Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 19th of July 2018
November 26, 2012

ABI speaks out on flood insurance

by Gill Montia

Story link: ABI speaks out on flood insurance

With over 300 flood warnings in place across the UK, the Association of British Insurers (ABI) is calling on the Government to commit to a joint solution to ensure long-term affordable flood insurance for high-risk households. The ABI describes the current state of talks with ministers as at an “impasse” following the Government’s refusal to […]



Lloyd’s highlights natural disaster premium gap

by Gill Montia

Story link: Lloyd’s highlights natural disaster premium gap

Research undertaken for Lloyd’s has revealed a $168 billion annual shortfall between levels of insurance and actual economic losses caused by natural disasters across the world. Seventeen of the 42 countries analysed are significantly at risk and Lloyd’s is urging governments, insurers and businesses to do more to close the gap. The study, undertaken by […]



Leading insurers set industry benchmark for climate change

by Gill Montia

Story link: Leading insurers set industry benchmark for climate change

A leading group of insurers would appear to have integrated climate change into “business as usual”, according to the latest review of ClimateWise members from PricewaterhouseCoopers (PwC). Over the past five years, the 27 world-leading insurance companies that make up the ClimateWise membership have made significant advances in research and data used for modelling risk. […]



November 23, 2012

ABI issues flood advice

by Richard Kilner

Story link: ABI issues flood advice

The Association of British Insurers (ABI) has issued advice to people who have been affected by the recent flooding. Those who have suffered damage to property or contents should contact their home insurer as soon as possible, most of which have 24 hour hotlines. Policyholders should also effect temporary repairs, if necessary to present the […]



One in three use mobile phones whilst driving

by Richard Kilner

Story link: One in three use mobile phones whilst driving

Every year an average of 100,000 motorists are fined for using a mobile phone whilst driving, according to a Freedom of Information request by insurer LV=. However, this indicates that just a fraction of mobile phone use is detected as 33% of motorists admit to using their phone whilst driving. More than three-quarters (77%) of […]



Brits hide saving and debts from partners

by Gill Montia

Story link: Brits hide saving and debts from partners

Around 4.3 million Brits have savings and investments hidden from their partners and around 6.2 million have outstanding debts that they choose to keep secret, including hidden mortgages! According to new research from Prudential, which examines attitudes to financial planning among co-habiting couples over 40, the average value of hidden outstanding debts is £9,546, whereas […]



November 22, 2012

Catlin appoints group claims director

by Richard Kilner

Story link: Catlin appoints group claims director

International specialty property/casualty insurer and reinsurer Catlin Group Limited has announced the appointment of Glenn Brace as the firm’s new group claims director. Brace, who is to join Catlin early next year, will assume responsibility for the firm’s worldwide claims operations. He will be based in London and succeeds Nick Sinfield, who has been promoted […]



Bluefin adds more brokers to BPS

by Richard Kilner

Story link: Bluefin adds more brokers to BPS

Bluefin Insurance Group has announced that it has added a quintet of new brokers to its broker network (Broker Partnership Services (BPS)). BPS’ ranks have been increased with the addition of Allied Insurance Services, Advantage Cover Insurance, Webb Holton & Associates, MICFS Ltd and Affinitive Insurance Brokers over the last three months. During that time […]



RSA appoints new chairman

by Richard Kilner

Story link: RSA appoints new chairman

Global insurer RSA has announced the appointment of Martin Scicluna as the firm’s new chairman. Scicluna brings extensive experience to his new role, having served in the industry for over three decades, including more than 10 years as chairman of Deloitte. During his career he has also served as the chairman of Great Portland Estates […]



Prospect of global insurance accounting standard dims

by Gill Montia

Story link: Prospect of global insurance accounting standard dims

Swiss Re’s latest “Sigma” report takes a fresh look at the long-running debate over upgrading and harmonising insurance accounting practices. And a key conclusion of the study is that accounting reforms currently under consideration can contribute to more meaningful financial reporting in insurance, but probably need to be complemented with additional metrics that clearly and […]



“Digital Neighbourhood” advances on local crime

by Gill Montia

Story link: “Digital Neighbourhood” advances on local crime

Sixty per cent of Britons say they are already using, or would be open to using, digital channels to stay one step ahead of local crime. According to new research from Legal & General, residents are already using, or are open to using, email updates from the police (56%), e-newsletters (56%), local community email groups […]



November 21, 2012

Endurance appoints Global Insurance CEO

by Richard Kilner

Story link: Endurance appoints Global Insurance CEO

Endurance Specialty Holdings Ltd. has announced the appointment of John Kuhn as the new chief executive officer of Global Insurance. In his new position Kuhn will assume responsibility for the firm’s US, Bermuda and International insurance operations. He brings 26 years of experience in the insurance industry to his new post, and during his career […]



Aegon CFO announces retirement

by Gill Montia

Story link: Aegon CFO announces retirement

Aegon’s chief financial officer, Jan Nooitgedagt, has decided to retire. The insurer’s supervisory board will propose the appointment of Darryl Button as his successor at its next Annual General Meeting, which is scheduled for May 2013. Mr Button is currently executive vice president and head of the company’s corporate financial center and previously served as […]



Parents predict rise in children’s car insurance

by Richard Kilner

Story link: Parents predict rise in children’s car insurance

A third of parents who presently help their children pay car insurance premiums have indicated that they will stop doing so once the new EU Gender Directive comes into force. Research commissioned by Aviva also found that a third of parents would try finding their son or daughter a less expensive car and 44% stated […]



Lloyds advice on weathering winter storms

by Gill Montia

Story link: Lloyds advice on weathering winter storms

With a harsh winter predicted and freezing temperatures on the way, Lloyds TSB Home Insurance is advising householders to give their properties a winter health check. Last year, the insurer handled 26,500 burst and frozen pipe claims which cost over £39 million to put right, and over 14,000 windstorm damage claims that cost over £5 […]



November 20, 2012

Aviva appoints CEO

by Gill Montia

Story link: Aviva appoints CEO

Aviva has appointed Mark Wilson as chief executive officer, effective 1st January 2013. Having served as chief executive officer and president of AIA Group between 2006 and 2010, Mr Wilson has over 25 years’ experience in the insurance industry across life and general insurance, as well as asset management in both mature and emerging markets. […]



Gender directive will not make insurance uncompetitive

by Richard Kilner

Story link: Gender directive will not make insurance uncompetitive

The Association of British Insurers (ABI) has predicted that the insurance market will remain competitive after the coming into effect of the new gender ruling which will mean that gender cannot be used as a risk category to price insurance. ABI spokesperson Adeola Ajayi said that the organisation had lobbied against the change for almost […]



Covéa announces pair of senior appointments

by Richard Kilner

Story link: Covéa announces pair of senior appointments

Covéa Insurance has announced the appointments of Martin Scarrett and Malcolm Cooper as head of Eelectronic Trading and head of Underwriting, Personal Lines, respectively. Scarrett brings more than three decades of industry experience to his new position and joined MMA in 1993 as Motor Section Leader. Since 2006 he worked as Household Underwriting Manager and […]



AEGON improves offshore bond pricing

by Gill Montia

Story link: AEGON improves offshore bond pricing

AEGON Ireland has improved pricing on its Wealth Management Portfolio offshore bond available on the AEGON Retirement Choices platform. The revised terms consist of the fund based product charge being removed completely and the fixed quarterly charge changing to £82.40 per quarter – all applied with immediate effect. AEGON Ireland chief executive officer, Simon Skinner, […]



Value of metal theft claims soar

by Gill Montia

Story link: Value of metal theft claims soar

Theft of metal from empty commercial properties in the UK has led to a 2,500% increase in the cost of this type of claim since 2004, Zurich has found. According to the insurer, it’s the damage caused by thieves attempting to get to the metal which is proving the biggest problem for property owners, with […]