Daily Insurance Industry News
 
 
Daily Insurance Industry News
Saturday 20th of March 2010
March 9, 2010

Free legal disputes service from Allianz Commercial

by Gill Montia

Story link: Free legal disputes service from Allianz Commercial

Allianz Commercial is offering a free legal disputes service to all of its SME policyholders.
The service, which is being provided in conjunction with Allianz Legal Protection, aims to assist SME customers with contract and professional negligence disputes.
It offers a free legal assessment of any dispute by a commercial solicitor and, if the the [...]



February 19, 2010

Allianz launches online safe deposit for travellers

by Gill Montia

Story link: Allianz launches online safe deposit for travellers

Allianz has joined forces with Mondial Assistance to develop an online safe deposit and assistance solution for Air France travellers.
Allianz Protect claims to be a first in this area of protection, combining as it does the secure storage of electronic documents with Mondial’s emergency services.
The safe deposit system is accessible from www.airfrance.com and allows customers [...]



November 17, 2009

Towergate names Allianz top performing insurer

by Gill Montia

Story link: Towergate names Allianz top performing insurer

Towergate Risk Solutions has named Allianz and RBS-owned NIG as the top performing insurers servicing its broking operations.
The research, conducted among the group’s 100 plus broking offices, rates insurer performance when dealing with: quotations; renewals; policy documentation; mid term adjustments; claims and general service.
The key findings of the Q3 2009 survey revealed that:
Allianz scored consistent [...]



November 11, 2009

Allianz sees profits rising

by Richard Kilner

Story link: Allianz sees profits rising

Allianz Insurance has released its financial results for the last quarter.
The firm saw its operating profit increase markedly despite the continuing recession, recording a rise of 23.1% on the third quarter in 2008, and profits stood at £173.3m (pre-tax) for the first nine months of the year.
Previously Allianz had made profits of £88.3m for [...]



November 4, 2009

Insurers show interest in RBS and Lloyds asset sale

by Gill Montia

Story link: Insurers show interest in RBS and Lloyds asset sale

According to a BBC report, insurers Allianz, Generali and Zurich could show an interest in branch networks to be sold by Royal Bank of Scotland (RBS) and Lloyds Banking Group.
Both banks are to receive further huge bailouts from the Government: £33.5 billion for RBS and £5.7 billion for Lloyds, the latter taking the form of [...]



September 4, 2009

Allianz launches online plant machinery guide

by Gill Montia

Story link: Allianz launches online plant machinery guide

Allianz Engineering is keen to help brokers and their client expand their knowledge of plant machinery, and has launched a free online guide with this in mind.
Visitors to the site are shown how to identify plant machinery equipment and how to meet statutory and regulatory requirements.
Details of how equipment should be inspected and the frequency [...]



August 19, 2009

Allianz Takaful secures Qatar authorisation

by Gill Montia

Story link: Allianz Takaful secures Qatar authorisation

Qatar Financial Centre Regulatory Authority (QFCRA) has granted authorisation to Islamic insurer, Allianz Takaful – QFC Branch, to carry on regulated activities in or from the Qatar Financial Centre.
Allianz Takaful is the first Takaful firm to be authorised by the QFCRA and will be primarily advising on investments in respect of contracts for long-term insurance.
QFCRA [...]



Allianz reports decline in H1 profits

by Richard Kilner

Story link: Allianz reports decline in H1 profits

Allianz UK has released its financial results for the first six months of the year.
IFRS operating profit was 6.1% down on the corresponding period in the previous year, but remains ahead of the firm’s forecasts.
Operating profit fell from £94m to £88.3m from 2008 to 2009.
Last year was an excellent one for Allianz, recording a surge [...]



July 31, 2009

Euler Hermes profit plummets 99%

by David Masters

Story link: Euler Hermes profit plummets 99%

Euler Hermes’ first half profits slumped 99%, the credit insurer reported this week.
The Allianz-owned unit, hit by higher claims, saw profits slide to €0.7 million, down from €122.3 million in the first half of 2008.
Overall the company posted a technical loss of €59.5 million. However, this was offset by investment earnings.
Chairman Wilfried Verstraete blamed the [...]



July 2, 2009

Allianz to launch as UK consumer brand

by David Masters

Story link: Allianz to launch as UK consumer brand

Germany-based Allianz, the world’s second biggest insurance firm, is preparing to launch itself as a consumer brand in the UK.
The company currently sells insurance products to British consumers through Cornhill, which it acquired in 1986, and pet insurer Petplan.
David Keel, marketing and communications manager, said the company is registering a number of product names and [...]



June 19, 2009

Allianz Re targets growth despite ‘difficult’ year

by David Masters

Story link: Allianz Re targets growth despite ‘difficult’ year

Allianz Re has confessed that it will be “difficult” to perform as strongly this year as in 2008, but continues to target an average growth of 10% by 2011.
The reinsurance unit of Germany-based Allianz said European windstorms at the start of 2009 will squeeze operating profits.
“There will be difficulties to reach the result seen in [...]



May 27, 2009

Allianz teaches finance using fluffy pigs

by David Masters

Story link: Allianz teaches finance using fluffy pigs

Insurance giant Allianz uses toy pigs to train its underwriters in financial management, The Times reports.
The Germany-based insurer uses novelty stuffed pigs alongside a plastic farm and wads of fake cash to make finance training more interesting.
According to P3, who run the training programme, using toy pigs helps trainees to remember up to 30% more [...]



April 21, 2009

Allianz: EU governments must protect insurance industry

by David Masters

Story link: Allianz: EU governments must protect insurance industry

Allianz has warned that government help would be needed if a European insurer collapsed.
Helmut Perlet, Chief Financial Officer of the Germany-based insurance group, said that although the collapse of a European insurer cannot be ruled out, such an event is ‘very unlikely’.
Asked if the state should intervene if an insurer collapsed, Perlet said, “That should [...]



April 20, 2009

Allianz Commercial agrees SME tie up with R A Cowen

by Gill Montia

Story link: Allianz Commercial agrees SME tie up with R A Cowen

Allianz Commercial has announced a three-year tie up with R A Cowen & Partners, which names the insurer as principal provider for the broker’s SME book.
The partnership is expected to generate significant premium income for Allianz, which will underwrite risks on the Midlands-based firm’s small business product offering.
The deal follows similar agreements made this year [...]



March 23, 2009

Buncefield insurers recoup £5m in payouts

by David Masters

Story link: Buncefield insurers recoup £5m in payouts

Insurance firms are set to receive back £5 million of pay outs related to the Buncefield oil disaster after a High Court judge ruled that French oil giant Total was fully responsible for the explosion.
The High Court ruled that Total must pay £750 million in damages for the Buncefield oil explosion in December 2005.
The ruling [...]



High Court finds Total liable for Buncefield oil fire claims

by Gill Montia

Story link: High Court finds Total liable for Buncefield oil fire claims

A High Court ruling has established liability for the Buncefield oil fire, which occurred in Hemel Hempstead in December of 2005, when a vapour cloud emanating from a major petrol spillage ignited.
The explosion was reported to be the largest ever in peacetime Europe.
Forty-three people were injured and claims, including damage to property, amounted to over [...]



March 17, 2009

Allianz sees profits soar by 36.8%

by Richard Kilner

Story link: Allianz sees profits soar by 36.8%

Allianz Insurance has announced its financial results for the full-year of 2008.
IFRS operating profit soared by more than a third (36.8%) to £193.6m, up from £141.5m in 2007.
The Commercial business, Allianz Legal Protection and Petplan all saw growth during 2008, despite difficult economic conditions.
Andrew Torrance, chief executive officer, has expressed his pleasure at the strong [...]



February 27, 2009

Allianz posts €2.4bn loss for 2008

by David Masters

Story link: Allianz posts €2.4bn loss for 2008

Fourth quarter losses have hit Allianz hard, slashing nearly half off its yearly pre-tax profits, and causing a net loss for the year.
Pre-tax profit for 2008 was €5.4 billion, down 48.2% on year.
Net loss was €2.4 billion, compared to net profit of €7.9 billion in 2007. This is the company’s first annual loss since [...]



February 18, 2009

Leading insurers launch “Perils” catastrophe data provider

by Gill Montia

Story link: Leading insurers launch “Perils” catastrophe data provider

A new company has been formed to provide a subscription service on European catastrophe insurance data.
Perils AG is a Zurich-based business that will aggregate industry-wide data from European-based insurers and catalogue it by risk type and CRESTA zones (the defined European geographical zones for natural catastrophe insurance).
Founding shareholders include: Allianz, AXA, Groupama, Guy Carpenter, Munich [...]



January 22, 2009

No acquisitions for Allianz

by David Masters

Story link: No acquisitions for Allianz

Allianz is not interested in acquisitions and has no need for additional capital, according to board member Clement Booth.
The Germany-based insurer is one of the ‘best capitalised’ in Europe, Booth told news agency Reuters.
“We have no need to raise extra capital,” Booth said.
Booth – who is responsible for Allianz operations in the UK and [...]