Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 19th of June 2018
April 21, 2011

LV= warns against under-insurance

by Richard Kilner

Story link: LV= warns against under-insurance

Gold prices have reached a new all-time high, prompting home insurer LV= to advise homeowners to ensure that they have appropriate coverage for their gold. Martin Milliner, Head of Technical Claims at LV=, exemplified the high prices by pointing out that an 18 carat bracelet that would have cost £3,000 a decade ago would now […]



April 20, 2011

Aon announces senior Risk Consulting hire

by Richard Kilner

Story link: Aon announces senior Risk Consulting hire

Global risk management business Aon Risk Solutions has announced the appointment of Peter Mullen as chief executive officer of Aon Global Risk Consulting’s Captive and Insurance Management operations. He brings more than a quarter of a century of experience to the firm, which he joins from Bermuda-based Artex Risk Solutions. Aon Global Risk Consulting and […]



Legal & General: everyone needs good neighbours

by Richard Kilner

Story link: Legal & General: everyone needs good neighbours

Legal & General’s general insurance business has commissioned research which reveals that, ahead of the forthcoming Royal Wedding, a staggering 70% of people do not even know the names of their neighbours. As communities up and down the nation prepare for street parties ahead of the occasion, only 37% of people would know a neighbour […]



April 19, 2011

Zurich announces Hopkins’ retirement

by Richard Kilner

Story link: Zurich announces Hopkins’ retirement

Zurich Financial Services Group has announced that Paul N. Hopkins is to retire from the firm. Hopkins is a veteran of the firm, and has worked there for over 33 years. He presently occupies a seat on the Group Executive Committee (GEC), is chairman of of the Board of Farmers Group, Inc. and regional chairman […]



Travellers warned against leaving without insurance

by Richard Kilner

Story link: Travellers warned against leaving without insurance

A new survey by Direct Line has revealed that 3.2 million Britons would go without travel insurance to increase their spending money on holiday. Saving on duty free (61%) and new clothes (60%) proved the most popular economies when saving for a holiday, but one out of 15 Britons indicated they would risk travelling without […]



MMA establishes commercial schemes team

by Richard Kilner

Story link: MMA establishes commercial schemes team

Following growth of 20%, broker-only insurer MMA is building on the commercial schemes success it enjoyed last year by establishing a dedicated schemes team. The new team will be lead by Schemes Manager Chris Withers, and will include Schemes Relationship Manager Annamaria Gregorace and Schemes Assistant Tim Hughes. The team will be based at MMA’s […]



Brokers more burdened by regulation than tax

by Gill Montia

Story link: Brokers more burdened by regulation than tax

The British Insurance Brokers’ Association (BIBA) is arguing that the regulatory burden imposed on the UK insurance broking sector is a greater competitive disadvantage than the amount of corporation tax it pays. Research from BIBA claims the current regime is “disproportionate and inappropriate” with costs for brokers in the UK currently three times higher than […]



Hannover Re strengthens US life business

by Gill Montia

Story link: Hannover Re strengthens US life business

Hannover Re has reached agreement with Bermuda-based Scottish Re on the acquisition of a reinsurance portfolio covering the mortality risk under term life and endowment policies that were reinsured by Scottish Re in the underwriting years 2000 to 2003. The business, which is expected to generate an annual premium volume of around $80 million, is […]



Final regulations on CIE

by Gill Montia

Story link: Final regulations on CIE

The Department for Transport has outlined the finer detail of Continuous Insurance Enforcement (CIE) legislation, as laid in Parliament yesterday. Under the new system: The DVLA will work in partnership with the Motor Insurers’ Bureau (MIB) to identify uninsured vehicles. Motorists will receive a letter telling them that their vehicle appears to be uninsured and […]



Firms urged to review political risk cover

by Gill Montia

Story link: Firms urged to review political risk cover

“Companies operating in politically volatile regions of the world may soon find they are unable to retain sufficient insurance coverage to protect their assets and staff.” The warning comes in a new report from Willis, which points out that insurers offering protection against political risk and terrorism are re-evaluating their terms and prices, meaning that […]



FSA adopts two-tier approach in Solvency II model approval

by Gill Montia

Story link: FSA adopts two-tier approach in Solvency II model approval

The Financial Services Authority (FSA) will be adopting a two-tier approach to assessing insurers’ new capital models under Solvency II, The Financial Times has reported. According to the newspaper, the FSA’s head of insurance, Julian Adams, told an industry conference on Monday that the regulator will be focusing on larger insurers as resources will be […]



Revamp of LE market needed to widen access to justice

by Gill Montia

Story link: Revamp of LE market needed to widen access to justice

A new report from Consumer Focus suggests that Before the Event Legal Expenses Insurance (BTE LEI) could play a bigger role in widening access to justice. However, the watchdog claims that the current design and promotion of the insurance leaves a lot to be desired, as 43% of people surveyed said they knew little or […]



Kiln launches carbon credit insurance

by Gill Montia

Story link: Kiln launches carbon credit insurance

Kiln is claiming a first with the launch of a carbon credit insurance product, developed by Parhelion Underwriting. Under the Kyoto Protocol, carbon credits (also known as Certified Emission Reductions) are financial assets that can be generated by companies when they remove carbon dioxide emissions or greenhouse gases from the environment. Countries that have signed […]



April 18, 2011

Towergate appoints non-executive chairman

by Richard Kilner

Story link: Towergate appoints non-executive chairman

Independent insurance intermediary Towergate Insurance Group has announced the appointment of Alastair Lyons CBE to the post of non-executive chairman. The present executive chairman and founder of Towergate, Peter Cullum CBE, will assume the role of non-executive deputy chairman. Cullum will retain his standing as the firm’s biggest individual shareholder, and his position as executive […]



Lloyd’s names Nelson as new chairman

by Richard Kilner

Story link: Lloyd’s names Nelson as new chairman

Lord Levene of Portsoken is to be succeeded by John Nelson as the chairman of Lloyd’s insurance market. The appointment was confirmed by the Council of Lloyd’s today, and Nelson will take up his new position in October of this year. He spent a decade and a half with Kleinwort Benson, working in the UK […]



Lockton advances on “uninsurable” business risks

by Gill Montia

Story link: Lockton advances on “uninsurable” business risks

Lockton has launched Enterprise Disruption Contingency Insurance, a package of risk management solutions designed to help companies cope with previously “uninsurable” risks. The offering can provide an “umbrella solution” for such grey area risks as loss of intellectual property rights, inability to manufacture or distribute a product because of another organisation’s product recall, regulatory risks, […]



Bribery Act: IUA highlights risk hotspots

by Gill Montia

Story link: Bribery Act: IUA highlights risk hotspots

Insurers need to monitor a number of “risk hotspots” to ensure they do not fall foul of the new Bribery Act, the International Underwriting Association (IUA) has warned. According to the IUA, the broad nature of the legislation raises potential issues for both carriers and brokers in areas including the placement of business, payment of […]



April 16, 2011

Friends Life appoints investments director

by Gill Montia

Story link: Friends Life appoints investments director

Friends Life has appointed Colin Tipping to the newly-created position of director, unit linked investments. Mr Tipping joins from BlackRock where he was most recently head of institutional wholesale. In his new role, he will oversee an existing fund strategy and selection team, reporting into Colin Williams, director of corporate. Commenting on his appointment, Mr […]



Guernsey increasingly attractive to captives

by Gill Montia

Story link: Guernsey increasingly attractive to captives

Aon is expecting the number of captive insurance companies domiciled in Guernsey to increase significantly as the implications of compliance with Solvency II become better understood by captive managers and owners. The firm suggests that while the capital requirements of Solvency II may be appropriate for commercial insurers dealing with the general public, many captive […]



April 15, 2011

Proposed reforms to solicitors’ PII “inadequate”

by Gill Montia

Story link: Proposed reforms to solicitors’ PII “inadequate”

The Association of British Insurers (ABI) has described proposals from the Solicitors Regulation Authority (SRA) regarding solicitors’ professional indemnity insurance (PII) as “inadequate” and likely to worsen fears for the future of the market. According to the ABI, the SRA has failed to understand that the Assigned Risks Pool, which is used by solicitors unable […]