Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 18th of January 2018
June 21, 2012

Government “resolute” on opposition to Solvency II rules for pensions schemes

by Gill Montia

Story link: Government “resolute” on opposition to Solvency II rules for pensions schemes

The Government remains resolute in its opposition to EU plans to apply Solvency II funding rules to UK pensions, according to pensions minister, Steve Webb. Returning from a meeting with pensions experts in the Netherlands and Denmark, the minister announced that there is no “one size fits all” model for pensions across the EU and […]



Towergate bolsters finance team

by Richard Kilner

Story link: Towergate bolsters finance team

Towergate Insurance has announced that it has bolstered its Finance team with a brace of new appointments. Tim Grant has been named as the firm’s new group finance controller, and joins from Zurich where, since 2009, he worked as finance controller for Zurich Insurance PLC. John Kennedy has been appointed, subject to FSA approval, divisional […]



Ecclesiastical announces Carers Trust partnership

by Richard Kilner

Story link: Ecclesiastical announces Carers Trust partnership

Specialist care and charity insurer Ecclesiastical has announced that it has formed a new charity partnership with Carers Trust. The announcement coincides with the insurer’s 125th anniversary. Ecclesiastical UK MD Steve Wood explained that the firm sought a charity partnership which supported the core of its business, and described carers as a central part of […]



ACE appoints Page division president

by Richard Kilner

Story link: ACE appoints Page division president

The ACE Group has announced the appointment of Darryl Page as the division president of International Personal and Business Insurance. Page will assume leadership of the firm’s personal lines and small and mid-size commercial insurance operations in a wide range of territories, including Asia Pacific and Japan, Latin America, and Europe, the Middle East and […]



Music festival thefts drop but values rise

by Gill Montia

Story link: Music festival thefts drop but values rise

Crime figures obtained by Aviva show that possessions worth £225,000 were stolen at last year’s summer music festivals. In 2011, there were 1,101 reported incidents of thefts at eleven of the top UK festivals and according to police records, the average value per theft stood at £354. Research by the insurer also reveals that 12% […]



Insurers criticised over customer call costs

by Gill Montia

Story link: Insurers criticised over customer call costs

Insurers, along with banks and energy companies have been criticised by Which? for making existing customers pay to call them, while offering new customers access to free phone numbers. An investigation by the consumer group found that the majority of insurers, banks and energy companies are operating a two-tier system, offering 0800 numbers for new […]



June 20, 2012

New government framework for director remuneration

by Gill Montia

Story link: New government framework for director remuneration

The UK’s “shareholder spring” has received government backing with Vince Cable having today announced the most comprehensive reforms to the framework for directors’ remuneration in a decade. According to the Business Secretary, the package will address failures in corporate governance by empowering shareholders to engage effectively with companies on pay. It will: Give shareholders binding […]



RSA renews Clydesdale and Yorkshire Bank partnership

by Richard Kilner

Story link: RSA renews Clydesdale and Yorkshire Bank partnership

Global insurer RSA has announced a five year renewal of its partnership with Clydesdale and Yorkshire Banks. As part of the reaffirmed deal, RSA will provide Clydesdale and Yorkshire Banks with Home and Motor insurance. Managing Director of Affinity at RSA Mark Allan said that the firm was proud to have renewed its partnership with […]



Willis appoints reinsurance CEO in Brazil

by Richard Kilner

Story link: Willis appoints reinsurance CEO in Brazil

Global insurance broker Willis Group Holdings has announced that Luigi Giancristofaro has been appointed chief executive officer of its reinsurance operations in Brazil (Willis Corretora de Resseguros Ltda). Giancristofaro, who is to be based in Rio de Janeiro, will primarily have responsibility for the firm’s Brazilian wholesale business, and represent the Group’s Treaty division, Willis […]



Zurich seeks chief of staff

by Gill Montia

Story link: Zurich seeks chief of staff

Zurich has announced further measures aimed at simplifying and delayering its global structure, as follows: The insurer is discontinuing the chief administrative officer (CAO) role and integrate some areas of CAO responsibility into other functions. The group will also appoint a chief of staff who will take over some of the administrative functions formerly assigned […]



AEGON outlines growth plans

by Gill Montia

Story link: AEGON outlines growth plans

AEGON has outlined plans for future growth, having completed a restructuring that allows it to focus on core lines of business and cut costs. The Dutch insurer says it has made a shift from spread-based to fee-generating business, while at the same time substantially improving its risk-return profile. Looking ahead, AEGON is proposing to accelerate […]



June 19, 2012

ABI calls for compensation culture reform

by Richard Kilner

Story link: ABI calls for compensation culture reform

The Association of British Insurers (ABI) have found that three in four people have received an unsolicited call or text from a claims management company offering claims compensation services. The ABI’s survey, which involved 2,600 respondents, discovered that 78% had been contacted by a Claims Management Company (CMC), with an even higher 82% of Londoners […]



June 18, 2012

Nationwide launches new home insurance products

by Richard Kilner

Story link: Nationwide launches new home insurance products

Nationwide Building Society has launched a pair of home insurance products: Nationwide Home Insurance and Nationwide Home Insurance Essentials. The building society’s customers will now be able to select the level of coverage and premium that best fits their particular needs. Independent financial research company Defaqto has rated Nationwide Home Insurance with 5 stars and […]



Brit agrees sale of BIL to RiverStone

by Richard Kilner

Story link: Brit agrees sale of BIL to RiverStone

Brit Group has announced that it has agreed the sale Brit Insurance Limited (BIL) to RiverStone Group. The sale is subject to the necessary regulatory approvals and is expected to be concluded in the fourth quarter of this year. Until the transaction is completed Brit Group will maintain in BIL the equivalent capital to be […]



June 17, 2012

Average 50-year-old needs to double pension pot

by Gill Montia

Story link: Average 50-year-old needs to double pension pot

The average 50-year-old Briton has less than half the retirement savings needed to guarantee a minimum standard of income when they stop work, new research from MetLife shows. According to the life and pensions provider, the typical pension pot for this age group stands at £54,300. However, in order to meet pensioners’ minimum annual income […]



June 15, 2012

Careless driving to become fixed penalty offence

by Gill Montia

Story link: Careless driving to become fixed penalty offence

The Department for Transport has published a consultation paper which includes a proposal to make careless driving a fixed penalty offence and open to the offer of education training. According to Transport Secretary, Mike Penning, with careless driving, the current enforcement process is time consuming and inefficient and the proposals will provide greater flexibility in […]



June 14, 2012

L&G launches “Interactive House”

by Gill Montia

Story link: L&G launches “Interactive House”

Research from Legal & General (L&G) suggests that less than a quarter of homeowners are clear about what is and isn’t covered under their home contents insurance, while only one in five are likely to know exactly what their buildings insurance covers. To help consumers get a better grasp, L&G has launched an “Interactive House” […]



June 13, 2012

ACE Limited acquires JaPro

by Richard Kilner

Story link: ACE Limited acquires JaPro

ACE Limited has announced that the company and its local partner have reached a definitive agreement to acquire PT Asuransi Jaya Proteksi (JaPro) in Indonesia. The deal will involve a transaction of around $130m in cash, and will see JaPro, founded in 1963 and one of Indonesia’s top 10 general insurers, join ACE. JaPro brings […]



Female motorists see premiums rise in June

by Richard Kilner

Story link: Female motorists see premiums rise in June

In its monthly price monitor price comparison website Tiger.co.uk has found that, in June, the country’s motorists enjoyed a drop in car insurance premiums of 0.6% from May, with prices 6.2% lower than the average of a year ago. However, there was a gender divide with male drivers seeing a monthly price drop of 2.3% […]



June 12, 2012

Marsh appoints Liverpool insurance leader

by Richard Kilner

Story link: Marsh appoints Liverpool insurance leader

Marsh has announced that it has bolstered its presence in North West England with the appointment of senior Marsh executive Phil Angus as the leader of a newly established insurance broking operation in Liverpool. Marsh is based in the same office as its sister company Mercer (both firms being subsidiaries of Marsh & McLennan Companies), […]