New research from Aviva suggests that one in four 17 to 24-year-olds have been in a car when they believed the driver was under the influence of drugs. The group’s 2009 RAC Report on Motoring also reveals that 10% of young drivers questioned had driven while under the influence of drugs, while 5% admitted to [...]
RSA has taken out a £1.9 billion insurance policy to protect against its future pension liabilities. The group has secured a deal with Rothesay Life, a subsidiary of Goldman Sachs, to cover increased funding from 2010. The insurer’s final-salary scheme is already closed to new members. The news comes as new figures from the Pension [...]
The Association of British Insurers (ABI) is working with the Welsh Assembly Government to help manage flood risks in Wales. Government ministers will work with ABI representatives to improve flood risk management in the country and to help people recover more quickly after flooding. Together, they will revamp the planning system to prevent new developments [...]
Insurance fraud has increased 30% since 2007, the Association of British Insurers (ABI) is expected to confirm in a report this week. According to the Observer newspaper, the ABI will report that undetected fraudulent claims now cost an estimated £1.9 billion per year, compared to £1.6 billion two years ago. Despite rising fraud costs, the [...]
comparethemarket.com has won the Marketing Initiative of the Year Award for its highly recognised compare the meerkat adverts, starring Aleksandr Orlov, the Russian meerkat. The award, given at the British Insurance Awards 2009, was given as the public and commentators alike gave a hitherto unprecedented response to Aleksandr’s on-screen antics. Aleksandr’s catchphrase “Simples!” has become [...]
Aon/Albert G. Ruben has announced the appointment of Fred Milstein to the post of managing director of worldwide marketing and business development. Before joining the firm he was the president and founder of cineFinance, a company offering international completion guarantees to the film and television industries in Europe, Asia, North America and Australia. In his [...]
Premium income will be dented by up to £1 billion this year as budget-conscious consumers failed to renew insurance policies or look for cheaper deals, Deloitte said this week. A survey by the analyst group found that 17% of UK consumers are thinking about cutting back on insurance spending when their policy comes up for [...]
Carpet store Carpetright charges 40% more to insurers than it does to high street consumers, an investigation by the Guardian newspaper has revealed. Carpetright’s 450 stores across the UK receive £30 million of their annual income from insurance claims – on which they charge an extra £1 per square metre compared to standard consumer prices. [...]
W R Berkley Insurance (Europe) Ltd (WRB), part of the Connecticut-based W R Berkley Corp, has appointed David O’Connor to its Accident & Health Team. Mr O’Connor will oversee the development and expansion of the unit’s UK and international accounts, having had 35 years experience in the London Market and having served most recently as [...]
Outsourcery has launched a nationwide campaign to raise awareness about new methods of financing IT for small and medium-sized insurance businesses. The firm, which was formerly known as Genesis Communications, says the days when an upfront investment of £10,000 plus was needed to purchase and maintain hardware, software and phone systems are gone. As an [...]
Aon France has launched an innovative travel policy that compensates holidaymakers whose vacations are “rained off”. The policy pays out if there are a minimum of four rainy days in any one week, according to a report from Reuters. The occurrence of rainfall is validated using satellite photography supplied by the French weather bureau, with [...]
A new report from the emerging risk team at Lloyd’s is urging governments, insurers and other interested parties to work together to support the development of synthetic biology. This branch of science can be said to “engineer life”, allowing the formation of organisms with genetic code not found in the natural world. In simple terms, [...]
The Government is proposing a new form of care insurance, details of which are contained in a Green Paper out today. The proposed scheme could cost between £12,000 and £20,000 per individual but in return would provide a guarantee of long-term care. The maximum cost is less than the average £30,000 now paid by elderly [...]
Christine Proctor has rejoined her old employer, independent insurance broker Heath Lambert, following a year away at Collingwood Insurance Services. She takes up the post of development executive at Heath Lambert’s office in Newcastle, an office she helped to establish in 2005. Proctor then spent the next three years with Heath Lambert before parting ways [...]
Global risk and reinsurance specialist Guy Carpenter & Company has named Chris McKeown as CEO of its Global Analytical and Specialty Practices. Before joining Guy Carpenter he served as president and CEO of the firm he founded, CIG Reinsurance Limited, and New Castle Reinsurance Company which was formed in 2005. In his new post McKeown [...]
International specialist insurer Hiscox has announced a pair of new appointments at Hiscox Bermuda. Two new healthcare underwriters (Ian Thompson and Nick Williamson) are to join the firm, pending immigration approval. Thompson will become senior vice president of healthcare, with Williamson being appointed to the post of vice president of healthcare. The two men will [...]
Guy Carpenter & Company enjoyed a successful night at Reactions magazine’s annual London Market Awards Dinner, scooping two awards. Guy Carpenter won the prize for Casualty Reinsurance Broker of the Year, and was also named “Marine Broker of the Year” at the prestigious dinner. As well as the firm itself winning two awards, one of [...]
Young Marmalade has launched a new policy aimed at 17 to 25-year-olds who are learning to drive. The firm has developed Provisional Marmalade specifically for those with a provisional licence and claims that it offers a number of advantages over other options for learner drivers keen to practice. Commonly parents add children to car insurance [...]
Kwik Fit Insurance (KFI) has revealed ambitious plans for expansion over the next five years. The Lanarkshire-based intermediary, which is backed by French venture capitalist group PAI Partners, told Scotland on Sunday that it is looking to double in size through acquisitions that could top £1 million. Speaking to the newspaper, chief executive Brendan Devine [...]
Friends Provident is reported to have rejected a takeover approach from Resolution Limited, the acquisition vehicle set up last year by Clive Cowdery. Resolution is said to be considering its options, with The Times reporting that it may appeal directly to shareholders. Friends failed in its bid for Mr Cowdery’s original Resolution Plc, the closed [...]
