90% of critical illness claims paid out
by Gill Montia
Story link: 90% of critical illness claims paid out
New figures from the Association of British Insurers (ABI) show over 100 families and individuals a day claiming on their life or critical illness insurance, during 2008. According to the ABI, the average claim stood at £52,000 or double the average UK annual salary. In addition, the number of critical illness claims paid out rose [...]
Fall in long-term premium income hits UK insurers
by Gill Montia
Story link: Fall in long-term premium income hits UK insurers
The UK saw an 18% drop in net worldwide premium income in 2008, to £215.3 billion, according to International Financial Services London (IFSL), a body set up to promote UK financial services. The decline relates particularly to long-term premiums, which typically account for around 80% of insurance business in the UK. Last year, long-term premiums [...]
Insurers face record fire claims
by Gill Montia
Story link: Insurers face record fire claims
The Association of British Insurers (ABI) has reported that the cost of fire damage in the UK has risen to record levels. During the first half of the year, insurers paid out £639 million, or £3.6 million a day, for damage caused by fires. The figure is at its highest ever for a comparable period [...]
Home insurance claims subside
by Gill Montia
Story link: Home insurance claims subside
Home insurance claims across the UK numbered 373,000 in the first six months of 2009, compared with 527,000 in the same period of 2008, and the average value of a claim for the periods stood at £735 and £918 respectively. The figures appear in Sainsbury’s Home Insurance Claims Index, which tracks both the volume and [...]
Life and pension complaints plummet
by Gill Montia
Story link: Life and pension complaints plummet
The Financial Services Authority (FSA) has published aggregate figures showing the volume of complaints regulated firms have received from their customers. The data, which is the first of its kind to be published by the regulator, covers the period 2006 to 2008, during which time the overall number of complaints increased by 5.7%, from 1.4 [...]
Insurers saved £48m by Keoghs
by Richard Kilner
Story link: Insurers saved £48m by Keoghs
Keoghs LLP, the specialist insurance law firm, has helped prevent £48m being paid out by the country’s leading insurers on suspicious claims during the course of the last year. The number stands a fifth larger than that of the previous year, a sign of Keoghs’ progress in the field as well as increasing insurance fraud. [...]
IAG posts “solid” 2008 results
by David Masters
Story link: IAG posts “solid” 2008 results
Insurance Australia Group (IAG) posted its 2008 full year results this week with a profit of A$181 million ($150.5 million). Gross written premiums grew to A$7.84 billion, up from A$7.79 billion in 2007. The group said selling its under-performing UK businesses, coupled with a strong performance by UK-based Equity Red Star, helped it recover from [...]
Kwik-Fit relies on non-motor for growth
by David Masters
Story link: Kwik-Fit relies on non-motor for growth
Kwik-Fit Insurance posted a 5% fall in pre-tax profit in this week despite a 10% rise in turnover. The results, for the full 2008 year, show a pre-tax profit of £8.8 million on revenues of £64.2 million. When a 2007 accounting anomaly is removed, however, the results show underlying profit up 7% and operating profit [...]
Pension complaints up 10%
by Gill Montia
Story link: Pension complaints up 10%
Britons are becoming increasingly disgruntled over their pension plans, with the number of complaints received by The Pensions Advisory Service (TPAS) increasing by 10% in 2008/2009. In the 12 months to the end of March, 7,746 individuals contacted the body, compared to 7,026 in the previous 12 months. According to TPAS, the biggest single driver [...]
UK road deaths down 14%
by Gill Montia
Story link: UK road deaths down 14%
The Department for Transport (DfT) has published encouraging statistics on UK road accident casualties for 2008. The number of people killed on Britain’s roads fell by 14%, from 2,946 in 2007 to 2,538 last year. In total there were just under 231,000 road casualties during the year, a fall of 7%. The number of deaths [...]
Pensions net premium income up 18%
by Gill Montia
Story link: Pensions net premium income up 18%
The Association of British Insurers (ABI) has published provisional long-term “business in force” figures for 2008, showing how the recession and changes in Capital Gains Tax continue to impact on the UK insurance sector. Last year, total net premium income for life insurance and pensions stood at £97.7 billion, down 2% from £100.2 billion in [...]
Canopius posts record profits for 2008
by David Masters
Story link: Canopius posts record profits for 2008
Lloyd’s underwriter Canopius has reported its results for full year 2008, with increased returns on investments and record profits. The company – one of the biggest privately-owned Lloyd’s underwriting businesses – said the result reflects a solid performance. Investment returns increased £30 million on year, an especially impressive feat considering the general state of financial [...]
AIG confesses $454m performance bonuses
by David Masters
Story link: AIG confesses $454m performance bonuses
AIG paid out $454 million in 2008 performance bonuses, it emerged this week. The embattled US insurer revealed the previously undisclosed figure yesterday in answer to questions from a US law maker. AIG told Representative Elijah Cummings, a Maryland Democrat, that the bonuses were paid out to employees in 120 countries. Employees in AIG asset [...]
Private Medical Insurance defies the recession in 2008
by Richard Kilner
Story link: Private Medical Insurance defies the recession in 2008
The Association of British Insurers (ABI) has revealed that 2008 saw an increase in the number of people covered by Private Medical Insurance (PMI), despite the recession. Last year 6.2m were covered by either personal or corporate PMI, with another 1.1m covered by Healthcare Trust arrangements. The total of 7.3m covered marks a 2.7% increase [...]
Fortis UK reports doubling of profit
by David Masters
Story link: Fortis UK reports doubling of profit
Fortis Insurance UK has reported a doubling of profits in 2008, and has pledged to create at least 150 new jobs this year. Non-life profit before tax increased to £76 million in 2008, compared to £30 million the previous year. The increase came despite a small drop in non-life gross written premiums, down to £758 [...]
Brightside looks to further growth as profit soars 182%
by Gill Montia
Story link: Brightside looks to further growth as profit soars 182%
Brightside Group has reported a 182% rise in profit from continuing operations in 2008, to £6.2 million. Revenue increased by 42% to £33.2 million. The results compare with profit of £2.2 million and revenue of £23.3 million in 2007. The firm saw its insurance broking customer base expand to 149,381 last year (up from 131,254 [...]
Fortis’ insurance business shows profit as group posts €28bn loss
by Gill Montia
Story link: Fortis’ insurance business shows profit as group posts €28bn loss
Fortis has reported that its insurance business posted a net profit of €6 million in 2008, with earnings generated entirely by the group’s Belgium business, which had to accommodate a €534 million loss on its investment portfolio during the year. Activity across Fortis Insurance International’s other businesses achieved “break-even”. However, the troubled group, which became [...]
Police seize 460 uninsured vehicles per day
by Gill Montia
Story link: Police seize 460 uninsured vehicles per day
The battle against uninsured motorists is hotting up with the Association of Chief Police Officers and Motor Insurers’ Bureau (MIB) reporting that police are seizing more than 460 uninsured vehicles a day. In addition, the number seized last year rose to more than 170,000, up from 78,000 in 2006, the first full year following the [...]
NU reports 14% rise in critical illness payouts
by Gill Montia
Story link: NU reports 14% rise in critical illness payouts
Norwich Union (NU) has published its critical illness (CI) statistics for last year. The insurer settled 1,625 CI claims during 2008, totalling almost £121 million, a rise of 14% on a year earlier. A further £216 million was paid to families who were either bereaved or had a family member diagnosed with a terminal illness. [...]
Profit up 13% for Abbey Protection
by Gill Montia
Story link: Profit up 13% for Abbey Protection
Abbey Protection has reported a 13% rise in pre-tax profit for 2008, to £8.3 million. Revenue increased 11% to £30.3 million and the company reported an improved claims ratio of 63.9%, down from 69.7% in 2007. The firm, which specialises in legal and professional fees insurance to UK small and medium-sized enterprises, says it had [...]
