Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 18th of January 2018
January 27, 2010

Standard Life freezes with-profits bonus rates

by Gill Montia

Story link: Standard Life freezes with-profits bonus rates

Standard Life has frozen bonus rates for over a million unitised and conventional with-profits policyholders. The life and pensions provider says most customers will still see an increase in their plan values but for the less fortunate, a £200 a month with-profits pension plan taken out in 1990 by a male retiring aged 65 now […]



January 26, 2010

Insurers baulk at £8.2bn tax burden

by Gill Montia

Story link: Insurers baulk at £8.2bn tax burden

The Association of British Insurers (ABI) is pleading with the Government to create a more business friendly environment in the UK, and the body warns that more insurance firms will exit if its arguments are not taken seriously. According to new research, insurers paid only 8.4% less corporation tax in 2008/09 than in the previous […]



ABI: insurers need more reasons to stay in UK

by Richard Kilner

Story link: ABI: insurers need more reasons to stay in UK

The Association of British Insurers (ABI) has warned that the UK needs to create a more friendly and competitive environment for the insurance sector to prevent more insurers leaving the country. Last year the insurance sector paid the Exchequer £8.2bn, the fourth highest total for any sector. In addition, the ABI has revealed that whilst […]



Torus appoint European Casualty senior VP

by Richard Kilner

Story link: Torus appoint European Casualty senior VP

Global specialty insurer Torus has announced the appointment of Thomas Guesde as senior vice president of its new European Casualty platform. The new platform has limits of €25m and is available on both a primary and excess basis, writing risks from European middle market business to large, global, complex risks, with most policies able to […]



Fortis issues frozen pipes advice

by David Masters

Story link: Fortis issues frozen pipes advice

Fortis has launched an advice pack for homeowners outlining the steps they should take to stop water damage during cold weather. Householders should use the acronym ‘THAW’ to remember the parts of the home that need to be checked in cold weather – Taps, Heating, Attics, and Water, Fortis said. Fortis advises keeping heating on […]



Age Concern expects pensioner travel boom

by Gill Montia

Story link: Age Concern expects pensioner travel boom

Older Britons are increasingly opting for overseas travel, according to Age Concern. The advocacy group recorded a 41% rise in sales of its Enterprises annual worldwide travel insurance in 2009, while sales of winter sports cover increased by 20%. The charity therefore concludes that the UK’s pensioners are keeping more active and are keener to […]



2010 ushers in 15% hike in car premiums

by Gill Montia

Story link: 2010 ushers in 15% hike in car premiums

A 2009 rise of almost 20% in car insurance premiums could be followed by a further hike of 15% in 2010, according to Consumer Intelligence. The market research firm puts the current average annual premium at £564.19, with 17 to 24-year-olds bearing the brunt of last year’s increase, at almost 25%. For this age group […]



CETA recruits as online sales surge

by Gill Montia

Story link: CETA recruits as online sales surge

CETA Insurance will be taking on 20 new customer service and administration staff during 2010, on the back of a 60% rise in online sales in the past year. The Chipping Norton-based general insurer attributes its success to a decision to balance the business across both broker and online sales. Managing director, David Quick, says: […]



Speeding drivers pay double premiums

by David Masters

Story link: Speeding drivers pay double premiums

Drivers caught speeding pay an average of £100 extra on their car insurance, new research has discovered. Getting caught out three times means paying up to double the amount on insurance premiums, moneysupermarket.com found. A study by the price comparison site identified the UK’s worst speeding offenders. Scotland, Swindon, and Sheffield were named as home […]



Aviva appoints global media agency

by Gill Montia

Story link: Aviva appoints global media agency

Aviva has appointed ZenithOptimedia as its global media buying, planning and digital agency. The move follows an extensive review of the insurer’s media supplier arrangements and is aimed at maximising the impact of its media investment around the world. In addition, it should generate significant cost savings for the group and bringing greater consistency to […]



January 25, 2010

Towergate bolsters affinity team

by Richard Kilner

Story link: Towergate bolsters affinity team

Towergate Risk Solutions has announced the appointment of Jamie Eaton as Affinity Sales director to help realise its intention to expand its affinity business. Previously Eaton was with Howden Insurance Brokers, where he led their Affinity Sales and successfully managed their sales team, tasked with expanding affinity business in 2008. In his new post with […]



Groupama Insurance promotes Hughes

by Richard Kilner

Story link: Groupama Insurance promotes Hughes

Groupama Insurances has announced the appointment of Glyn Hughes as manager of Personal Lines Pricing and Planning. In his new post Hughes will report directly to Personal Lines director Kevin Kiernan, and will be tasked with ensuring the firm can react swiftly and competitively to business opportunities whilst at the same time maintaining bottom line […]



Bolt enthusiastic about Lloyd’s job

by Richard Kilner

Story link: Bolt enthusiastic about Lloyd’s job

Tom Bolt has recently been named as Lloyd’s new Performance Management director, a job he is clearly enthused to be doing. Bolt, who has accrued extensive experience of the insurance sector during his lengthy career, went on to explain that in his new post he works with every business line and collaborates with over 50 […]



Garwyn launches Online Accident Reporting

by Gill Montia

Story link: Garwyn launches Online Accident Reporting

Garwyn is making it easier for businesses to report accidents and take a more proactive approach to risk management. The firm, which claims to be the UK’s largest specialist liability adjuster, has launched an Online Accident Reporting system which heralds a number of other initiatives under development. The new system allows businesses to record accidents […]



ALC Health centralises European operations

by Gill Montia

Story link: ALC Health centralises European operations

Ex-pat medical insurer, ALC Health, has announced that it has expanded the remit of its Spanish office to manage its business across Southern Europe. The new European centre, which is based in Marbella, will support the firm’s ambitious growth plans by dealing with all client sales, enquiries and broker support across the region. It is […]



Arista completes start-up and looks to profit

by Gill Montia

Story link: Arista completes start-up and looks to profit

Arista is celebrating three years’ trading and says it will achieve a consistent trading profit from the first quarter of 2010 onwards. Since setting up shop, the commercial lines underwriter has established a branch network of seven offices; employed over 100 staff; created an online trading solution and launched 11 new products. With the start-up […]



Hiscox reinsurance rates down

by Gill Montia

Story link: Hiscox reinsurance rates down

Hiscox has reported that January’s reinsurance renewal season saw average reductions in rates of between 5% and 7%, from the historically high rating levels of 2009. According to the group, reinsurance accounts for around a third of its gross written premium, and rates at these levels continue to offer attractive margins. The Bermuda-based firm added […]



January 23, 2010

Cumbrian flood claims top £200m

by Gill Montia

Story link: Cumbrian flood claims top £200m

The cost of damage caused by last November’s flooding in Cumbria has topped £200 million. According to the Association of British Insurers (ABI), its members have handled 36,000 flood and storm damage claims totalling an estimate £206 million, with 60% of the sum relating to business damage. Interim payments made by insurers to homeowners and […]



The cost of insurance fraud: £2bn a year

by Gill Montia

Story link: The cost of insurance fraud: £2bn a year

Fraud is costing the UK £30 billion a year with the insurance sector taking a £2 billion hit, the National Fraud Authority (NFA) has reported. The body, which was set up as part of the Attorney General’s Office in October 2008, puts the current cost of UK fraud at £621 per adult and places around […]



January 22, 2010

Aviva scoops Market Research Society award

by Gill Montia

Story link: Aviva scoops Market Research Society award

Aviva has won the Financial Services category at the 2009 Market Research Society (MRS) Awards. The UK’s biggest insurer was acknowledged for its “Customers at the Heart of Aviva” project conducted with Ipsos MORI. The work was commended for using cutting edge techniques that uncovered consumer views on the current economic climate whilst remaining focused […]