According to Avantia, the public are unwilling to invest in flood defences, even when they have already experienced substantial losses, and prefer to leave it to insurers to pick up the tab. Analysis by avantia found that just 28% of people applying to them for insurance, whose homes had been flooded, had put in place [...]
Fitch Ratings has affirmed all AXA entities’ Insurer Financial Strength (IFS) ratings at ‘AA-’. Fitch has also affirmed AXA SA’s Long-term Issuer Default Rating (IDR) at ‘A’ and Short-term IDR at ‘F1′. The Outlooks on the Long-term IDR and IFS ratings have been revised to Stable from Negative. The ‘AA-’ IFS rating of National Mutual [...]
The European insurance and reinsurance federation (CEA) has set out its views on the European Commission’s review of the Insurance Mediation Directive (IMD). Speaking at a public hearing last week, the CEA’s single market committee chair, Alastair Evans, said: “Insurance distribution channels vary across markets and this existing adaptation to national habits should remain possible [...]
Specialist engineering and construction insurer HSB Engineering Insurance Limited has appointed Sian Williams as regional manager for London and the South East. Based in London, Sian will be responsible for HSB’s business and relationship development in these key geographic areas. Sian brings 22 years experience to the role gained working for national brokers in a [...]
Independent broker Perkins Slade has declared that there is no better time for people to consider taking out private medical insurance (PMI). Perkins Slade has cited the decision of Health Secretary Andrew Lansley to scrap the NHS targets to see a family doctor in 48 hours and the 18 week treatment period. This year the [...]
AXA has unveiled the management structure of its new Personal Lines operation, under the umbrella of which all the firm’s intermediated, partnerships and direct businesses (including Swiftcover) fall. Mike Keating has been named as Intermediary and Partner Sales MD, and as such he will lead a team tasked with sales and relationships management across AXA’s [...]
Motorists can now take advantage of a revolutionary new approach to breakdown cover, launched by the RAC. The firm is offering a unique retail gift card which provides cover for a single breakdown incident, at a cost of £29 and valid throughout the UK. RAC has collaborated with gift card firm InComm to distribute the [...]
The personal injury advertising and marketing industry has helped encourage a surge in unfair compensation claims, sought by individuals who embellish or invent the details of their claims. LV= commissioned research in which 93% of GPs stated that they had seen a patient in the last two years who had exaggerated an injury with a [...]
Towergate Insurance and comparethemarket.com have signed an agreement whereby Towergate will provide the price comparison website with insurance for its SME customers. Towergate will gain business from comparethemarket.com in a number of lines, including Commercial package, Liability, Commercial & Let Property, Restaurants, Surgeries and Offices. The new business will be handled by specialist commercial unit, [...]
Chaucer’s new international liability division is open for business. Mark Lawrence has joined Chaucer Syndicate 1084 to head up the unit, having moved from Argo International, where he was joint active underwriter of Syndicate 1200 and responsible for all casualty business. Recruitment of the remainder of the team is complete and includes specialist class underwriters, [...]
As the mercury plunges the number of claims regarding burst and frozen pipes has rocketed, Lloyds TSB Insurance has stated. The insurer has seen such claims increase sevenfold, with 5% of home insurance claims relating to burst/frozen pipes, and is urging homeowners to take steps to reduce the risk of suffering such problems. Burst pipes [...]
Guy Carpenter & Company, today announced that it has been awarded the Wholly-Owned Foreign Enterprise (WOFE) broking license by the China Insurance Regulatory Commission (CIRC). Subject to final business registration, Guy Carpenter will become the first licensed international reinsurance intermediary to operate in China. It will provide reinsurance services in China as Guy Carpenter Insurance [...]
Marsh today announced that Andrew Tunnicliffe is to rejoin Marsh as UK Head of Marsh Risk Consulting. Previously a managing director at Marsh, Mr Tunnicliffe has worked for Aon Global Risk Consulting over the past five years, most recently as Chief Operating Officer. When Mr Tunnicliffe joins next year, he will succeed Jeff Colburn, who [...]
Prudential has announced the appointment of John Foley as group chief risk officer and executive director on the insurer’s board, from 1st January 2011. The 54-year-old, who is currently chief executive of Prudential Capital and group treasurer, succeeds Thibaut Le Maire, who is leaving to join HSBC. Prior to joining Prudential as deputy group treasurer [...]
The US Treasury has announced that American International Group (AIG) has entered into a transaction agreement to accelerate the repayment of US taxpayer funds. The move will allow the US government’s eventual exit from the bailed-out insurance giant, with AIG’s Federal Reserve loan paid off in full. Under the agreement, Treasury preferred stock investment will [...]
Aviva is launching a block car insurance policy for businesses that operate an employee salary-sacrifice car scheme. Under such a scheme, the employer receives the vehicle from the leasing company, paying net of tax, rather than the full price. This saving is then passed on to the employee, who receives a new car at a [...]
Commercial property insurer FM Global has been voted the Best Commercial Property Insurer by the readership of Business Insurance magazine. The firm won the vote due to its excellent offering of service, value, quality and innovation. The Readers Choice Awards have been going since 2005 and give awards to commercial insurance industry companies in 18 [...]
Aviva’s latest Real Retirement Report has revealed that a third of retirees felt pushed into leaving work when they reached the standard retirement age. In April 2011 the Coalition Government will remove the default retirement age, fundamentally changing the nature of retirement. Every year 700,000 people reach retirement age, and the change in the law [...]
Europ Assistance has launched a new “signature”, which is being rolled out today across the group’s 36 companies worldwide. “you live we care” is intended to reflect a positioning that highlights support for customers in all of life’s circumstances “from the most routine to the most exceptional”, while the concept of “care” is intended to [...]
