Daily Insurance Industry News
 
 
Daily Insurance Industry News
Sunday 06th of July 2008
July 3, 2008

Heath Lambert launches new Homeline Solutions policy

by Richard Kilner

Story link: Heath Lambert launches new Homeline Solutions policy

Heath Lambert Group has launched a new product under its Homeline Solutions brand, a policy created specifically to address specialist risk frequently rejected by other insurers.
Quotes will be available for risks that fall outside mainstream categories, with examples including subsidence, flood, converted barns, people who work from home (such as dentists) and previous convictions.
Heath Lambert’s […]



June 26, 2008

AXA resonds to Pitt Report

by Gill Montia

Story link: AXA resonds to Pitt Report

Following yesterday’s publication of the final report of the Pitt Review of last summer’s flooding, AXA has responded in the form of a statement from its claims director, David Williams.
Mr Williams said that the company welcomed the report and will be studying its practical recommendations aimed at preventing and mitigating the effects of flooding.
The review […]



June 25, 2008

Pitt report acknowledges insurers’ strengths and weaknesses

by Gill Montia

Story link: Pitt report acknowledges insurers’ strengths and weaknesses

The Pitt report on last summer’s flooding has been published today.
Among its 92 recommendations are proposals for the development of a 25-year plan to address the issue of flooding.
The author of the report, Sir Michael Pitt, wants to see a review of building regulations for homes built or refurbished in flood-prone areas and greater collaboration […]



June 24, 2008

Pitt report to highlight insurers’ shortcomings

by Gill Montia

Story link: Pitt report to highlight insurers’ shortcomings

The insurance sector is bracing itself for Sir Michael Pitt’s report on the flooding of summer 2007.
It is understood that the document will contain serious criticisms of the insurance industry and could propose a radical review of the way in which home contents and buildings insurance works, with proposals for the development of new types […]



June 18, 2008

ABI survey reveals flooding fears

by Gill Montia

Story link: ABI survey reveals flooding fears

The Association of British Insurers (ABI) has been researching public attitudes towards flood risk one year after the serious flooding of summer 2007.
The study found that three-quarters of people think that not enough is being done to prevent flooding and many named improved drainage as a key priority.
Of those questioned from areas that were badly […]



June 2, 2008

AXA launches home insurance via Insurecom

by Gill Montia

Story link: AXA launches home insurance via Insurecom

AXA has announced that its ABC and Exclusive household insurance products are now available to customers of Insurecom, the software solutions firm.
Insurecom will host the products as Full Cycle EDI, which should give brokers a faster and easier method of managing their household insurance business with AXA.
ABC is a buildings and contents policy designed […]



ABI advice to flash-flood victims

by Gill Montia

Story link: ABI advice to flash-flood victims

Last week’s flash flooding in the West County has prompted the Association of British Insurers to issue advice to the property owners affected.
Those who have household and/or business insurance policies should be covered for flood damage and need to contact their insurer as soon as possible.
Twenty-four hour emergency helplines are provided by most insurers, […]



May 14, 2008

Nationwide offers 20% discount on home cover

by Gill Montia

Story link: Nationwide offers 20% discount on home cover

Nationwide has launched a home insurance offer that gives a 20% discount to those purchasing combined buildings and contents cover.
The offer lasts until 31st July and the discount will be applied for a second year, if the policies are renewed jointly. New customers can save an additional 10% on the first year’s premium by applying […]



May 9, 2008

FSA dissatisfied with insurance comparison websites

by Gill Montia

Story link: FSA dissatisfied with insurance comparison websites

The Financial Services Authority (FSA) has completed a review of insurance comparison websites and concluded that some are misleading consumers by not providing clear and accurate information.
In its report, the regulator states that only a small number of insurance sites provide a full list of policy features and that in the majority of cases, consumers […]



May 7, 2008

CETA promotes identity theft insurance

by Gill Montia

Story link: CETA promotes identity theft insurance

CETA, the 4,000 strong network of insurance intermediaries, is urging its brokers to promote identity theft insurance.
The risk of this type of fraud is increasing for UK consumers; losses from plastic cards used for Internet, telephone and mail purchases totalled £290.5 million in 2007, although CETA believes the figure could be much higher.
While the crime […]



May 1, 2008

Homeowners prefer shopping online for insurance

by Richard Kilner

Story link: Homeowners prefer shopping online for insurance

Research conducted by Global Reviews has found that browsing and purchasing home insurance online is preferred by homeowners.
The survey involved a thousand respondents.
However, the customer experience benchmarking firm also discovered that a large number of online home insurer websites did not offer the service that was being sought, and that as a result, the industry […]



April 28, 2008

Homeowners need to guard against burglary

by Richard Kilner

Story link: Homeowners need to guard against burglary

A survey carried out by Zurich Insurance has revealed that homeowners are not doing enough to protect themselves against burglary.
Of the 1,000 surveyed, 10% stated they had broken into their own property, with 32% claiming they would be able to do so.
Two-thirds of those who had broken in had managed to do so in under […]



April 25, 2008

Amateur chefs bump up household claims

by Gill Montia

Story link: Amateur chefs bump up household claims

Esure, the online provider of home insurance, has noted a new trend in claims involving mishaps in the kitchen.
Since celebrity chefs tried to educate the nation and the blow torch moved in alongside the potato masher, amateur chefs have been getting into trouble.
According to the research, 14% of those questioned had experienced an accident […]



April 18, 2008

AA: premiums not yet hit by flooding

by Richard Kilner

Story link: AA: premiums not yet hit by flooding

The widely tipped surge in cost of car and home insurance premiums has yet to appear, according to the AA British Insurance Premium Index.
Car insurance premiums rose by 6% over the course of a year, but most recently have recorded a modest decline.
The present average cost of comprehensive car insurance is £682, £37 higher than […]



April 16, 2008

A third of retirees move house

by Richard Kilner

Story link: A third of retirees move house

Almost a third of retired people are forced to move, according to new research conducted by Saga Home Insurance.
The home insurer believes that a strong reason behind the research’s findings is the soaring cost of living, with food and energy costs rising particularly quickly.
Saga also found that 38% of retirees discovered that their actual financial […]



April 15, 2008

£173m damage caused by DIY

by Richard Kilner

Story link: £173m damage caused by DIY

Halifax Home Insurance has conducted research which reveals that DIY causes £173m of damage to the homes of neighbours annually.
The research showed that 590,000 failed efforts at DIY caused some degree of damage to neighbouring properties, creating a typical bill that can run into hundreds of pounds.
The destruction varied from walls tumbling down to damage […]



April 1, 2008

Insurance costs more in Islington

by Gill Montia

Story link: Insurance costs more in Islington

A study by EMB, the actuarial consultancy, has concluded that the London borough of Islington has become the most expensive locality in the UK in which to insure possessions.
EMB has calculated the average annual combination of motor, buildings and contents premiums for the 10 “worst” and “best” places to live in the UK, in terms […]



March 27, 2008

ABI demands 25-year flood risk strategy

by Gill Montia

Story link: ABI demands 25-year flood risk strategy

The Association of British Insurers (ABI) has published its Summer Floods 2007 report in which it calls on the Government to develop a 25-year strategy to manage flood risk in the UK.
The ABI believes the strategy should be the responsibility of a single national body, which should develop an investment programme and stronger planning controls.
The […]



March 26, 2008

Spike in burglaries expected as clocks spring forward

by Richard Kilner

Story link: Spike in burglaries expected as clocks spring forward

Saga has advised homeowners to be on their guard against burglary, as the rates of the crime rise during the period when the clocks go forward.
Paul Green, Saga’s communications chief, explained that the reasoning behind the crime increase is thought to be that lighter evenings make people feel more secure.
Green went on to say that […]



March 25, 2008

10,000 flood vicitms wait to return home

by Gill Montia

Story link: 10,000 flood vicitms wait to return home

Research on the victims of last summer’s floods by BBC’s Radio Five Live, asserts that over 10,000 people have not yet returned to their homes.
Figures from local authorities across England show that over 5,000 households remain in temporary accommodation but the actual number could be greater because the authorities may not be aware of all […]