Defaqto has been checking out the commercial insurance offerings of price comparison websites to find that 65% of the UK’s top 20 financial aggregators already provide access to business insurance, either as introducers to online providers, or through a limited panel of insurers. With the home and motor insurance markets already well covered, price comparison [...]
It has been announced by insurance4carrental.com that the website will now market Odyssey car hire excess insurance. The leading online excess insurance provider in the UK, Odyssey Insurance offers business and leisure travellers a cost-effective and easy way to take out car rental excess insurance and thereby dodge paying car rental firms extra fees, such [...]
Specialist professional indemnity (PI) underwriting agency, DUAL Corporate Risks, has secured new capacity for underwriting broker’s PI cover. The £5 million liability capacity, provided by AmTrust Group, is available for Lloyd’s brokers and also for UK and international brokers with incomes in excess of £5 million. Commenting on the development, the firm’s underwriting director, Jennifer [...]
A new report by the FSA reveals weaknesses in anti-bribery and corruption controls within insurance brokers, according to Mark Dunn, Risk Market Planning Manager at LexisNexis. Dunn went on to say that the report comes a timely reminder, given the recent Bribery Act 2010 and the need for firms to handle their new obligations under [...]
Giles Insurance Brokers has expanded its presence in Wales with the appointment of seven members of staff at its Llantrisant head office, which opened earlier this year. The independent broker says the move underlines its intention to achieve on-going expansion through the recruitment of local professionals. The new team, headed by Peter Bryon, formerly of [...]
Clear Path Analysis has conducted a four week survey with 21 insurance risk and operation managers and 22 pension scheme managers and directors to assess their views regarding risk management. The results will be used in the Risk Technology for Pension Schemes and Insurers report, to be released on 13 September. The foremost concerns for [...]
Young Marmalade, the young driver specialists, have warned parents against fronting for their offspring’s car insurance. Fronting involves a parent insuring their child’s car, pretending the child is a named driver rather than the main driver of the vehicle. Not only does this mean that the insurer’s risk assessment is inevitably flawed, it also means [...]
Prudential has published the terms of its £14.5 billion rights issue needed to fund the group’s acquisition of AIA, the Asian business of AIG. The issue of new shares is being made on the basis of 11 rights issue shares for every two existing shares, at an issue price of 104 pence per share. The [...]
Aviva’s Commercial Underwriting Academy has received Continuing Professional Development (CPD) accreditation from the Chartered Insurance Institute (CII), for its training modules. The accolade means that any of the company’s 2,200 commercial underwriters who are CII qualified can gain CPD points when they complete a training module, deliver a workshop or help create new modules. Aviva’s [...]
Aviva is tackling the UK’s retirement market with a marketing campaign, including TV advertising, to be launched this week. The thrust is designed to encourage consumers to take action at retirement and shop around for an annuity, possibly boosting retirement income by up to 20%. The TV advertisement features comedian Paul Whitehouse visiting a number [...]
In a lighthearted piece of research elephant.co.uk has established that drivers carrying the surname Clark make the most car accident claims. Allen and Lewis follow on, with motorists named Green, Watson, Stewart and Jackson also high on the list. According to the online insurer, Clarks are 10% more likely than the average driver to be [...]
Following the decision of the Competition Commission to uphold the ban on point of sale Payment Protection Insurance (PPI), Peter Vicary-Smith, chief executive of Which?, has opined that whilst people need protection, PPI was rightly criticised for its cost and poor coverage level. Vicary-Smith went on to state that point of sale PPI effectively put [...]
Brokers faced with the recent changes to UK motor insurance legislation can benefit from Open GI’s document fulfilment solutions, saving firms thousands of pounds. At the end of April the law changed to permit electronic delivery of motor insurance certificates, removing the necessity of sending hard copy documents to customers unless specifically asked to do [...]
Typically supply chain disruption insurance requires physical damage to insured assets for a claim to be permissible, but this is set to change following the recent widespread disruption caused by ash emanating from the Eyjafjallajökull volcano in Iceland. The volcanic ash disruption, as well as civil unrest and industrial action in the transport sector, has [...]
Insurance broker and risk adviser Marsh has announced the appointment of Martyn Denney to the newly created post of Networks leader. Denney acquires responsibility for developing the strategy and positioning of Marsh’s UK broker network propositions, including Marsh ProBroker and the Intermediary Markets Division (IMD). Denney, who was formerly MD of Towergate’s Broker Network Insurance [...]
PartnerRe Ltd. has announced the appointment of Costas Miranthis as president and chief operating officer. Presently he is chief executive officer of PartnerRe Global and has a seat on the PartnerRe Group Executive Committee. Three years ago he was appointed as deputy chief executive officer of PartnerRe Global, and was promoted to chief executive officer [...]
Oxygen Insurance Brokers is opening a new office in Bristol. Initially serving as an expansion of its Leeds-based UK Corporate Risks division, the firm expects to provide a range of services from the newly created south-western hub over time. The team will be headed by Vikki Wiltshire who joined the company last month, while colleague [...]
In a trading update Amlin has reported a 32.1% annual increase in gross written premium, for the four months to the end of April 2010, to £964 million. The group’s acquisition of ACI in July of last year accounted for £246.3 million of the rise, however, the Lloyd’s insurer said it found the first four [...]
New research suggests that only 2.1% of Africa’s 700 million working poor are covered by insurance. According to the Microinsurance Innovation Facility of the International Labour Office (ILO), certain regions in Southern and Eastern Africa have significant microinsurance activity, but the majority of the continent remains “a vast and untapped” market. However, potential clients can [...]
