Chaucer has confirmed that its specialist Nuclear Syndicate 1176 is one of a panel of insurers that provide coverage to Tokyo Electric Power Company, the owner of two of the three nuclear sites in the area of Japan affected by Friday’s earthquake and tsunami. However, the Lloyd’s insurer says that it has no coverage in [...]
Based on available information, catastrophe modelling firm, AIR Worldwide, estimates that insured property losses from the Mw9.1 earthquake that struck Japan on Friday will range between $15 billion and $35 billion. To obtain its preliminary estimate, the company simulated dozens of scenarios with varying magnitude (8.9 to 9.1), focal depth (15 km to 30 km) [...]
Guy Carpenter has been selected as the new placing broker for the Caribbean Catastrophe Risk Insurance Facility (CCRIF). CCRIF is a risk-pooling facility for 16 Caribbean governments, designed to limit the financial impact of catastrophic hurricanes and earthquakes, and the broker is already engaged in preparations for the 1st June renewal of its reinsurance programme. [...]
The Association of British Insurers (ABI) has published advice on the Solvency II internal model approval process in the first of a series of papers aimed at helping insurance companies implement the new regime. Final Solvency II rules are incomplete but the ABI’s “sensible” approach to the model approval process forms the basis for the [...]
Aon Benfield has formed a Market Analysis team within Aon Benfield Analytics. The new unit will provide in-depth reports on reinsurers and insight into reinsurance market trends, allowing Aon Benfield Research to focus entirely on academic and industry research collaboration. Over the past year, the size of Aon’s team specialising in the analysis of reinsurance [...]
Lloyd’s Market Association has issued the following statement regarding the earthquake in Japan: “Underwriters at the Lloyd’s of London insurance market are monitoring closely today’s tragic events as they unfold in Japan. This is clearly a major seismic disturbance causing significant damage, disruption and loss of life, but it is too early to give any [...]
Early access to pension money is not without risks, according to new research commissioned by AXA Wealth. The research found that 62% of IFAs believe that earlier access would lead to clients running out of money and becoming dependent upon the state. As life expectancy continues to increase the issue of retirement and the money [...]
Willis North America has announced the appointment of Sharon Edwards to the post of chief financial officer. In her new position Edwards, who was formerly chief administrative officer, will be directly responsible to Willis Group Chief Financial Officer Michael Neborak. She will assume responsibility for Willis North America’s finance functions, including the financial operations of [...]
Responding to today’s publication of the House of Commons Transport Committee report into the cost of motor insurance, the Association of British Insurers (ABI) has accused MPs of taking a great deal of evidence and ignoring much of it. The Association’s director of general insurance and heath, Nick Starling, describes the report as a “missed [...]
A new report from the House of Commons Transport Committee names fraud as a main factor in driving up motor insurance costs, and argues that a dedicated police unit, paid for by the insurance industry, should be established to tackle the problem of false personal injury claims. The committee also highlights the extent to which [...]
A new report from Chatham House takes a fresh look at how people in the UK save for their retirement and highlights the threat of a mismatch between savings behaviour and expectations of future lifestyle. The report, entitled “Squeezed in Retirement: The Future of Middle Britain” argues that the UK’s middle class faces an acute [...]
The ban on gender as a factor in underwriting is not necessary and will only lead to higher costs, according to experts. The comments come after the decision of the European Court of Justice (ECJ) to forbid gender as a reason for differing insurance premiums and benefits, to the consternation of the insurance industry. The [...]
Aviva has launched two additional online services for financial advisers. A new fund switch facility has been added to the Aviva for Advisers e-commerce platform, enabling advisers to monitor and switch funds on more than 1.6 million investment bonds, individual, stakeholder and group personal pensions. Key features include: no need for customers’ signatures; policy fund [...]
Leading global insurer RSA has announced the appointment of Lloyd East as managing director of Al Ahlia Insurance SAOC, part of the RSA Group. East brings extensive experience to the firm, and during his 20 years in the industry has led joint ventures, strategic alliances and strong teams. He joined the firm two years ago, [...]
Standard Life has reported its preliminary results for 2010, including an IFRS operating pre-tax profit, from continuing operations, up 7% to £425m. The firm also saw its net profits, attributable to equity holders, more than double to £432m. Core EEV operating profit before tax from continuing operations rose by almost a quarter (24%) to £629m, [...]
Aon Risk Solutions has expanded its London-based Professions practice with a number of strategic appointments. The team provides insurance brokerage and risk advisory services to professional service firms, and a recent restructure has seen: David Powell appointed head of Professions, having already worked for Aon for 11 years. Giles Bentley assigned the role of leader [...]
Having recorded profit of €2.43 billion in 2010, Munich Re says it is aiming for a more-or-less unchanged consolidated result of around €2.4 billion for 2011. However, the re/insurer estimates that claims from the earthquake in New Zealand, the floods in Brisbane and Cyclone Yasi will amount to A$1.5 billion, and warns that the target [...]
Canopius Group recorded post-tax profit of £43 million in 2010 (2009: £50 million), as gross written premiums fell to £564 million (2009: £592 million). The privately-owned Lloyd’s insurer achieved a combined ratio of 92% (2009: 88%), including 11% from catastrophe and large losses. Investment income for 2010 stood at £24 million and group financial resources [...]
Willis UK & Ireland has appointed Brendan McCafferty as managing director of its commercial and network businesses, effective immediately. Mr McCafferty moves from his current post of managing director of the broker’s commercial business, and will continue to report to Willis UK & Ireland chief executive officer, Brendan McManus. In his new role, he assumes [...]
Protection specialist LV= has announced that it is enhancing its critical illness and income protection coverage. Those with income protection can now benefit from a £1000 benefit guarantee, with the maximum age of cover expiration rising to 70. In addition, the maximum percentage of the salary covered is increased to 55% and the ‘suited’ occupation [...]
