 million, down from €122.3 million in the first half of 2008. Overall the company posted a technical loss of €59.5 million. However, this was offset by investment earnings. Chairman Wilfried […]



Heavy punishment feared for alleged Rio insurance scam

by David Masters

Story link: Heavy punishment feared for alleged Rio insurance scam

Two British law students could be jailed for up to five years for an alleged insurance scam. Shanti Andrews and Rebecca Turner, both 23, were arrested this week in Rio de Janeiro accused of attempting to defraud their insurance firm by claiming they had been robbed. The two backpackers reported they’d had £1,300 of belongings […]



Cover for bizarre jobs up 19%

by David Masters

Story link: Cover for bizarre jobs up 19%

Despite widespread gloom on the employment markets, an unnamed London-based insurer has posted a 19% rise in sales of professional indemnity insurance for a number of unusual jobs, the Financial Times reports. An apparent high demand for historical re-enactors, equine dental technicians and bugging device sweepers has pushed up indemnity insurance sales for these professions […]



July 30, 2009

ABI issues holiday burglary reminder

by Gill Montia

Story link: ABI issues holiday burglary reminder

The Association of British Insurers (ABI) is urging Britons to take extra care protecting unoccupied homes during the holiday season. While reported cases of burglary have fallen 57% since 1997, there are signs of an increase during the current economic downturn. According to the ABI, burglary claims topped £100 million in the first three months […]



Aon makes $149m profit in Q2

by Richard Kilner

Story link: Aon makes $149m profit in Q2

Aon Corporation (NYSE: AOC) has released its financial results for Q2 2009, recording a net income of $149m, equivalent to $0.52 per share. This marks a severe decline in profits from Q2 2008, when the firm made $1.1bn, or $3.71 per share. Aon has attributed the sharp fall to the $1bn after-tax gain of sales […]



Willis announces $87m profits

by Richard Kilner

Story link: Willis announces $87m profits

Global insurance broker Willis Group Holdings Limited (NYSE: WSH) has reported its financial results for Q2 and for the first six months of 2009. For the quarter Willis made a net income of $87m, or $0.52 per diluted share, a massive increase on the $39m reported for the same period last year. This was partly […]



Aon appoint UK Marine CEO

by Richard Kilner

Story link: Aon appoint UK Marine CEO

Global insurance broker and risk adviser Aon Risk Services has announced the appointment of Mark Cracknell to the post of chief executive officer of Aon Marine in the United Kingdom. He is a veteran of the industry, and brings with him decades of experience in the marine sector. Prior to joining Aon Cracknell served on […]



Brit announces post-tax losses in first half of 2009

by Richard Kilner

Story link: Brit announces post-tax losses in first half of 2009

Brit Insurance has revealed its financial results for the first half of the year, which include pre-tax profits of £64.9m, a rise of 24% on the corresponding period last year, which saw pre-tax profits of £52.3m. However, after tax the firm incurred a loss of £8.7m due to the £73.6m cost of the foreign exchange […]



Kwik Fit reports record car insurance sales

by Gill Montia

Story link: Kwik Fit reports record car insurance sales

Kwik Fit Insurance (KFI) has achieved a new record for sales, with 1,500 policyholders signing up for car insurance in just 24 hours. The volume represents the strongest single day’s trading since the firm was established in 1995. Managing director of Kwik Fit Financial Services Group, Brendan Devine, said: “The commitment and relentless effort shown […]



Millions of insurance documents could be wrong

by Richard Kilner

Story link: Millions of insurance documents could be wrong

The annual survey of the The Insurance Manager into insurance industry service standards has revealed that millions of insurance documents may be wrong. Kate Underdown, director, has explained that the survey, now in its third year, was originally created to help identify specific problems with brokers or insurers but gradually grew as interest increased. Now […]



Motor premiums soar on fraud and personal injury costs

by Gill Montia

Story link: Motor premiums soar on fraud and personal injury costs

New research from AA Insurance shows that car insurance premiums are rising at a faster rate than at any time since 2000. According to the insurer, Comprehensive cover increased to an average £778.13 at the end of June, up 3.5% from end March and showing an 11.3% rise on a year earlier. For Third Party […]



Endurance record increased Q2 profits

by Richard Kilner

Story link: Endurance record increased Q2 profits

Endurance Specialty Holdings Ltd. (NYSE:ENH) has reported a net income of $149.1m for the last quarter. The Q2 performance, equating to $2.42 per diluted share, marks a significant improvement on Endurance’s results for the same time last year which were a net income of $103.3m, or $1.54 per share. For the first half of the […]



Montpelier Re makes $159m profit in Q2

by Richard Kilner

Story link: Montpelier Re makes $159m profit in Q2

Montpelier Re Holdings Ltd has announced that its operating income for Q2 was $68m, or $0.76 per share. Net income for the quarter was $159m, $1.81 per share. For the first six months of the year the firm recorded operating income of $116m, equating to $1.31 per share. Montpelier made a net income of $211m […]



XL Capital announces Q2 results

by Richard Kilner

Story link: XL Capital announces Q2 results

XL Capital Ltd has announced its financial results for Q2 2009. The firm recorded a net income for the quarter of $79.9m, equivalent to $0.23 per ordinary share. Operating income stood at $162.6m, or $0.47 per ordinary share. Responding to the results, XL Capital’s chief executive officer, Michael S. McGavick, has expressed his pleasure at […]



July 29, 2009

AIG merges Polish consumer finance unit with Santander

by Gill Montia

Story link: AIG merges Polish consumer finance unit with Santander

American International Group (AIG) has announced that it is combining its Polish consumer finance business with the Polish consumer finance business of Santander. The AIG business is conducted through AIG Bank Polska while Santander’s consumer finance operations in the country are carried out by Santander Consumer Bank (SCB). The move gives AIG a 30% equity […]



AIG sells off life insurance premium finance

by Richard Kilner

Story link: AIG sells off life insurance premium finance

American International Group, Inc. (AIG) has announced that it has completed a deal with First Insurance Funding Corp. (FIFC) for the sale of a majority of the US life insurance premium finance business of AIG Credit Corp. and A.I. Credit Consumer Discount Company (A.I. Credit). The deal, worth $679.5m in cash, could also involve FIFC […]