The key to reducing insurance premiums for young drivers is improving safety, according to young driver specialist, Marmalade. Marmalade’s Nigel Lacy explained that a minority of young male drivers are increasing motor premiums across the board and that if they could be encouraged to drive more safely then it would lead to lower premiums. The [...]
Richard Webb has been named by broker-only MGA Manchester Underwriting as a new director of the business. Prior to joining the firm he worked for HCC International as head of Marketing and Broker Development, and had previously worked for Hiscox Insurance Company and General Accident Insurance Co. Plc. The new role has been created to [...]
The Financial Services Authority (FSA) has banned Paul Cable, director of Media and Entertainment Insurance Services, from acting as an approved person, for attempting to overcharge a client by £89,000. Bromely-based Media and Entertainment specialised in arranging insurance for the entertainment industry, including advertising and television commercials. In January 2007, Mr Cable arrange two insurance [...]
A new study by the Actuarial Profession has stated that the actual cost of piracy remains uncertain. The lack of statistical evidence regarding maritime piracy makes it difficult to assess risk and formulate appropriate insurance policies. Each individual attack is thought to cost around £5.68m ($9m). Actuary and report author Neil Hilary has stated that [...]
There has been a substantial increase in the number of motorists sending and receiving texts whilst driving, with a rise from 11% to 31% over the course of a year. During the same timeframe the proportion making telephone calls increased from 8% to 28%, according to the 2010 RAC Report on Motoring. Almost four in [...]
The Competition Commission (CC) has confirmed that it will introduce a ban on the sale of payment protection insurance (PPI) alongside an associated credit product, such as a personal loan. The restriction, which excludes retail PPI, should have been introduced last year but an appeal by Barclays resulted in a postponement. The Commission has since [...]
A former member of a “crash-for-cash” gang has been ordered to repay £150,000 under the Proceeds of Crime Act (POCA), having already been jailed in 2008 for his involvement in a major insurance fraud. Mohammed Rashid, known as Mojo, faced a new hearing at Bradford Crown Court this week when he was ordered to stump [...]
Canopius is re-aligning its Professional Indemnity (PI) offering. The specialist underwriter is introducing a number of changes to its PI strategy and management and will be focusing predominantly on smaller UK professional organisations in the future. The firm is withdrawing, with immediate effect, from open market PI business which does not fit its new vision. [...]
Consumers who have brought legitimate complaints about Payment Protection Insurance (PPI) sold by banks could face delays of many months in receiving compensation. The British Bankers’ Association (BBA) has recently requested a judicial review of some decisions made by the Financial Services Authority (FSA) and the Financial Ombudsman Service, in relation to PPI. The move [...]
The CEA (European insurance and reinsurance federation) has welcomed a decision by the European Commission not to propose an EU-wide compulsory liability scheme to cover environmental damage, or imminent threat of environmental damage, under the Environmental Liability Directive (ELD). According to CEA director general, Michaela Koller, the EC has recognised that “insurers are steadily developing [...]
Brown Bevan, the insurance brokers based in Nottingham, have announced they are opening a new shop-front office in Arnold and are looking to hire more staff to keep up with demand. The new building is set over two floors, and replaces the firm’s previous offices in Arnold and Wollaton. In moving to a single location, [...]
Private motor insurance premiums rose strongly again in the third quarter of 2010 but are showing signs of slowing, according to the latest Confused.com/EMB Car Insurance Price Index. Prices for comprehensive cover increased by 37.5% over the last 12 months, with the average premium now standing at £650, but those in the 17 to 20-year-old [...]
Insurance affinity schemes specialist Heath Lambert and RAC have signed a 5 year agreement to launch a household suite of products in 2011. Heath Lambert was selected by RAC due to its excellent track record in affinity partnerships, as well as its strong presence in the households market. Heath Lambert’s panel and home product expertise [...]
Open GI, the broker solutions provider, has announced the appointment of Bruce Strong to the newly created position of e-commerce customer liaison officer. Strong is a veteran at Open GI, where he has worked for more than a quarter of a century, occupying a range of roles, including, most recently, development manager within the e-commerce [...]
Global risk and reinsurance specialist Guy Carpenter & Company, LLC has announced that it has established a dedicated Florida business unit. Executive Vice President Kevin Stokes is to lead the new unit, and he will report directly to President and CEO of North America Broking Operations Chris McKeown. Stokes, who will be based in Tampa, [...]
QuestGates, the specialist loss adjuster, has announced the appointment of David Gallagher to the post of counter fraud specialist. Gallagher leaves behind RSA, where he has worked for the last 19 years, and will operate within the motor team of the counter fraud division, reporting directly to Associate Director Steven Thompson. In his new role [...]
ACE Global Markets (AGM), the specialty international insurer, has announced a quintet of new appointments as it restructures its Marine team in London. Mike Reynolds is promoted to the position of class underwriter for the Marine Hull and Marine Liability Account. Reynolds will report directly to AGM Product Line Head Andrew Williamson and is now [...]
Hardy Underwriting Bermuda is opening an office in Singapore. Underwriting will commence in December and the new unit will be headed by Richard Lim. The specialist insurer and reinsurer is establishing Hardy Underwriting Asia Pte Ltd within the Lloyd’s Asia platform “in recognition of the growing significance of Asia Pacific economies” and the tendency for [...]
Northdoor has unveiled its “Solvency II checklist” for use by compliance and IT departments within insurers, brokers and managing general agents. The UK and Ireland-based consultancy says the solution will give companies an accurate picture of their progress along the road to meeting Solvency II regulations. Having worked with a range of companies in the [...]
