Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 17th of January 2018
April 28, 2010

Motorists advised on pothole claims

by Gill Montia

Story link: Motorists advised on pothole claims

The UK’s motorists could be missing out on recovering the cost of damage caused by potholes. According to financial analyst, Defaqto, the insurance industry pays out around £2.85 million per month for pothole claims, but the figure could be higher because many consumers are unaware of the cover provided by their car insurer. Defaqto advises […]



Chedid Re expands into Saudi Arabia

by Gill Montia

Story link: Chedid Re expands into Saudi Arabia

Chedid Re, has established a new subsidiary in Saudi Arabia in a move that will allow the reinsurance broker to capitalise on the country’s fast-growing insurance sector. According to the firm, the Riyadh-based unit will be seizing opportunities in one of the largest insurance markets in the Middle East, having already been licensed by the […]



April 27, 2010

Aviva highlights commercial property fire risk

by Gill Montia

Story link: Aviva highlights commercial property fire risk

With around 20% of UK warehouses and factories currently unoccupied, Aviva is warning commercial property owners of the need to secure vacant buildings. According to the insurer, there are around 9,000 fires in unoccupied buildings each year in the UK, and empty commercial premises, particularly in out-of-town areas, are high risk. If not fire, other […]



Job losses as Marsh integrates HSCB acquisition

by Gill Montia

Story link: Job losses as Marsh integrates HSCB acquisition

Marsh has begun a consultation process regarding the redundancies that are to follow last month’s completion of the acquisition of HSBC Insurance Brokers. The broker and risk specialist says it is considering the “duplication of roles and other efficiencies” as the businesses integrate. In a statement, the firm promises to inform all those affected as […]



Markel International hires Bridgeman

by Richard Kilner

Story link: Markel International hires Bridgeman

Specialist property and casualty insurer Markel International has announced that it has appointed Mike Bridgeman to lead the development of a new accident and health business within its own specialty division. Bridgeman, whose appointment is effective from 1 May, is to be based in London. He brings decades of experience in underwriting to Markel, having […]



Standard Life names new CFO

by Richard Kilner

Story link: Standard Life names new CFO

Standard Life plc has announced the appointment of Jackie Hunt to the roles of chief financial officer and executive director with effect from 14 May. Hunt joined the firm in January 2009 as deputy group finance director, having previously worked for Aviva (then Norwich Union) as chief financial officer. She has also worked for Royal […]



Prudential’s AIA acquisition under threat

by Gill Montia

Story link: Prudential’s AIA acquisition under threat

Prudential’s controversial plans to acquire AIA, the Asian business of US insurer AIG, could be in jeopardy. According to a report in The Times, the Pru’s biggest shareholder, Capital Group, is understood to be working with three UK insurers on a consortium bid for Prudential. The newspaper names Resolution Ltd and Aviva as involved in […]



April 26, 2010

FSA probes Pension Corporation’s investment strategy

by Gill Montia

Story link: FSA probes Pension Corporation’s investment strategy

The Financial Services Authority (FSA) has required Pension Corporation to explain certain aspects of its investment strategy, The Independent on Sunday has reported. According to the newspaper, Pension Corporation’s parent company, Pension Insurance Corporation, has recently received a letter from the regulator regarding £3.3 billion worth of assets managed for 45,000 pension holders. The move […]



April 24, 2010

Central appoints Bankstone as claims handler

by Gill Montia

Story link: Central appoints Bankstone as claims handler

Central Insurance Brokers has signed up outsourced claims specialists, Bankstone, to provide full-service external claims handling. The Coventry-based independent intermediary says it has chosen Bankstone because it is the most professional and responsive provider. The firm’s technology platform allows its clients to see claims in real time via a dedicated secure web portal. Central senior […]



April 23, 2010

Randall & Quilter acquires French motor reinsurer

by Gill Montia

Story link: Randall & Quilter acquires French motor reinsurer

Run-off specialist, Randall & Quilter (R&Q), has acquired La Licorne Compagnie de Reassurances SA (a French domiciled reinsurer) from Maaf Assurances. La Licorne is managed by Paris-based GLOBAL RE and has been in run-off since 1991. The business comprises mainly third party motor reinsurance and has net reserves of around €8.3 million (as at 31st […]



AA British Insurance Premium Index reports Q1 news

by Richard Kilner

Story link: AA British Insurance Premium Index reports Q1 news

The AA British Insurance Premium Index has found that the surge in car insurance premiums that bedevilled 2009 came to an abrupt halt in the first quarter of 2010. The Index tracks home and car insurance every quarter and discovered a 3.2% decline in the average premium of a comprehensive car insurance policy. However, the […]



Capita Insurance Distribution hires Morrell

by Richard Kilner

Story link: Capita Insurance Distribution hires Morrell

Capita Insurance Distribution has announced the appointment of Jon Morrell to the post of strategic partnerships director. Prior to joining the firm he worked for Direct Choice Insurance Services Ltd for three years as managing director, and has also held directorships with Insurecom Ltd and Groupama. Morrell will be tasked with supervision and improvement of […]



HMRC fails in online insurance introducer VAT appeal

by Gill Montia

Story link: HMRC fails in online insurance introducer VAT appeal

HM Revenue & Customs (HMRC) has failed in its appeal against a High Court ruling which established that the commission received by online businesses that introduce customers to insurers is exempt from VAT. The long-running case involves Insurancewide.com and Trader Media Group, which receive commission for aggregating potential clients for insurance companies. As a website […]



April 22, 2010

Multi-car insurance not necessarily cheaper

by Richard Kilner

Story link: Multi-car insurance not necessarily cheaper

New research has revealed that UK households with multiple cars could be paying as much as 60% more than they should for car insurance. The figures indicate that the three out of ten households in the UK with more than one car may be paying more for multi-car insurance policies than they would if they […]



Oil drilling to break deep sea records

by Richard Kilner

Story link: Oil drilling to break deep sea records

Over the course of the next decade energy insurers will need to contend with deeper sea drilling and production platforms, greater use of electrical power and more complex subsea infrastructure according to Professor Minoo Patel, director of BPP Technology Services. The professor, who made his comments to the AEGIS London Energy Conference in Prague, went […]



Kwik Fit Insurance seeks 70 new recruits

by Richard Kilner

Story link: Kwik Fit Insurance seeks 70 new recruits

UK insurance intermediary Kwik Fit Insurance has announced that it is seeking to bolster its Uddingston call centre with an extra 70 people looking to take up careers there. A range of jobs are available, including customer service, outbound sales and internet sales. There are also positions open at The Green Insurance Company, Kwik Fit’s […]



Quinn returns to writing new motor insurance

by Gill Montia

Story link: Quinn returns to writing new motor insurance

The Financial Regulator in Ireland announced yesterday that it is permitting Quinn Insurance Limited (QIL) to write new motor insurance business in the UK. QIL was placed in provisional administration by the High Court in Ireland on 30th March when it was instructed to cease writing new business. Administration was confirmed on 15th April and […]



swiftcover pledge to Brits stranded abroad

by Gill Montia

Story link: swiftcover pledge to Brits stranded abroad

swiftcover.com is reassuring its travel insurance customers regarding cover provided for travel plans disrupted by the volcanic ash cloud episode. Brushing aside the concept of “an act of God”, which according to swiftcover is being used by some insurers to avoid paying potential claims, the firm’s marketing director, Tina Shortle, promises the following: To automatically […]



Insurers pay out record critical illness claims

by Gill Montia

Story link: Insurers pay out record critical illness claims

Research from Moneyfacts Group shows that 2009 was a record year for the payment of critical illness claims, as insurers continued to reduce the number of claims rejected for non-disclosure. According to the financial information provider, an average 90.5% of all critical illness claims were paid out last year, up from 88.4% in 2008 (as […]



Markel International launches trade credit division

by Gill Montia

Story link: Markel International launches trade credit division

Speciality property and casualty insurer, Markel International, has launched a trade credit division following the appointment in January of Ewa Rose as managing director of the new unit. Ms Rose previously worked for ACE, heading its global trade credit business, and she has been joined by three senior underwriters from ACE Group: Adrian Jones, Simon […]