The Chadwick report on the part government maladministration played in the losses suffered by Equitable Life policyholders has been published today, and Treasury minister, Mark Hoban, has announced that details of a compensation scheme will be included in the Autumn Spending Review. However, the minister describes Sir John Chadwick’s review as “just one of the [...]
Bridle Insurance has announced that it has acquired Leicestershire-based Abbot Insurance, a specialist in niche personal lines, beating off stiff competition to acquire the firm. The deal, worth a six figure sum, will substantially bolster Bridle’s personal lines division client base. Head of Personal Lines Darren Nangle has described the move as a significant new [...]
Hidden keys, open windows, timid neighbours and Twitter all make life easy for burglars, according to research from MORE TH>N. The insurer has taken the unusual step of consulting with reformed criminals to identify ways in which homeowners make themselves vulnerable, and 68% of those questioned said they collected information about their target’s home and [...]
Global insurer RSA has announced the appointment of Derek Walsh as its new general counsel. In his new position Walsh will assume responsibility for leadership of the Legal, Group Secretarial and Group Regulatory Risk and Compliance teams. He brings more than a decade and a half of experience to the firm, and previously worked for [...]
Bowring Marsh has expanded its presence in Asia by opening its ninth office in Hong Kong. Bowring Marsh’s Hong Kong office will specialise in property, earthquake, business interruption and casualty risks, offering business from Greater China with enhanced support. The office will also facilitate better access to international markets for Marsh’s global clients, and will [...]
Aon Benfield has added to its suite of risk management tools with the launch of ImpactOnDemand. The new tool combines the group’s award-winning ExposureView and CatPortal solutions in one package, and includes new features that can be tailored to clients’ individual risk management requirements. The web-based facility provides real-time information on catastrophes such as earthquakes, [...]
Recent surveys illustrating the extent to which car insurance premiums have risen this year have prompted comment from 1 Answer Network spokesman, Trevor Cutts. According to the Confused.com/EMB Car Insurance Price Index, the average cost of a comprehensive policy jumped 14.2% in the second quarter of 2010, a revelation that comes as no surprise to [...]
Bollington has entered an affinity partnership with fleet management specialist, Fleet Support Group (FSG), which maintains 55,000 vehicles plus a network of 250 garages and body shops. FSG has a broad customer base that includes blue-chip clients and Bollington will provide tailored insurance solutions (underwritten by Groupama) to its Masterserve network. The commercial broker will [...]
Miller has announced a number of senior appointments to its reinsurance business unit. Former Guy Carpenter managing director, Adrian Stewart, is tasked with enhancing the broker’s property reinsurance book, having already been instrumental in expanding his previous employer’s global retrocessional practice from £3.5 million to £25 million. Mr Stewart is joined by Nick Pomeroy, also [...]
Oak Underwriting PLC, the high net worth (HNW) specialist, has formed an agreement with Westinsure Group to provide HNW expertise to its independent insurance broker network throughout the UK. Westinsure members will benefit from access to Oak’s household and motor offerings (High Value Home and Family Fleet). Oak’s Business Development Manager Matthew Ward has expressed [...]
Online insurer swiftcover.com is celebrating its fifth birthday by giving a septet of gifts to its customers. Seven lucky customers will be given free car insurance, one for every day of the week, beginning at the end of July. To qualify, motorists need only visit the insurer’s website, take out insurance and see if they [...]
The AA British Insurance Premium Index has discovered that fraud is fuelling a surge in car insurance premiums, which are now rising faster than ever before. In the second quarter of 2010 premiums increased by 11%, the largest rise in the Index’s 16 year history. The average Shoparound premium hit the £704 mark for an [...]
Willis Group has stepped up its campaign against contingent commissions by having a report prepared by a third party published in this week’s issue of Business Insurance. The work is written by Edwards Angell of law firm Palmer & Dodge and highlights the conflicts of interest created by contingent commissions, making the case for putting [...]
Online insurer swiftcover.com has commissioned research which reveals that one in four consider cold callers to be the country’s biggest time wasters. The daily commute was cited by 29% as the biggest waste of time, a necessary journey that lasts longer than an hour for 51% of those surveyed. Other serious waste of time include [...]
Gocompare.com’s Business Development Director Lee Griffin has stated that the AA’s premium index highlights the importance of browsing when it comes to car insurance. According to the AA index, the average premium for comprehensive car insurance now stands at £980, whilst the average cost on a comparison website is £197 lower at £783. Griffin went [...]
Defaqto is promoting a number of ways in which to reduce the cost of home insurance without compromising on cover. The research firm’s analysis of 297 buildings and 298 contents policies revealed that 19% of policies give a discount for online purchases via the insurer’s website, while 85% discount premiums when buildings and contents cover [...]
Travel insurer World First has discovered that travellers seeking specific insurance coverage can spend as much as six hours acquiring it, longer than the time it takes to fly to Greece. Those with more complicated insurance needs average 12 calls to insurers, according to World First, with calls taking up 25 minutes, plus 15 minutes [...]
Merlin Professional Claims has reordered its Loss Adjusting division, and announced the appointment of Russell Crewe as director of Loss Adjusting Services. In his new position Crewe assumes responsibility for all operational matters with Chief Technical Officer Kevin Wood leading the Technical team. Following the substantial restructuring all property claims will be provided with loss [...]
Chaucer has expanded in Latin America with the opening of a new office in Buenos Aires. The move will allow the Lloyd’s insurer to access facultative property and related risks in the region, on behalf of Chaucer Syndicate 1084. Uwe Fischer has been appointed general manager of the new operations and will be joined by [...]
