Daily Insurance Industry News
 
 
Daily Insurance Industry News
Sunday 21st of January 2018
February 23, 2011

Aon Benfield appoints Brussels CEO

by Richard Kilner

Story link: Aon Benfield appoints Brussels CEO

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corporation, has announced that Jean-François Walhin is to become chief executive officer of the Brussels office. Walhin, whose appointment is effective from 1 March, is presently head of Analytics in Benelux and will succeed outgoing CEO Bernard Suys. The role of Benelux Analytics chief […]



New Zealand earthquake industry-insured losses up to US$8bn

by Gill Montia

Story link: New Zealand earthquake industry-insured losses up to US$8bn

AIR Worldwide estimates industry-insured losses from the moment magnitude 6.1 earthquake that struck near Christchurch on New Zealand’s South Island on 22nd February at between US$3.5 billion and US$8 billion. The catastrophe software specialist reports that damage in Christchurch is widespread and aftershocks, of which there have been several, remain a concern. Hardest hit was […]



Insurer-loyal motorists waste £270 a year

by Gill Montia

Story link: Insurer-loyal motorists waste £270 a year

Loyalty doesn’t pay when it comes to car insurance, with motorists typically paying an extra £270 a year if they remain with one provider for 2.6 years, according to new research from moneysupermarket.com. The price comparison website estimates that a collective £1.7 billion is wasted annually by the 19% of drivers who automatically renew with […]



Towergate launches SME workplace pension

by Gill Montia

Story link: Towergate launches SME workplace pension

Towergate Financial has launched a new pension solution specifically for small and medium-sized enterprises (SMEs). “Workplace Pension in a Box”, which has been developed in partnership with HSBC, has been designed for businesses with fewer than 20 employees, and according to Towergate, is a simple, “plug-and-play” scheme that is easy to administer and can meet […]



February 22, 2011

Insurers could deploy private fleet

by Richard Kilner

Story link: Insurers could deploy private fleet

A private fleet of armed patrol boats could be created at the behest of insurers from the City of London, CNA has reported. The speculation has arisen in response to the ongoing piracy from Somalia, afflicting the Gulf of Aden and other waters near to and far from the Horn of Africa. The idea came […]



Equity Red Star offers ‘economy’ family PA option

by Richard Kilner

Story link: Equity Red Star offers ‘economy’ family PA option

Equity Red Star has announced that it is enhancing its family personal accident plan, with the addition of an ‘Economy Cover’ option. Brokers can now benefit from increased flexibility in the accident and health insurance market, with the plan now offering three coverage levels (including ‘Standard’ and ‘Super’). The new ‘Economy’ option offers premiums from […]



AXA Wealth gets six Defaqto 5 star ratings

by Richard Kilner

Story link: AXA Wealth gets six Defaqto 5 star ratings

Independent financial research firm Defaqto has awarded AXA Wealth six 5 star ratings, the highest accolade possible. Defaqto is a specialist in the comparison and evaluation of financial products, and the granting of its highest rating is recognition of AXA Wealth’s comprehensive range of quality products. AXA Wealth’s wrap platform, Elevate, has received a 5 […]



Zurich and Santander form Latin American alliance

by Richard Kilner

Story link: Zurich and Santander form Latin American alliance

Zurich Financial Services Group has announced that it has signed a Memorandum of Understanding with Spanish banking giant Banco Santander by which the two firms have entered into a 25 year strategic distribution arrangement in Latin America. Under the terms of the deal Zurich acquires a 51% stake in Santander’s life insurance, pension and general […]



Bermuda insurance market retains resilience

by Gill Montia

Story link: Bermuda insurance market retains resilience

Latest statistics from the Bermuda Monetary Authority (BMA) show the country’s insurance market continuing to write significant levels of business, with particular growth in captive sector gross premiums written. Despite a prolonged soft market and the global economic recession, Bermuda insurers recorded an increase in aggregate total assets to $496 billion in 2010 (2009: $472.9 […]



New Zealand hit by M6.3 earthquake

by Gill Montia

Story link: New Zealand hit by M6.3 earthquake

A magnitude 6.3 earthquake occurred 10km south-east of Christchurch at 12.51 on 22nd February, the Government of New Zealand has confirmed. According to the country’s Ministry of Civil Defence and Emergency Management, there have since been 21 aftershocks greater than M4, with four greater than M5. Considerable damage has been reported in Christchurch and Lyttelton, […]



ABI: new guidance for customers with criminal convictions

by Gill Montia

Story link: ABI: new guidance for customers with criminal convictions

The Association of British Insurers (ABI) has teamed up with UNLOCK (the National Association of Reformed Offenders) to produce guidance aimed at ensuring that people with past criminal convictions get a fair deal from insurers. More than eight million people in England and Wales have a criminal conviction and the guidance sets out what they […]



February 21, 2011

Lancashire reports Q4 and 2010 results

by Richard Kilner

Story link: Lancashire reports Q4 and 2010 results

Lancashire Holdings Limited has reported its financial results for the fourth quarter and year ended 31 December 2010. Quarterly net profits rose marginally from $129.6m to $131.8m, with net operating profits up $1m to $123.4m. Gross written premiums in Q4 fell from $103.4m to $94m, and net written premiums also fell, from $100m to $93.7m. […]



ABI updates critical illness best practice

by Gill Montia

Story link: ABI updates critical illness best practice

Those needing to make a claim on their critical illness (CI) insurance should in future have a better understanding of their cover, following an updated Statement of Best Practice from the Association of British Insurers (ABI). The new Statement takes account of past problems with the insurance and aims to improve understanding of Total Permanent […]



DUAL appoints international property head

by Gill Montia

Story link: DUAL appoints international property head

DUAL Corporate Risks has appointed Neil Flatman to manage its international property business. The move follows the launch of the specialist underwriter’s Property & Casualty division in July of last year, and Mr Flatman will be focused on major industrial commercial risks, plus affinity class business, while also operating a single-point solution for clients’ capacity […]



Torus appoints excess casualty VP

by Gill Montia

Story link: Torus appoints excess casualty VP

Torus has appointed Pat Hindle as vice president of its new excess casualty construction division, which is based in Jersey City. Ms Hindle moves from a position of vice president at Ironshore, where she was a founder of its excess underwriting group. Her 30-year career has been focused exclusively on excess casualty construction, and has […]



Aon advocates simplified Model Approval process

by Gill Montia

Story link: Aon advocates simplified Model Approval process

Aon Benfield is calling for a simplified Internal Model Approval Process for natural catastrophe risk, arguing that it would encourage insurers to better quantify these exposures under Solvency II. The current Solvency II framework gives the insurer the option of using either a standardised scenario approach or developing a partial internal model for natural hazard […]



Helphire returns to profit

by Gill Montia

Story link: Helphire returns to profit

Accident management firm, Helphire, has reported pre-tax profit £1.6 million for 2010, compared with a £0.4 million loss for 2009. Net cash inflow increased to £6.3 million (2009: £3.1 million) and the firm secured two new contract wins, commencing trading October 2010 and January 2011. Having consolidated its operational centres, management teams and IT platforms […]



FOS clarifies marine insurance issues

by Gill Montia

Story link: FOS clarifies marine insurance issues

The Financial Ombudsman Services (FOS) has issued a technical note covering some of the issues that arise in relation to complaints involving marine insurance policies. The Service says it deals with around 100 complaints involving small craft each year and that in most cases the insurer has refused (or restricted) a claim on the basis […]



February 19, 2011

Co-op extends ethical screening to insurance assets

by Gill Montia

Story link: Co-op extends ethical screening to insurance assets

The Co-operative Group has published its ethical operating plan for the next three years, in which it promises to extend its ethical screening activities to the £1 billion of investments underpinning its key insurance products. Where screening is not feasible (owing to fiduciary duties) the mutual says it will continue to ensure that its engagement […]



Ship owners freed to employ armed guards

by Gill Montia

Story link: Ship owners freed to employ armed guards

The International Chamber of Shipping (ICS) has clarified its stance on the use of private armed security guards to defend merchant ships against attacks by Somali pirates. The body, whose members represent around 80% of the world merchant fleet, states: “The decision to engage armed guards, whether military or private, is a decision to be […]