One in ten of travellers are not taking out travel insurance, according to new research commissioned by Check Safety First. Chief Executive Officer Mark Harrington has called on the insurance industry to educate consumers about the importance of travel insurance, pointing out that the average medical claim is around £2,500, and clearly worth spending £20 [...]
Specialist insurer Hiscox has bolstered its claims operation with the creation of two new, senior positions. Joanne Musselle becomes head of UK Claims for Hiscox UK, and Tony Rai has been named as head of London Market Claims, within the London Market division. Musselle has been with the firm for the last seven years, joining [...]
In a trading update, Prudential has report “robust” nine month group-wide sales of just over £2 billion. In the third quarter of 2009, retail sales came in at £699 million, up 10% on a year earlier and reflecting “powerful momentum” in US retail sales which soared 66% year-on-year. Asian sales rose 4% in Q3 and [...]
Co-operative Insurance has put out a rallying call to the insurance industry, the Environment Agency and local authorities to work together in combating the growing flood risk in the UK. The mutual says it supports the ABI campaign to ensure that flood insurance remains widely available and is considering the use of “resilient” repairs, looking [...]
Heath Lambert has won an award for its health cash plan cover, which aims to reduce the cost of permanent health insurance for employers. The broker worked with not-for-profit health cover specialist, BHSF, to create its offering and has received the “Best Use of Cash Plans by an Intermediary” accolade at the 2009 Health Insurance [...]
The Financial Services Authority (FSA) has fined Swinton Group £770,000 for serious failings in the sale of single premium payment protection insurance (PPI). The high street broker will also be contacting over 350,000 customers who paid for the cover and offer a full refund. The regulator found that between December 2006 and March 2008 the [...]
Over the course of the last half-year HomeLet has managed to double the number of policies it has sold, partly due to the new Tenants Contents Insurance + product and also because of the rising demand. In addition, landlords are turning more and more to Rent Guarantee Insurance to protect them against the possibility of [...]
Guy Carpenter & Company has released a study indicating that the shift towards stronger enterprise-wide risk management (ERM) is continuing to gather pace within the insurance and reinsurance industry. In the six months since the firm’s initial Risk Tolerance Benchmarking study ratings agencies have increased the importance of ERM-related disciplines in a bid to improve [...]
Insurance broker and risk adviser Marsh has announced the appointment of Simon Markey as chief executive officer of its UK Affinity business. Prior to joining Marsh he served as managing director of the Lifestyle Services Group, and earlier in his career held a number of management positions with Lloyds Group’s retail bank. Markey will be [...]
PartnerRe Ltd. (NYSE:PRE) has reported that it made net income of $567m in the third quarter, equating to $9.44 per share on a fully diluted basis. This compares very favourably to the net loss of $151.7m, or $3.01 per share, incurred during the same quarter last year, and is also better than the net income [...]
Affiliated FM, which describes itself as a middle-market commercial property insurer, has opened an office in Amsterdam, increasing its worldwide presence to 20 locations. The expansion is in response to positive feedback from the Benelux market and requests by regional brokers and clients for a broader international offering. The firm, which forms part of the [...]
Global insurance broker Willis Group Holdings Limited (NYSE: WSH) has released its financial results for the first nine months of 2009 and for the third quarter of this year. For Q3, Willis made earnings per diluted share of $0.46, with total net income of $78m, compared to the same period last year when it made [...]
Endsleigh has appointed ntl:Telewest Business (part of the Virgin Media Group) to help support its online operations. The personal lines specialist calculates that over 80% of its insurance and financial services business now originates from the Internet and the forthcoming upgrade should speed up quotations and policy production for both Internet and telephone customers. ntl:Telewest [...]
Aon Corporation has agreed to acquire New-York based brokerage, Carpenter Moore Insurance Services. The latter was formed through the merger of Carpenter Moore and NASDAQ Insurance Agency, in 2005, and specialises in executive liability, Internet liability, and risk management services. The firm’s clients are to be found in the technology, pharmaceuticals, healthcare, durable goods, transportation, [...]
As the British recession stubbornly persists and unemployment continues to climb, more and more landlords are finding that their tenants are incapable of paying their rent. To counter this, many consider taking out a Rent Guarantee Insurance policy from providers such as HomeLet and Letsure to acquire some protection should such a situation arise. Landlords [...]
Groupama Healthcare enjoyed a good night at the Health Insurance Awards, winning the Best for Customer Service award. The event, held at London’s Grosvenor House Hotel, was attended by over 900 healthcare professionals. Managing Director Laurent Matras has described the success as a fantastic achievement for Groupama’s healthcare team, especially as the winner was selected [...]
The Chubb Corporation [NYSE: CB] has reported its third quarter results, including net income of $596m, equating to $1.69 per share. This marks a significant increase on the Q3 2008 net profit of $264m, or $0.73 per share, and also marked an increase from Q2 2009, when the firm made a net profit of $551m. [...]
Christie’s has launched an insurance services business for clients based in the UK and European customers serviced from London. The world-famous art dealer says it can offer a unique service for the sophisticated collector, in partnership with Heath Lambert and Chubb Insurance. The trio aim to provide private clients with “bespoke, seamless insurance, that encompasses [...]
AXA is highlighting the increased risk of malicious damage at Halloween and on Bonfire Night. Malicious acts to property rise throughout the week starting 31st October, peaking on 5th November when claims involving incidents of this sort increase 350% against the average, compared with a 270% rise at Halloween. This year, Halloween falls on a [...]
