Aon Benfield has reported that the partnership between insurers and reinsurers has been renewed, with reinsurers now lowering rates at the same pace, or greater, than insurers. In its 2011 Reinsurance Market Outlook report, the firm also states that both reinsurers and insurers are enjoying fully recovered balance sheets, but quite limited growth in demand [...]
Home insurance is now the number one target for insurance fraud, with latest industry data showing that 170 of the 335 fraudulent insurance claims detected each day, on average, are cheating householders. According to the Association of British Insurers (ABI), typical fraudulent household claims involve “accidental” damage to carpets and furniture due to drink spills, [...]
The Association of British Insurers (ABI) is establishing a new Consumer Forum to help drive its work to improve outcomes for customers. The Forum will replace the ABI’s Customer Impact Panel and will reflect a new approach to consumer work by focusing on regaining trust in financial services, enhancing consumer understanding of financial products and [...]
Standard Life has abandoned attempts to develop a joint venture with Bank of China (BoC). The two had been in talks aimed at BoC acquiring a majority stake in the life and pensions provider’s Heng An Standard Life business. The move would have given the company more growth potential in China, by allowing it to [...]
Saga Motor Insurance has reported that insurance claims by over 50s drivers are actually down 17% this December, compared with the same time last year. The firm has concluded that older motorists are heeding warnings to stay off the roads as Britain freezes, given that AA statistics show that motorists in general are making twice [...]
Aon Benfield has announced that it is working alongside Guy Carpenter and Willis Re to bring together and manage a new re/insurance consortium for sudden oil spills in US waters. With SOSCover, the group aims to provide higher liability limits that will be accessible to all energy retail brokers, on behalf of their clients. The [...]
Aviva and UBI Banca, Italy’s fifth-largest bank, have renewed their strategic partnership in the life insurance sector, until the end of 2015. Terms of the agreement are unchanged and involve the distribution of Aviva life insurance products through 1,151 branches of UBI Banca subsidiaries: Banca Popolare Commercio and Industria, Banca Popolare di Bergamo, Banca Carime [...]
Hannover Re has agreed the sale of its US subsidiary, Clarendon Insurance Group, Inc., to the Bermuda-based Enstar Group. According to the parent, the sale (for around $200 million) will free up cash and reduce the level of the group’s reinsurance recoverables. At the same time, Enstar, which specialises in the run-off of insurance and [...]
International general insurance and reinsurance group Brit Insurance has announced the appointment of Mark Figes as International Professional Indemnity class underwriter. In his new position Figes is tasked with handling the management and development of the firm’s International Professional Indemnity (PI) Portfolio. He will be directly responsible to PI business Divisional Director Janet Henderson. Figes [...]
Zurich’s Turkish subsidiary, Zurich Sigorta A.S., has signed an agreement with Fortis Bank for the exclusive distribution of general insurance products through Fortis in Turkey. The move is in anticipation of the planned merger between Fortis and TEB Bank, Zurich Sigorta’s existing partner, and the agreement should promote Zurich Sigorta from eighth, to third-largest general [...]
The earthquakes that devastated parts of Chile and New Zealand were the largest source of losses to the re/insurance industry in 2010, costing $8 billion and $4 billion respectively, according to a new report by Guy Carpenter. Also this year, of the eight catastrophes that individually caused insured losses of more than $1 billion, five [...]
Willis North America has announced the appointment of Rick Hawkinberry to become the firm’s Environmental Practice Leader. He has been with Willis since 2007 and previously worked as Environmental Industry Leader and National Resource for the Environmental Practice. He replaces Michael Balmer, who has left the position to lead Willis’ Construction Team from its Boston [...]
Aon Benfield has licensed its flagship capital modelling tool, ReMetrica, to Q-Re, a leading Middle-Eastern reinsurer. The move should allow the firm to enhance its enterprise risk management framework by developing a sophisticated capital model, having initially used ReMetrica for its inwards reinsurance pricing and outwards reinsurance optimisation. Q-Re chief executive officer, Dermot Dick, says: [...]
Kesh International Underwriters has established a new Lloyd’s coverholder to underwrite a portfolio of insurance for trucks, buses and heavy equipment, in Israel. From 1st January 2011, the business will be written by Kesh in Israel and placed in the Lloyd’s market with Hiscox syndicate 3264, through White Oak. The move will bring a significant [...]
The Financial Services Authority (FSA) has upped its income from fines to £88.4 million for 2010, compared with £35 million in 2009. Eighty-eight financial services firms were handed down penalties from the regulator, with J.P. Morgan Securities now able to head up the list of the Authority’s all-time high fines. The bank paid £33.32 million [...]
New research from Aviva indicates that the number of people with four or more top-end cars is on the increase, with some clients owning more than 30. According to the insurer, a recent surge in the popularity of prestige car collections could be linked to the current economic climate, with investors looking for new ways [...]
In 2010, China experienced one of its worst seasons of flooding since the Yangtze River burst its banks in 1998 and while economic losses are significant, the impact on the insurance industry is likely to be limited. So finds Guy Carpenter in a new report released earlier this week. During the summer, an unusually severe [...]
Torus has appointed Jason Mortimer as European client relationship and business development director. Formerly head of European property, he will henceforth direct client and broker relationship development across continental Europe, reporting to Richard Etridge, chief operating officer of continental Europe, who comments: “Building close working relationships with clients and brokers that endure the market cycle [...]
The Institute of Risk Management (IRM) has awarded Oval Insurance Broking Ltd (Oval) its Insurance Broker of the Year award. The award is given to the commercial insurance broker that best supports its clients through risk management strategies. The board of judges is made up of senior members of the IRM, as well as senior [...]
