Daily Insurance Industry News
 
 
Daily Insurance Industry News
Saturday 27th of May 2017
November 21, 2012

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 […]



July 28, 2012

New rules for banks selling insurance in packaged accounts

by Gill Montia

Story link: New rules for banks selling insurance in packaged accounts

From 31st March 2013, banks and building societies selling packaged accounts will have to adhere to new rules just published by the Financial Services Authority (FSA). Around one in five UK adults have a packaged account, which is current account bundled up with a range of insurance policies and other features. The regulator wants to […]



April 24, 2012

Lloyds Bank announces Seb Kafetz to head New York insurance operations

by Brian Turner

Story link: Lloyds Bank announces Seb Kafetz to head New York insurance operations

Lloyds Bank has announced that Seb Kafetz will move to its New York office to spearhead the next phase of growth for its Wholesale Banking & Markets’ (WBM) Insurance Coverage division. Seb will take up his role of Senior Vice President, Insurance Coverage, on 4th May, 2012 and will be working alongside Rich Herder, Head […]



November 5, 2011

“midata” promises new era of consumer empowerment

by Gill Montia

Story link: “midata” promises new era of consumer empowerment

Insurance companies were conspicuous by their absence at the launch of a new government scheme aimed at releasing volumes of personal data held by firms about consumers. “midata” is a voluntary initiative instigated by the Department for Business, Innovation and Skills and aimed at giving consumers access to their personal data in a portable, electronic […]



June 30, 2011

Bancassurance “core part” of revitalised Lloyds proposition

by Gill Montia

Story link: Bancassurance “core part” of revitalised Lloyds proposition

Lloyds Banking Group says it intends to make bancassurance a core part of its proposition, and will therefore be building specialised advisor teams to better address customers’ needs. The part taxpayer-owned bank has today announced the results of a strategic review that will cost 15,000 jobs worldwide and result in £1.5 billion of annual savings […]



June 13, 2011

Banks receive extensions to PPI complaints deadline

by Gill Montia

Story link: Banks receive extensions to PPI complaints deadline

The Financial Services Authority (FSA) has given three banks a temporary extension to the current deadline for dealing with Payment Protection Insurance (PPI) complaints. Normally, complaints have to receive a response within eight weeks but in the case of Barclays, Lloyds Banking Group and RBS, the regulator has recognised the scale of the backlogs created […]



May 11, 2011

PPI mis-sales to generate thousands of temporary jobs

by Gill Montia

Story link: PPI mis-sales to generate thousands of temporary jobs

The ending of banks’ resistance to reviewing potential payment protection insurance (PPI) mis-sales in line with new rules from the Financial Services Authority (FSA) could lead to a glut of temporary job opportunities in the UK financial sector. According to a report in The Guardian, Lloyds Banking Group, Barclays, HSBC and RBS will together need […]



May 9, 2011

BBA backs down on PPI complaints appeal

by Gill Montia

Story link: BBA backs down on PPI complaints appeal

The British Bankers’ Association (BBA) will not be appealing against April’s High Court judgment regarding banks’ handling of Payment Protection Insurance (PPI) complaints. Following a judicial review of the Financial Services Authority (FSA) and Financial Ombudsman Service, the BBA had been given until 10th May to appeal against a ruling in favour of new FSA […]



March 9, 2011

Lloyds’ insurance director retires

by Gill Montia

Story link: Lloyds’ insurance director retires

Lloyds Banking Group has announced that its executive director for insurance and Scotland, Archie Kane, is retiring. Mr Kane joined the bank in 1986 and has been a member of the group’s board since 2000. Lloyds’ insurance business will in future be managed in two separate divisions: life, pensions and investments, and general insurance. The […]



February 2, 2011

House-swappers forgetful over insurance

by Gill Montia

Story link: House-swappers forgetful over insurance

House-swapping as an alternative to the traditional family holiday looks set to take off this year, according to new research from Lloyds TSB Insurance. A recent study suggests that 1.6 million Britons have arranged a house swap in 2011, twice the number estimated for 2010. However, Lloyd’s suggests that proper planning is needed, particularly in […]



January 25, 2011

Lloyds’ general insurance chief heads for Friends

by Gill Montia

Story link: Lloyds’ general insurance chief heads for Friends

The head of general insurance at Lloyds Banking Group is reported to be quitting his post to take up the role of chief executive at Friends Provident. Andy Briggs is expected to make the switch within the next six months, having moved from Scottish Widows to become Lloyds’ chief executive, general insurance, during a shake-up […]



December 9, 2010

UK sees temperatures fall and claims soar

by Richard Kilner

Story link: UK sees temperatures fall and claims soar

As the mercury plunges the number of claims regarding burst and frozen pipes has rocketed, Lloyds TSB Insurance has stated. The insurer has seen such claims increase sevenfold, with 5% of home insurance claims relating to burst/frozen pipes, and is urging homeowners to take steps to reduce the risk of suffering such problems. Burst pipes […]



October 13, 2010

Banks delay PPI complaints handling

by Gill Montia

Story link: Banks delay PPI complaints handling

Consumers who have brought legitimate complaints about Payment Protection Insurance (PPI) sold by banks could face delays of many months in receiving compensation. The British Bankers’ Association (BBA) has recently requested a judicial review of some decisions made by the Financial Services Authority (FSA) and the Financial Ombudsman Service, in relation to PPI. The move […]



February 9, 2010

Lloyds Banking Group restructures insurance division

by Gill Montia

Story link: Lloyds Banking Group restructures insurance division

Lloyds Banking Group is bringing its life, pensions and investment business under a new management structure. The move forms part of an integration programme within the bank’s insurance division and has prompted the following appointments. Deputy group chairman, Lord Leitch, will become chairman of the division and Archie Kane will continue as deputy chairman and […]



September 30, 2009

Moneyfacts names best pensions providers

by Gill Montia

Story link: Moneyfacts names best pensions providers

Moneyfacts has announced the winners of its 2009 Investment Life and Pensions awards. AEGON Scottish Equitable was acknowledged as Best Pension Service provider, with Standard Life and Scottish life gaining the category’s highly commended and commended statuses respectively. Lloyds Banking Group’s Scottish Widows was named Best Personal Pension Provider and AJ Bell Best SIPP Provider. […]



August 26, 2009

Lloyds to shed 200 insurance staff

by David Masters

Story link: Lloyds to shed 200 insurance staff

Lloyds Banking Group has announced plans to axe 200 jobs from its insurance unit. The announcement increases this year’s lay-offs at the firm to 7,500. The latest job cuts are due to a merger of the Lloyds TSB and HBOS general insurance divisions, including sales, marketing, actuarial, and underwriting operations. “We are bringing together these […]



Britons advised against skipping travel insurance

by Richard Kilner

Story link: Britons advised against skipping travel insurance

Lloyds TSB Added Value Accounts has commissioned research which reveals nearly 2 million Britons will go holidaying in sunnier lands during the forthcoming weekend. Of the 1,000 respondents approximately one in ten (equating to 5.2m when extrapolated to the entire UK population) admitted to going on holiday in the past without proper insurance. Nine percent […]



May 1, 2009

Scottish Widows and Clerical Medical merger to cost 305 jobs

by Gill Montia

Story link: Scottish Widows and Clerical Medical merger to cost 305 jobs

Lloyds Banking Group has announced that it is merging its Scottish Widows and Clerical Medical units. Lloyds TSB’s takeover of HBOS last year meant the new group included Lloyds TSB’s life insurance arm, Scottish Widows, plus HBOS’s Clerical Medical and Halifax Life. Bearing in mind the need to make cost savings of over £1.5 billion […]



April 21, 2009

Lloyds TSB Insurance instructs Bevan Brittan on liability claims

by Gill Montia

Story link: Lloyds TSB Insurance instructs Bevan Brittan on liability claims

Lloyds TSB Insurance, part of Lloyds Banking Group, has appointed Bevan Brittan to handle its liability claims work. The law firm has been awarded an exclusive mandate for an initial two-year term with the option to extend. The work involves advising on liability claims and associated litigation brought against Lloyds TSB Insurance. Cases will be […]



April 7, 2009

Lloyds TSB announces redundancy buffer on home insurance

by David Masters

Story link: Lloyds TSB announces redundancy buffer on home insurance

Lloyds TSB has announced that if any of its new home insurance customers are made redundant they will not have to pay premiums for up to six months. The waiver applies to any customer who purchases a Home Solutions policy in branch between 6 April and 6 June, and who is made compulsorily redundant between […]