Daily Insurance Industry News
 
 
Daily Insurance Industry News
Friday 19th of January 2018
March 29, 2011

Towers Watson opens Istanbul office

by Gill Montia

Story link: Towers Watson opens Istanbul office

Towers Watson has expanded its presence in Turkey by establishing a subsidiary in Istanbul. Süha Alici, who has been with the group since 2007, has been appointed as managing consultant of the new unit. The professional services firm has been working with clients in Turkey for the past ten years and regional manager, EMEA, Babloo […]



Brit appoints Property & Liability underwriter

by Richard Kilner

Story link: Brit appoints Property & Liability underwriter

International general insurance and reinsurance group Brit Insurance has announced the appointment of Robin Martin to the position of branch Property & Liability underwriter within its Bristol team. Martin brings more than three decades of underwriting experience in the UK property and casualty market to the firm. Prior to joining Brit he worked for Travelers […]



Grandparents offset £33bn a year in childminding costs

by Gill Montia

Story link: Grandparents offset £33bn a year in childminding costs

New research from Aviva suggests that around half of all UK grandparents (seven million people) are caring for two grandchildren for around 13 hours a week, on average. Almost all do so free of charge and with equivalent childminding costs standing at almost £2,400 per child annually, their input amounts to an estimated saving of […]



Personal lines motor profitability “brief and rare”

by Gill Montia

Story link: Personal lines motor profitability “brief and rare”

Ernst & Young and the Chartered Insurance Institute (CII) have set out the actions firms need to take to make UK motor insurance a profitable class of business. Amid a series of recommendations, their new report suggest that insurers need to be investing in their people and technology to keep up with the demands of […]



March 28, 2011

Perkins Slade founder receives CII honour

by Richard Kilner

Story link: Perkins Slade founder receives CII honour

The founder and non-executive chairman of Birmingham-based insurance brokerage Perkins Slade, David Slade, has become an Honorary Fellow of the Chartered Insurance Institute. Previously, only seven other professionals from the industry have been thus honoured, and it follows the Achievement Award at the BIA Awards in 2009. Slade began his career in 1961, and nine […]



ING appoints US chief executive

by Richard Kilner

Story link: ING appoints US chief executive

ING has announced the appointment of Rodney O. Martin, Jr. as the new chief executive officer of ING Insurance US. The firm has described the appointment as an important step in its plans for an Initial Public Offering (IPO) of its insurance and investment management operations in the US. Martin, previously chairman of International Life […]



Greenwoods acquires Southampton-based insurance team

by Gill Montia

Story link: Greenwoods acquires Southampton-based insurance team

Law firm, Greenwoods, has announced that the entire Southampton-based insurance team of Clarke Willmott will be joining the firm on 1st May. Led by partner Rod Evans, the unit will form the basis of a new Greenwoods Southampton office. The move follows a strategic review by Clarke Willmott which concluded that the defendant insurance market […]



Enhancement for Equitable’s departing with-profits policyholders

by Gill Montia

Story link: Enhancement for Equitable’s departing with-profits policyholders

Equitable Life says it has earmarked a sum equivalent to 12.5% of policy values (as at 31 December 2010) which will be used to enhance payments for with-profits policyholders who leave. The move is aimed at giving policyholders quitting the society a fair share of the capital held, while leave enough for those who remain. […]



Ecclesiastical appoints product development head

by Richard Kilner

Story link: Ecclesiastical appoints product development head

Specialist insurer Ecclesiastical has announced the appointment of Jo Kibble as the firm’s new head of Product and Proposition Development. In addition to this she takes on responsibility for the creative services team, which handles print, literature and design services. She has been with Ecclesiastical for the last six years, and has mostly worked within […]



March 24, 2011

Legal & General expert responds to pension age change

by Richard Kilner

Story link: Legal & General expert responds to pension age change

Joseph Lu, Legal & General’s expert in longevity, has offered his analysis of Chancellor George Osborne’s decision in the Budget yesterday to examine the possibility of automatically linking the pensions age with life expectancy. Lu explained that the projected increase in longevity would mean an extra 5 million people over the age of 65 in […]



Ageas UK acquires Castle Cover

by Gill Montia

Story link: Ageas UK acquires Castle Cover

Ageas UK (formerly Fortis) has acquired Castle Cover, for £52.8 million. The move will increase customer numbers to around eight million and consolidate the group’s position as the fourth-largest personal lines broker in the UK. The acquisition will also create a combined retail customer base of around two million, while building Ageas UK’s presence in […]



EIOPA launches second Europe-wide stress test

by Gill Montia

Story link: EIOPA launches second Europe-wide stress test

The European Insurance and Occupational Pensions Authority (EIOPA) has launched its second Europe-wide stress test for the insurance sector. The test, which is being conducted in cooperation with the respective national supervisory authorities, is being carried out between 23rd March and the end of May, based on 2010 financial results. It will include a minimum […]



Home insurance premiums up 6%

by Gill Montia

Story link: Home insurance premiums up 6%

The average cost of home insurance has increased by 6% since the start of last year, according to moneysupermarket.com, taking the typical premium for buildings and contents cover up from £142 to £151. Compared with premium inflation for car insurance (up 31% on 2010 levels) the rise seems minimal, however, insurers need to recoup the […]



March 23, 2011

ABI responds to the Budget

by Richard Kilner

Story link: ABI responds to the Budget

Maggie Craig, the acting director general of the Association of British Insurers (ABI) has responded to the Budget, given today by Chancellor George Osborne. Craig praised the twin path of competitive tax rates and a boost for long term investment announced in the speech, and singled out the 2% cut in corporation tax for particular […]



RSA appoints Personal Lines MD

by Richard Kilner

Story link: RSA appoints Personal Lines MD

RSA, the global insurer, has announced the appointment of Mark Christer to the position of UK Personal Lines managing director. Christer’s new role will see him assume responsibility for the firm’s Personal Lines business, including MORE TH>N, Personal Lines Broker and Affinity. He has worked for RSA for more than a decade, and was previously […]



Export Credit Guarantee scheme extended

by Gill Montia

Story link: Export Credit Guarantee scheme extended

The UK’s export credit agency has announced that many more British exporters (including many small and medium-sized businesses) can now apply for short-term credit insurance under the Government’s Export Credit Guarantee (ECG) scheme. Previously ECG short-term insurance has only been available to capital exports, making it of interest mainly to large exporters. However, ministers have […]



FSA sets out with-profits communication issues

by Gill Montia

Story link: FSA sets out with-profits communication issues

In its 2011/12 business plan, published yesterday, the Financial Services Authority (FSA) says it will be following up on proposals to strengthen the effectiveness of its with-profits regime. In particular, the regulator will consult further in 2011 on policyholder communications, having identified “significant weaknesses” in the quality of consumer communications. The FSA states: “We do […]



Ecclesiastical wins “safe grass” civil damages case

by Gill Montia

Story link: Ecclesiastical wins “safe grass” civil damages case

Ecclesiastical has emerged victorious in a civil damages case taken by a charity employee which could have had wide-reaching implications for anyone working on a natural surface, such as grass. The case of McBride v Gables Farm Dogs and Cats Home (GFDCH) centred on alleged injuries sustained by a member of staff. In March 2008, […]



March 22, 2011

AXA identifies the Stop Start driver

by Gill Montia

Story link: AXA identifies the Stop Start driver

A recent study from AXA suggests that there is a new sub-class of 1.5 million young drivers who are a potential hazard to themselves and others, when on the road. Dubbed “Stop Start Drivers”, they are aged 17 to 29 and have passed their tests but rarely get behind the wheel. When they do, they […]



Guy Carpenter to offer microinsurance in Mozambique

by Richard Kilner

Story link: Guy Carpenter to offer microinsurance in Mozambique

Global risk and reinsurance specialist Guy Carpenter & Company, LLC has announced that it is to receive a $1m grant from the International Finance Corporation (IFC), a member of the World Bank Group, to help create a weather, index-based microinsurance to aid farmers in Mozambique. Guy Carpenter will collaborate with global catastrophe risk experts Risk […]