Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 19th of June 2018
July 23, 2012

IFB success in identity fraud pilot

by Gill Montia

Story link: IFB success in identity fraud pilot

The Insurance Fraud Bureau (IFB) has reported that three suspected fraudsters have been arrested by the Metropolitan Police as a result of its involvement in one of the UK’s biggest investigations into identity fraud. Working alongside the Metropolitan Police’s Amberhill Unit, the IFB has been investigating the insurance records of people suspected of having obtained […]



Willis bolsters international leadership

by Richard Kilner

Story link: Willis bolsters international leadership

Willis Group Holdings has announced the creation of three regional business units, operating under new leadership. Willis Asia will be led by CEO Adam Garrard and Roger Wilkinson will serve as chairman of Willis Australasia. Scott Pickering remains regional CEO of Willis’ Middle East and Africa business, and all three men will report directly to […]



Kay report sets out reforms for UK equities markets

by Gill Montia

Story link: Kay report sets out reforms for UK equities markets

An independent review, which sets out measures to transform UK equity markets, has been published today. The study, undertaken by Professor John Kay, recommends a shift in the culture of key players in the market aimed at restoring relationships built on long-term trust and confidence, and realigning incentives across the investment chain. According to Professor […]



July 20, 2012

Towergate announces pair of acquisitions

by Richard Kilner

Story link: Towergate announces pair of acquisitions

Towergate Insurance has announced that it has made a pair of acquisitions, namely Sheraton Insurance Brokers and JBI International Insurance Brokers Ltd. The two acquisitions will enhance the scale and specialisms of Towergate’s Broking Division. Sheraton Insurance Brokers is based in Wickham and specialises in general insurance. Towergate has acquired the non-life business of Sheraton […]



Beazley reports improved interim results

by Richard Kilner

Story link: Beazley reports improved interim results

Beazley has reported its interim results covering the first six months of 2012, including pre-tax profits of $112.9m. This is a return to the black following a pre-tax loss of $24.2m in the corresponding period in 2011. Biannual gross written premiums increased from $924.8m in 6M 2011 to $1,013.1m, a rise of around 10%, with […]



Allianz strengthens ecological and social focus

by Gill Montia

Story link: Allianz strengthens ecological and social focus

Allianz is planning to become the first major company in the world to establish a committee at board level tasked with ensuring that ecological and social issues are taken into account in decisions made throughout the organisation. The committee’s members will be Allianz SE board members Clement Booth, Maximilian Zimmerer and Jay Ralph, who will […]



July 19, 2012

Hiscox announces trio of appointments

by Richard Kilner

Story link: Hiscox announces trio of appointments

International specialist insurer Hiscox Ltd has announced a number of senior appointments, including that of Bob Thaker to the post of head of UK Claims. In addition, Joanne Musselle becomes chief underwriting officer for Hiscox UK and Ireland, and Penny Shaw has been named chief risk officer. Thaker will assume his new position with the […]



RSA hit by £50m UK weather claims

by Gill Montia

Story link: RSA hit by £50m UK weather claims

Following the wettest June on record in the UK, RSA estimates that the net loss across its UK household, motor and commercial property portfolios from last month’s adverse weather is around £40 million. In addition, the impact on the insurer’s balance sheet of the continued rainfall to date in July will be around £10 million. […]



July 18, 2012

£40bn infrastructure guarantee scheme welcomed by pension funds

by Gill Montia

Story link: £40bn infrastructure guarantee scheme welcomed by pension funds

The Government has unveiled a new guarantees scheme aimed at accelerating major UK infrastructure investment. Up to £40 billion worth of projects that are ready or nearly ready could qualify and, subject to legislation, the first guarantees are expected to be awarded in the Autumn. The National Association of Pension Funds and the Pension Protection […]



ABI appoints director of investment affairs

by Gill Montia

Story link: ABI appoints director of investment affairs

The Association of British Insurers (ABI) has appointed Robert Hingley as its director of investment affairs. Mr Hingley is a former director general of the Takeover Panel, which administers the City code on takeovers and mergers, and has 30 years’ experience of working in the City as an investment banker and lawyer. Commenting on Mr […]



CMI highlights impact of recession on employee health

by Gill Montia

Story link: CMI highlights impact of recession on employee health

New research from the Chartered Management Institute paints a bleak picture of the impact of the recession on employee health in UK workplaces. Compared with 2007, managers today are: working longer hours due to larger workloads; increasingly suffering from ill health including stress and depression; are more likely to come to work despite being sick. […]



July 17, 2012

Fall in Somali pirate attacks

by Gill Montia

Story link: Fall in Somali pirate attacks

Pirate attacks fell sharply in the first half of 2012, led by a drop in Somali piracy, the International Maritime Bureau (IMB) reports. All in all, 177 incidents were made known to the IMB’s piracy centre compared to 266 for the corresponding period of 2011. Twenty vessels were hijacked worldwide and 334 crew members taken […]



ACE Life appoints Latin America president

by Richard Kilner

Story link: ACE Life appoints Latin America president

The ACE Group has announced the appointment of Juan Alberto Vélez Arredondo to the position of ACE Life’s regional president in Latin America. Vélez assumes responsibility for ACE’s life insurance operations in nine countries. He is to be based in Mexico City and will be directly responsible to ACE Life President Russell Bundschuh. Vélez brings […]



ABI unimpressed with Labour’s pension review

by Richard Kilner

Story link: ABI unimpressed with Labour’s pension review

Otto Thoresen, Director General of the Association of British Insurers (ABI), has responded to Labour’s policy document on pension reform. Thoresen was less than impressed with the document, expressing his view that it had a ‘back of the envelope’ feel to it and describing the document as both disappointing and hugely misleading. He went on […]



Willis secures Guernsey commercial licence

by Gill Montia

Story link: Willis secures Guernsey commercial licence

Willis Group has been issued with a full commercial lines licence to conduct insurance intermediary services in Guernsey. The firm now claims to be the only London-based insurance broker with both a Guernsey licence and a full-time local representative based in the Channel Islands and dedicated to providing financial institution, professional indemnity and directors’ and […]



July 16, 2012

Aviva enhances critical illness cover

by Gill Montia

Story link: Aviva enhances critical illness cover

Aviva has extended the level of cover on new critical illness (CI) policies with changes including additional benefits for new conditions, new ABI+ definitions and increased maximum payments for child CI cover. Five CI conditions have been enhanced beyond ABI standard definitions as follows: cancer, Alzheimer’s disease, Parkinson’s disease, major organ transplant and motor neurone […]



Nat cat losses “moderate” in H1 2012

by Gill Montia

Story link: Nat cat losses “moderate” in H1 2012

Natural catastrophe losses were relatively moderate in the first six months of 2012, Munich Re reports. Overall losses for the first half of the year stood at $26 billion, compared with a ten-year average of $75.6 billion for the corresponding period. Insured losses amounted to $12 billion, compared with a ten-year average of $19.2 billion. […]



July 14, 2012

Parking spaces shrink as cars get longer

by Gill Montia

Story link: Parking spaces shrink as cars get longer

The average amount of space for parking in England’s residential areas has shrunk by 9% over the past decade, LV= research reveals. Typically, since 2001, motorists have seen the space available for parking near home decrease by nearly a metre from 9.84 metres per car to 8.97 metres in 2011. Meanwhile LV= estimates that the […]



July 13, 2012

Ironshore Europe makes London appointments

by Richard Kilner

Story link: Ironshore Europe makes London appointments

Ironshore Europe Limited has announced a range of key executive appointments in its London office, including that of Peter Coleman, who joins the board of Ironshore Europe Ltd. Coleman, who is to be based in London, also becomes the international divisional director of Ironshore Property. John Newton becomes the new branch manager of the London […]



ABI rejects Miliband pensions claim

by Richard Kilner

Story link: ABI rejects Miliband pensions claim

The Association of British Insurers (ABI) has issued a response following comments made by Ed Miliband, Leader of the Opposition, on pensions. ABI Director General Otto Thoresen said that Miliband’s claim that a 4-5% pension charge was normal was, in fact, absolutely wrong. Thoresen added that pension charges had fallen over the last decade and […]