ABI laments missed opportunities in the Budget
by Richard Kilner
Story link: ABI laments missed opportunities in the Budget
The Director General of the ABI, Kerrie Kelly, has expressed relief that yesterday’s Budget did not contain any further moves that would damage pension saving following the damaging and over-complicated reductions in tax relief due to take effect next year. Kelly called on the Government to help encourage a culture of saving, praising the raising [...]
ABI gives support to Opposition reform plans
by Richard Kilner
Story link: ABI gives support to Opposition reform plans
The Association of British Insurers (ABI) has responded to the statement by Shadow Chancellor George Osborne regarding Conservative proposals for reforming the financial regulatory system of the United Kingdom. Director General Stephen Haddrill has said he welcomes the clarity and detail provided by the Opposition in relation to their proposals. However, Haddrill did say that [...]
GM declares itself bankrupt
by David Masters
Story link: GM declares itself bankrupt
General Motors Corp. (GM), the world’s largest car maker, yesterday filed for bankruptcy protection with a plan to restructure the company so it can compete in international markets. The bankruptcy marks the end of the Detroit-based company’s 101 year history. It is the biggest ever filing by a US manufacturer, and the third largest in [...]
Darling’s ‘death warrant’ credit cover
by David Masters
Story link: Darling’s ‘death warrant’ credit cover
Steve Dowdle, managing director of Sony UK, said the government’s credit insurance top up scheme has “effectively signed the death warrant” for retailers across the UK. The top up scheme – announced in last week’s Budget by Chancellor Alistair Darling – aims to support businesses that have had their credit insurance cover reduced. A government [...]
Insurer shareholders nervous ahead of budget
by David Masters
Story link: Insurer shareholders nervous ahead of budget
Aviva shares tumbled 7.5% to 253.5p after HSBC analyst Kailesh Mistry warned that dividends could be slashed in half this year. Concerns that tax changes to pensions in today’s Budget announcement also helped to fuel the shareholder exodus from Britain’s largest insurer. Reports in the Times newspaper suggested that the 20.5p drop in share price [...]
Former AIG boss denies responsibility for crisis
by David Masters
Story link: Former AIG boss denies responsibility for crisis
Maurice ‘Hank’ Greenberg, founder and former chief executive of troubled US insurer American International Group (AIG), has claimed that he is not responsible for the problems at AIG, as they happened after he left. Greenberg, 83, retired in 2005 as AIG’s CEO after 38 years at the helm following an accounting scandal at the company. [...]
Qatar aims to become insurance hub
by David Masters
Story link: Qatar aims to become insurance hub
Qatar Financial Centre Authority (QFCA) has set its sights high with the goal of making Qatar a regional hub for insurance and reinsurance activity. The group’s director-general, Stuart Pearce, said the country must develop strategic initiatives from locally-based assets if the goal is to be achieved. “Following the 500 meetings that QFCA official had held [...]
British public oppose insurer-bailout
by David Masters
Story link: British public oppose insurer-bailout
Eighty percent of Brits oppose government bailouts for insurers, according to research by the Financial Times. Only one in five of those surveyed said they would support bail-outs of insurance firms, compared to 36% who backed state aid for banks. Two in five backed government support for car manufactuers. The only area of the economy [...]
Insurance industry urges UN to act on climate change
by David Masters
Story link: Insurance industry urges UN to act on climate change
ClimateWise – the climate change initiative representing 42 of the world’s leading financial services companies – has called upon the United Nations to ensure that the concerns of the insurance industry are considered in the successor to the Kyoto Protocol. The insurance industry wants a clear climate change adaptation programme so that it can accurately [...]
French state offers credit insurance to SMEs
by David Masters
Story link: French state offers credit insurance to SMEs
The French government has unveiled plans to offer credit insurance to small and medium sized businesses (SMEs) in the country. As global markets enter recession, insurers are becoming increasingly wary of offering credit insurance, which covers companies against non-paying customers or if they enter administration. A number of European insurers have started pulling cover from [...]
UK Government cuts VAT rate
by David Masters
Story link: UK Government cuts VAT rate
Chancellor of the Exchequer Alistair Darling has announced a 2.5% cut in VAT, from 17.5% to 15%. The cut will remain until 2010, when VAT is expected to return to previous levels. Small business will also benefit as their 1% tax rate rise has been suspended. It was due to increase to 22%. In total, [...]
