Defaqto, the financial research firm, has uncovered a huge degree of variance in the levels of protection afforded for “contents in the open” under home insurance coverage. Less than £1,000 of coverage is provided by more than four out of 10 (42%) of policies, with an almost identical proportion (43%) offering coverage of between £1,000 [...]
PartnerRe Ltd. has announced that Jean-Paul Montupet, recently re-elected as a board director, has been appointed to the post of chairman of the Board of Directors. He succeeds John Rollwagen, who has also been re-elected as a director and will remain a member of the Board. Montupet joined the Board eight years ago, and has [...]
If the name Eyjafjallajokul sounds familiar it is probably time to check out the latest advice on travel insurance. Fair Investment Company is pointing out that travel insurance taken out since the Icelandic volcano erupted on 15th April will not generally cover claims resulting from the continued disruption. However, travel insurance remains of vital importance [...]
The British Insurance Brokers’ Association (BIBA) warns that damaged caused by misfuelling is not covered by nearly a third of motor insurance policies. According to the Association, 150,000 misfuelling incidents take place each year and in 95% of cases, drivers put petrol into a diesel vehicle because the wider diesel filler neck takes the narrower [...]
Deloitte has commissioned a report by the Economist Intelligence Unit to assess the UK insurance industry’s preparedness for the incoming Solvency II regulations. Worryingly, 36% of UK insurers indicated that they did not believe the industry as a whole would be ready for the introduction of the new rules by the 2012 deadline. More than [...]
Specialist insurer Hiscox Ltd has released its its Interim Management Statement for the first quarter of 2010. The firm’s gross written premiums increased by 6.4% year-on-year, rising from £486.5m to £504.1m. Hiscox managed to make a profit despite a number of significant natural disasters and weather events, such as the Chilean earthquake and Windstorm Xynthia, [...]
The credit hire industry is set for major change, according to a new report by Gemini Vehicle Solutions, the motor claims support services provider. In a paper entitled “Life After Credit Hire?” the firm suggests that the need for better treatment of non-fault policyholders involved in road traffic accidents is now universally accepted. As a [...]
Crawford & Company has reported its financial results for the first quarter of 2010. The firm saw flat consolidated revenues of $236.3m, up just $0.2m compared to the same period last year. Crawford also achieved exactly the same net income ($3.1m) in Q1 2010 as the firm did in Q1 2009, with diluted earnings per [...]
XL Insurance has announced the appointment of Bob Shine as executive vice president and chief casualty underwriting office of the firm’s North America Property & Casualty (P&C) unit. He will be based in New York and join the firm on 14 June, reporting directly to Dennis Kane, chief executive of the North America P&C Unit. [...]
Bupa has created a cash plan alternative to health insurance, for companies of any size. Claiming to be an industry first, Bupa Patient Cash offers a number of the usual health insurance benefits in the form of a low-cost cash plan. Three levels of cover are available for a fixed annual cost, including up to [...]
Legal insurance specialist ARAG won a brace of awards at the Claims Technology Awards, which were held in Manchester. The outstanding team of the year was named, with the firm’s combined After-the-Event (ATE) Claims & Underwriting departments proving victorious. ARAG also won the award for most innovative use of software by an insurer for its [...]
Logica has partnered with insurance software provider IT-Freedom to tackle the challenges created by aggregators and insurance fraud. According to the technology services company, the alliance enables insurers to buy advanced automated policy and claims software and at the same time benefit from Logica’s financial services experience and implementation skills. The firm’s director of insurance [...]
Aviva has delivered its second consecutive quarter of growth, with long-term savings sales showing a 16% rise in the first three months of 2010 (to £10 billion) compared with the previous quarter. Europe and the UK accounted for 85% of long-term savings new business, with Asia Pacific and North America also reporting strong growth. First [...]
Direct Line and Churchill are likely to be hit with job losses in the coming year, as Royal Bank of Scotland (RBS) continues with its restructuring agenda and prepares to sell off its insurance business. The bank’s Privilege, UKI, Green Flag and NIG brands also form part of the insurance division, which employs over 16,000 [...]
Endurance Specialty Holdings Ltd. has reported its financial results for the first quarter of 2010. The firm made net profits of $55.8m, equivalent to $0.91 per diluted common share, down from $78.3m ($1.24 per diluted common share) in the corresponding quarter last year. Operating income was recorded at $60.2m, or $0.98 per diluted common share. [...]
In the first three months of the Munich Re recorded a consolidated profit of €485m, an increase of €48m on the same quarter last year. Gross written premiums increased by 12.4% to €11.7bn, with return on equity recorded at 8.5%. Chief Financial Officer Jörg Schneider stressed the importance of natural catastrophe losses caused by earthquakes, [...]
Rapidly growing flight consolidator Airflights.co.uk has bolstered the financial security afforded to consumers who arrange flight tickets via the firm. Should insolvency affect a non-bonded ticket the firm has promised to refund customers and, should they be overseas, arrange for their flight back home. Sales Manager Colin Gill explained that whilst many clients booking charter [...]
Wesleyan Assurance Society has announced the appointment of Bryan Jackson OBE to the post of chairman. Jackson’s appointment follows the retirement of his predecessor, Lowry Maclean, as the firm’s AGM earlier this month, at which Chris Brinsmead, Chairman of AstraZeneca Pharma UK Ltd and President of the Association of the British Pharmaceutical Industry, was appointed [...]
Allianz has secured a five-year contract with RK Harrison Insurance Services, to underwrite the latter’s Print Protect and Engineering Protect accounts. The independent broker has a strong reputation in its chosen sectors because it is endorsed by manufacturing organisations EEF and the British Printing Industries Federation, among others. Commenting on the award, RK Harrison director, [...]
Heath Lambert has won the contract to provide general insurance cover for BSS Group, the industrial and domestic services supplier. The broker will provide cover for all the group’s commercial insurances including property, transport, and major liabilities such as employers’ liability and public liability. Heath Lambert’s managing director of clients and development, Alan Pratten, says [...]
