Over 60% of (re)insurers believe Solvency II will increase focus on underperforming lines of business, according PricewaterhouseCoopers’ (PwC) fifth annual survey, “Unlocking value in run-off”. A third of respondents said they are expecting a significant level of restructuring activity in the next three years, with medical malpractice, credit and surety and employers’ liability lines of [...]
Towergate Insurance has declared that it is to be the only provider of business insurance for Confused.com, the price comparison website. Business insurance customers will be provided with a broad range of insurance by Towergate under the Confused.com brand, including restaurants, surgeries and liability, amongst others. The Guildford specialist commercial contact centre operation of Your [...]
Willis has launched a product for companies with key locations, suppliers or customers located in the vicinity of a nuclear power station. The new offering covers business interruption costs should a plant’s safety be compromised and an exclusion zone be put in place, having been developed in response to the Japanese earthquake and tsunami that [...]
In a snapshot survey of retailers hit by the riots two weeks ago, the British Retail Consortium (BRC) found that shop owners lost over 7,500 hours of trading and reported 11,088 members of staff affected by the violence. The BRC carried out its email survey of members in the week commencing Monday 15th August and [...]
Brit Insurance has highlighted the professional indemnity (PI) risks that accompany the amendment of the Legal Services Act 2007 and the trend for consolidation in the legal services sector, whereby firms merge to create global professional practices. Having witnessed an increase in claims from corporate law firms, the insurer suggests that some firms need to [...]
Towergate Insurance has urged businesses to review their insurance coverage in the light of the recent shocking bouts of looting to afflict London, and other cities across England. Last night the capital saw fewer and smaller disturbances, but other cities (including Manchester and Nottingham) saw violence flare up. Businessmen are being advised to ensure they [...]
Crawford & Company is warning that the UK’s recent civil disturbances are unlikely to be expressly declared a “Riot” by the police, irrespective of media coverage and references to the same. However, claims under the Riot Damages Act 1886 must be received by the local police authority within 14 days of an alleged incident, and [...]
The Association of British Insurers (ABI) has expressed its sympathy for residents and business owners who have suffered damage to their properties in the London riots. The Association’s director of general insurance and health, Nick Starling, says: “This is a time of enormous stress for them and their insurers will be on hand to answer [...]
The vast quantities of personal, identifiable information collected by the leisure and hospitality industry have made the sector a chief target for cyber attacks, according to Willis. The broker’s cyber risk unit reports a 56% rise in cyber claims over the past year, with an increasing proportion of victims in the hospitality industry. Willis warns [...]
JLT Specialty has launched a real estate legal indemnity insurance guide, having experienced a rise in enquiries on the topic in recent months. Legal indemnity insurance is traditionally handled by a lawyer direct with an insurer, with little in the way of any price or coverage comparison. However, JLT points out that increasing demands of [...]
Friends Life has relaunched its group protection proposition. The new offering includes group life, group income protection, group critical illness and a flexible benefit offering supported by a range of added-value services aimed at promoting health. These include an employer/employee assistance programme, Best Doctors and a 24-hour seven-day-a-week health information service, provided by Bupa HealthLine. [...]
Allianz Re’s agriculture team is developing a new approach to crop insurance in cooperation with software company, Sarmap, which specialises in technology used for managing natural resources. The two are working on radar-based remote sensing software that can allow biomass growth to be monitored and the potential yield of agricultural areas to be measured. Compared [...]
Groupama Insurances has unveiled the latest addition to its specialist commercial product range, with the launch of Exclusively Security. According to the insurer, the new product will create fresh opportunities for brokers targeting businesses in the security market, including manned security guarding, CCTV and alarm installation, and fire extinguisher supply and maintenance. Groupama has plans [...]
Kiln has launched a new team to underwrite aviation risks in Singapore. Led by underwriter Brendan Warner, the unit will focus on a broad range of aviation risks across the Asia-Pacific region, including: regional airline, general aviation, products & airport liability, hull war, hull deductible and excess liability. Mr Warner, who has 33 years’ experience [...]
AXA Commercial Lines has launched its tradesmen and professional liability products on PowerPlace, the online commercial insurance marketplace. Policies are available to the self-employed and small businesses of up to eight persons with a turnover of £500,000 or less. Public liability and temporary staff cover (for up to 50 man days in any period of [...]
Ageas has partnered with risk management specialists, Cardinus, to provide a package of online risk management solutions for its commercial policyholders and brokers. As part of the deal, all commercial policyholders who take up or renew an Ageas policy are eligible for a £100 voucher that can be redeemed against Cardinus’ risk assessment or e-learning [...]
Aon Risk Solutions has appointed Nicki Tilney as head broker of construction, power and infrastructure at its global broking centre in Singapore. The centre is one of Aon’s hubs around the world for insurance placement and allows clients access to insurance markets outside their immediate geography. Ms Tilney, who has over 20 years of experience [...]
Lloyd’s underwriters have teamed up with insurance broker Aon and Global Excess Partners, an innovator in new insurance products, to develop a comprehensive bedbug insurance solution for travellers and the hospitality industry. According to Lloyd’s, bedbug infestations are on the rise, causing hotel owners, landlords and businesses major problems. High levels of infestation have been [...]
The end of the US space shuttle programme could boost the commercial space sector, providing extra business for insurers, according to Simon Clapham, space underwriter at Liberty Syndicates. Few space shuttle payloads have been insured since the Challenger disaster in 1986, after which commercial cargo was no longer transported on the shuttle. However, Lloyd’s underwriters [...]
