Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 26th of September 2018
February 24, 2009

Boat owners urged to fit anti-theft devices

by Richard Kilner

Story link: Boat owners urged to fit anti-theft devices

Yacht and motorboat insurer Navigators & General has advised boat owners to be careful to adhere to security conditions in their insurance policies. Failure to do so could render an otherwise legitimate claim null and void. February is not a particularly popular month for using boats, meaning more are on trailers than at other times […]



Chubb encourages green rebuilding

by Richard Kilner

Story link: Chubb encourages green rebuilding

In a bid to promote the green agenda, the Chubb Group of Insurance Companies is to encourage homeowners to go green after their home is damaged (or even destroyed). One of the issues with going green can be exorbitant costs, but Chubb has promised to assist homeowners with insurance that will cover the costs of […]



FSA outlaws sales of single premium PPI from 29th May

by Gill Montia

Story link: FSA outlaws sales of single premium PPI from 29th May

The Financial Services Authority (FSA) has today written to lenders that are still selling single premium Payment Protection Insurance (PPI) with unsecured personal loans to ask them to withdraw the product as soon as possible, and by no later than 29th May. Alliance & Leicester, Barclays, Co-Operative Bank, Lloyds Banking Group and RBS/Natwest opted out […]



Health Lambert opens second Birmingham office

by Gill Montia

Story link: Health Lambert opens second Birmingham office

Independent broker, Heath Lambert, is opening a new office in the centre of Birmingham. The premises, which will be in addition to the firm’s Brierley Hill site in the city, will be formally opened on 4th March by Lord Jones of Birmingham. It will form the base for 20 commercial insurance and employee benefits specialists […]



Hiscox and Maserati team up

by Richard Kilner

Story link: Hiscox and Maserati team up

Specialist insurer Hiscox has teamed up with Maserati to offer exclusive motor insurance via Maserati Insurance Services. Maserati drivers will now be able to take advantage of comprehensive and cutting-edge insurance tailored to their specific needs. Benefits of the coverage include, in the event of theft, compensation for the cost of a personalised number plate […]



Open GI launches Open Trader

by Richard Kilner

Story link: Open GI launches Open Trader

Open GI has bolstered its commercial broking capability with the launch of an integrated SME trading platform known as Open Trader. Open Trader has been formulated to assist brokers by changing the way they handle small package commercial lines business. In addition, the platform will offer underwriters access to the firm’s broker community for their […]



Fortis secures £50m partnership deal with UK Underwriting

by Gill Montia

Story link: Fortis secures £50m partnership deal with UK Underwriting

Fortis Insurance has secured a five-year partnership agreement with UK Underwriting (UKU), which specialises in tailored insurance products for scheme businesses. The company is replacing Axa as majority capacity provider for UKU in a deal worth in excess of £50 million gross written premiums annually. According to UKU, the appointment forms part of a wider […]



FSA relaxes proposals on compensation payments for mis-selling

by Gill Montia

Story link: FSA relaxes proposals on compensation payments for mis-selling

The Financial Services Authority (FSA) is reconsidering its proposals on the use of the surpluses in with-profits funds (also known as inherited estates) to compensate policyholders who are the victims of mis-selling. Consumer groups have been petitioning for a change in the rules for years, arguing that shareholders should bear such costs. Last year, the […]



Glacier announce new CSO and restructuring

by Richard Kilner

Story link: Glacier announce new CSO and restructuring

European insurer and reinsurer Glacier Group has announced the appointment of Dirk Turley to the post of chief strategic officer (CSO). He brings with him over two decades of experience, and has also worked for GE Frankona prior to becoming a founding member of Glacier. As CSO of the Group, Turley will report directly to […]



February 23, 2009

New code of practice for price comparison websites

by Gill Montia

Story link: New code of practice for price comparison websites

The trade body that regulates and represents the online price comparison industry is joining forces with the Association of British Insurers (ABI), to develop a new code of practice for online insurance aggregators. The Comparison Consortium was launched this year following an investigation by the Financial Services Authority into claims by consumer groups that price […]



OurNetwork offers three new products

by Richard Kilner

Story link: OurNetwork offers three new products

OurNetwork has widened its product range with the addition of three new products for its brokers. The legal expenses, premium finance and commercial retailers products have been furnished by new panel members Brit Insurance, DAS and RBS Finsure. The combined product offers a commission rate of 21% and a broad range of coverage, and is […]



Chubb launches liability policy for pension trustees

by Gill Montia

Story link: Chubb launches liability policy for pension trustees

Chubb Insurance has launched a new Pensions Liability Insurance, which aims to provide peace of mind for pension trustees. The firm says it is responding to today’s uncertain economic environment, which has increased the risk trustees face when they are already dealing with more demanding obligations. According to Chubb, to fulfil their responsibilities trustees now […]



CII calls for industry leadership on climate change

by Gill Montia

Story link: CII calls for industry leadership on climate change

The body that represents professionals working in the insurance sector has warned that climate change will present the industry with the “biggest challenge in our time”. A new thinkpiece from the Chartered Insurance Institute (CII) emphasises “the clear and pressing need” for insurers to assess and effectively manage the issues raised by changing weather patterns. […]



February 22, 2009

Prudential reports £1.7bn capital surplus and rising sales

by Gill Montia

Story link: Prudential reports £1.7bn capital surplus and rising sales

Prudential has described its sales performance for 2008 as “good” with overall group insurance new business up 5% in “a really challenging environment”. Sales for the year rose to £3.024 billion, up from £2.87 billion in 2007, with increases of 7% in the US, 6% in Asia and 4% in the UK. In addition, the […]



February 20, 2009

Swiss Re confirms dire results

by David Masters

Story link: Swiss Re confirms dire results

Swiss Re has confirmed massive losses for 2008 totalling CHF864 million ($735.8 million). This is compared to CHF4.23 billion profit for 2007, although is slightly less than the CHF1 billion loss that the company had said was possible in a preliminary announcement earlier this month. The Switzerland-based insurer reported a return on equity of -3.4%, […]



Groupama revenues up 6% but profit falls

by Gill Montia

Story link: Groupama revenues up 6% but profit falls

Groupama Insurances recorded a 6% rise in revenues for 2008, to £432.6 million. The company reported that the rating environment across personal lines had hardened during the year, with personal motor accounts rising consistently. The insurer also saw strong results from its home insurance and niche accounts so that altogether, personal lines revenues rose to […]



February 19, 2009

L&G slashes with-profits bonuses

by Gill Montia

Story link: L&G slashes with-profits bonuses

Legal & General (L&G) has followed other leading insurers in slashing bonuses for investors in its with-profits fund. Holders of with-profits bonds will be worst affected with bonuses on investments begun in 2004 down 18.3% over the year. The company has not been able to give an average rate cut because investor profiles are very […]



Plum launches MNW home insurance cover

by Gill Montia

Story link: Plum launches MNW home insurance cover

Home insurance underwriting agency, Plum Underwriting, has launched Plum Elite, a new product for the mid net worth (MNW) home insurance market. The move has been accompanied by a re-launch of the firm’s non-standard household product, Plum Flex. Both Elite and Flex are underwritten at Lloyd’s by Beazley Group and are available to new and […]



ABI reviews Money Market Fund Sectors

by Gill Montia

Story link: ABI reviews Money Market Fund Sectors

The Association of British Insurers (ABI) has announced that it is reviewing the purpose and function of the ABI Fund Sectors. The sectors categorise different types of investment fund and are used by consumers and financial advisers to compare funds with similar investment profiles. The ABI’s director general, Stephen Haddrill, explains that “the current economic […]



Car insurance premiums down 3.1%

by Gill Montia

Story link: Car insurance premiums down 3.1%

Car insurance premiums fell during the last six months of 2008, according to research by Sainsbury’s Financial Services. The insurer calculates that the average premium for December stood at £498.22 a drop of 3.1% on June of last year, when motorists paid an average £514.16. However, Sainsbury’s warns that premiums could soon be on the […]