The Public Sector Pensions Commission has published a new report which finds that the main unfunded public sector pension schemes are worth in excess of 40% of salary. The report also suggests that reform has been delayed by lack of transparency regarding the true costs involved. Unfunded liabilities are reported using artificially high discount rates, [...]
Chartis has announced that the headquarters for its European Economic Area and Swiss operations will be based in London. The group is undertaking a restructure that will bring its European operations together under one regional management team, in a move that affects the following European domiciled insurance companies: Chartis Insurance UK Limited, Chartis Insurance Ireland [...]
A new study from Vantage Research and Researchcraft suggests that half of all home insurance buyers are struggling in the current economic climate, resulting in only one in three automatically renewing with their insurer. The majority of homeowners surveyed were open to the idea of switching provider, however, for many consumers specific aspects of service [...]
The Insurance Fraud Bureau (IFB) has appointed a new head of analytics, a post previously held by Jacky Cattin. In his new role, Kevin Reid will be responsible for optimising the IFB systems capability in both the immediate and longer term, with the aim of enhancing the services offered by the Bureau. Mr Reid’s background [...]
Executive search firm Kinsey Allen International has found that risk professionals in the insurance industry are seeing rising demand due to the forthcoming Solvency II regulations. The new regulations will apply to insurance firms operating within the European Union, and will come into effect towards the end of 2012. The surge in demand for risk [...]
Halfords and Provisional Marmalade are collaborating to offer a new, innovative car insurance product to provisional drivers. Provisional drivers will be able to take out fully comprehensive insurance on a friend or family member’s car, for just £3 per day. Insurance can be a major obstacle for learner drivers, with premiums as high as £3,000 [...]
Amid a bleak outlook for this year’s graduates seeking employment, a new survey from the Association of Graduate Recruiters (AGR) reveals that the UK’s insurance sector is set to increase its intake of graduates in 2010. The banking and financial services and consulting and business services sectors are also expecting to increase graduate recruitment but [...]
Kevin Reid has been named by the Insurance Fraud Bureau (IFB) as the organisation’s new head of Analytics. He succeeds the former Analytics leader, Jacky Cattini, who parts ways with the IFB to join a global financial services firm. In his new position Reid will be tasked with optimising IFB systems capability in the short [...]
Greenlight has reported a rise in search volumes for travel-related insurance, with searches increasing from 896,000 to 932,000 since January. According to the search engine marketing agency, the recent volcanic ash cloud episode has prompted consumers to seek out policies that offer more comprehensive cover. By contrast, searches for home insurance products dropped from 1.3 [...]
ACE International has announced the appointment of Perrine Kalina to the position of Engineering Coordinator and Assistant Underwriter within the Environmental Risk team. She first joined the firm two years ago, as a Client Services Executive in the Major Risk Multinational Support Unit, and earlier in her career she worked for Marsh in Paris. ACE’s [...]
Bluefin is opening a new office in Cardiff and has appointed Ian Sandham branch director, in addition to his current Bristol-based role. Richard Brice has joined as senior account executive and further appointments are expected in the near future. The new site is big enough to accommodate Bluefin’s sister company, Bluefin Advisory Services, which will [...]
Bupa International has collaborated with Joint Commission International (JCI) to provide a quality assurance programme for its 7,500 recognised providers around the world. Developed with the clinical excellence of Bupa and the consultancy expertise of JCI and based on international standards, each hospital will receive a set of assessment tools to examine medical facilities and [...]
Exeter Friendly, the private medical insurer, has broadened the underwriting options available for both its Health Cover for Me and Health & Stuff plans. The enhanced option range, adding to a full medical underwriting option, includes a new fixed 2 year moratorium whereby pre-existing conditions are automatically covered after a 2 year period. Clients who [...]
Equitable Life has announced the appointment of US investment manager, BlackRock, to provide investment and risk management services for its 400,000 policyholders and group scheme members. The agreement takes effect in October when BlackRock will be tasked with maximising returns on the failed mutual’s £5.7 billion of assets. BlackRock currently has £2.2 trillion under management [...]
Rothesay Life has announced that it is insuring £1.3 billion of the pension liabilities of the Airways Pension Scheme, one of two defined benefit schemes sponsored by British Airways. The policy provided by the Goldman Sachs subsidiary covers some 20% of the pension payments due in respect of scheme members already in receipt of benefits. [...]
Expatriate Healthcare has introduced Premium Rewards, a reward scheme for existing and new international customers that offers discounts on premiums of up to 20%. Policyholders who remain claim free in the first year can earn a discount of up to 10%, rising to 15% after two years of no claims and to 20% after three [...]
The Financial Reporting Council (FRC), which oversees issues of corporate governance, has published a Stewardship Code for institutional investors, following on from its recent publication of an updated corporate governance code. The new code includes principles on the monitoring of investee companies; the escalation of activities taken to protect or enhance shareholder value; collective engagement; [...]
Aviva has revamped its commercial combined offering, with the technology sector in mind. The changes, which recognise that digital technology is increasingly an integral part of business processes and products, include standard cover of £50,000 for “burn in testing” cover, if there is accidental damage to a product in the test chamber. The group’s commercial [...]
The Chartered Insurance Institute (CII) has released an in-depth report into the future of insurance and financial services in India and South East Asia. Dr Vanessa Rossi, from the international economic think tank Chatham House, compiled the report, which indicates that countries such as India are set to overtake Western economies on the international stage. [...]
