Swerve in car insurance costs
by Gill Montia
Story link: Swerve in car insurance costs
The cost of comprehensive motor insurance cover rose by an average 12.3% in the 12 months to the end of September, according to the latest Confused.com/Towers Watson Car Insurance Price Index. However, the rate of increase compares with 38% over the whole of 2010, and the average cost of a comprehensive policy now stands at [...]
Towers Watson appoints risk consulting & software leader
by Gill Montia
Story link: Towers Watson appoints risk consulting & software leader
Professional services group, Towers Watson, has appointed Michael Murphy as a senior leader at its risk consulting and software (RCS) business. Mr Murphy is a former Aviva Europe SE managing director and has worked in both the life and general insurance sectors at managing director, finance director and chief actuary levels. His new post, based [...]
Towers Watson opens Istanbul office
by Gill Montia
Story link: Towers Watson opens Istanbul office
Towers Watson has expanded its presence in Turkey by establishing a subsidiary in Istanbul. Süha Alici, who has been with the group since 2007, has been appointed as managing consultant of the new unit. The professional services firm has been working with clients in Turkey for the past ten years and regional manager, EMEA, Babloo [...]
Towers Watson appoints risk consulting & software leader
by Gill Montia
Story link: Towers Watson appoints risk consulting & software leader
Towers Watson has appointed Rory O’Brien as global risk consulting and software leader, effective immediately. He replaces Steve Taylor-Gooby, who is stepping down from the role after 25 years with the professional services firm. Mr O’Brien joins from EMB, the risk consulting and software firm acquired by Towers Watson in February in a move aimed [...]
Proposed Solvency II amendments surprisingly wide ranging
by Gill Montia
Story link: Proposed Solvency II amendments surprisingly wide ranging
Towers Watson is suggesting that proposed amendments to the Solvency II Directive from Omnibus II include transitional measures that seem far more wide ranging than had previously been alluded to in QIS5, and other discussions. The professional services firm’s senior consultant, Naren Persad, comments: “The Commission is taking a sensible precaution in giving itself the [...]
Towers Watson completes EMB acquisition
by Gill Montia
Story link: Towers Watson completes EMB acquisition
Towers Watson has completed the acquisition of EMB, a non-life consulting and software company. The professional services firm says the move will result in the formation of Europe’s largest non-life actuarial consultancy, and one of the largest in the world. EMB will become part of Towers Watson’s global risk consulting and software business and EMB [...]
Towers Watson acquires EMB
by Gill Montia
Story link: Towers Watson acquires EMB
Professional services company, Towers Watson, has agreed to acquire the worldwide operations of EMB, the actuarial consultancy and software provider. The transaction is expected to complete over the next 60 to 90 days, subject to customary closing conditions, including regulatory approvals. EMB, which was founded in the UK in 1993, is best known as an [...]
Personal motor market unprofitable until 2015
by Gill Montia
Story link: Personal motor market unprofitable until 2015
The UK personal motor market will remain unprofitable until at least 2015, as a result of a 30% annual increase in the cost of fraudulent claims and an over-reliance on pricing in an increasingly competitive market. According to professional services firm, Towers Watson, fraudulent crash-for-cash claims continue to “spiral out of control”, while third-party bodily [...]
Enhanced annuity sales up 41%
by Gill Montia
Story link: Enhanced annuity sales up 41%
The value of enhanced annuity sales in the UK rose to £1.26 billion in the first half of 2010, an increase of 41% compared to the second half of 2009. Enhanced annuities, also known as impaired life annuities, provide higher pension incomes because the purchaser will have been assessed as having a lower than average [...]
