Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 24th of September 2018
August 23, 2010

Hiscox reports interim results

by Richard Kilner

Story link: Hiscox reports interim results

Specialist insurer Hiscox has reported its interim results for the first six months of 2010, including pre-tax profits of £97.2m, down from the £141.4m achieved during the same period last year. Earnings per share were down significantly, from 33.2p to 20.9p. Gross written premiums were essentially flat, declining very slightly from £906m to £904.3m, and […]



Comparison websites are exempt from VAT, court rules

by Richard Kilner

Story link: Comparison websites are exempt from VAT, court rules

The UK tax authorities have announced that, following its loss on Appeal of the InsuranceWide and Trader Media VAT cases, it will not be appealing. This decision means that insurance introductory and comparison websites will continue to be exempt from VAT, which will have the knock-on effect of perhaps leaving insurers with unexpected VAT bills […]



MMA names new commercial property underwriter

by Richard Kilner

Story link: MMA names new commercial property underwriter

MMA, the broker-only insurer, has announced the appointment of Dennis Chapman to the post of account underwriter for the Commercial Property Owners product. In his new position Chapman will be tasked with further developing the Commercial Property Owners proposition and fostering growth within the commercial combined account. He leaves behind Glemham Underwriting, where he spent […]



August 20, 2010

Oxygen launch new psychological professionals coverage

by Richard Kilner

Story link: Oxygen launch new psychological professionals coverage

Oxygen Insurance Brokers has launched a new product, providing psychological professionals with a professional liability policy. The new policy will cover psychologists, counsellors, psychotherapists, hypnotherapists, life, business & executive coaches, HR, training & development consultants, stress management professionals, education consultants and a range of other related professions. Psychological professionals will benefit from broad coverage, with […]



Travelers to pick up Quinn’s legal PI

by Gill Montia

Story link: Travelers to pick up Quinn’s legal PI

Travelers has struck an exclusive agreement with Quinn’s former broker, Prime Professions, the Law Society Gazette has reported. The insurer will offer professional indemnity cover to sole practitioner lawyers left in limbo by Quinn’s expected departure from the market. However, Prime director, Richard Brown, has stressed that Travelers will only take on around three-quarters of […]



August 19, 2010

Caribbean faces rising hurricane risks

by Richard Kilner

Story link: Caribbean faces rising hurricane risks

The future development of the Caribbean could be hampered by increasing hurricane and storm activity caused by climate change, according to the Caribbean Catastrophe Risk Insurance Facility (CCRIF). The study found that wind, storm surge and inland flooding damage took up 6% of some nations’ GDP, with costs expected to rise by 1-3% by 2030. […]



Insurance Australia opts for Guidewire’s ClaimCenter

by Gill Montia

Story link: Insurance Australia opts for Guidewire’s ClaimCenter

Insurance Australia Group Limited (IAG) has appointed Guidewire Software to supply the technology platform that will undergird its claims management operations. According to Guidewire, ClaimCenter solution enables insurers to define, enforce and continually refine their preferred claims handling practices. Already in use by general insurers of all sizes across all product lines, the firm claims […]



Axis enters international accident & health market

by Gill Montia

Story link: Axis enters international accident & health market

Axis Global Accident & Health, a division of Axis Capital Holdings, has appointed Giles Allen as senior vice president international accident & health insurance operations, Global Accident & Health. The firm, which currently markets insurance products in the US, is expanding into the international market. The new offering under development includes personal and business travel […]



Allianz Commercial appoints SME underwriting manager

by Richard Kilner

Story link: Allianz Commercial appoints SME underwriting manager

Allianz Commercial has named Russell Corbould-Warren as the division’s new SME underwriting manager. Corbould-Warren has been a member of Allianz Commercial’s management team for the last 4 years, and leaves behind his role as business systems manager. He replaces the former SME underwriting manager, Catherine Dixon, who has been promoted to property and risk control […]



Zurich names new chief life actuary

by Richard Kilner

Story link: Zurich names new chief life actuary

Zurich Financial Services Group has announced the appointment of Bill Robertson to the position of chief life actuary. He leaves behind his present position as Aegon UK’s finance director to join Zurich, having spent a decade occupying a range of senior posts with Aegon. Earlier in his career he worked for Scottish Equitable at head […]



Dog bites worry US home insurers

by Gill Montia

Story link: Dog bites worry US home insurers

The US Insurance Information Institute has reported that dog bites now account for more than one-third of all homeowners’ insurance liability claims, costing $412 million in 2009, the total having risen 8.7% on a year earlier. Figures from the Center for Disease Control and Prevention show that more than 4.7 million people in the US […]



L&G shares rise on Zurich bid speculation

by Gill Montia

Story link: L&G shares rise on Zurich bid speculation

Shares in Legal & General rose almost 3% yesterday, alongside reports that Zurich Financial Services could be preparing a bid. The news comes in the same week that Aviva officially rejected a £5 billion proposal from RSA to acquire its general insurance businesses in the UK, Ireland and Canada. Despite the rebuff, AXA and Resolution […]



August 18, 2010

Long-stay holiday reminder on home insurance

by Gill Montia

Story link: Long-stay holiday reminder on home insurance

Britons taking extended holidays abroad are reminded that they could risk leaving their homes uninsured if they intend to be away for more than 30 days. According to research from moneysupermarket.com, the small print on home insurance policies varies between providers, with some insurers only offering existing cover for unoccupied homes for a maximum of […]



Zurich appoints chief claims officer

by Richard Kilner

Story link: Zurich appoints chief claims officer

Zurich Financial Services Group has announced the appointment of Thomas Sepp as chief claims officer, with effect from 1 September. He joined Zurich last year as chief operating officer of Europe General Insurance, prior to which he led the UK Insurance Practice of McKinsey & Co. Sepp will replace Christian Orator, who has been appointed […]



Aon Benfield Securities launches ILS Indices

by Gill Montia

Story link: Aon Benfield Securities launches ILS Indices

Aon Benfield Securities has launched the Aon Benfield ILS Indices, which provide a quantitative view of monthly insurance-linked securities (ILS) returns, since December 2000. Calculated by Thompson Reuters, the Indices track the performance of catastrophe bonds in each of four portfolios: All Bond, BB-rated Bond, US Hurricane Bond and US Earthquake Bond. Each index is […]



Brit appoints Strategic Business CEO

by Richard Kilner

Story link: Brit appoints Strategic Business CEO

International general insurance and reinsurance group Brit Insurance has announced the appointment of Ray Cox to the post of chief executive officer of the firm’s UK Strategic Business Unit. Cox, whose appointment is effective from 1 September, will also take up a seat on the Executive Management Committee and will report directly to Group Chief […]



August 17, 2010

Motorists at risk from tired driving

by Richard Kilner

Story link: Motorists at risk from tired driving

Research commissioned by Brake and Direct Line has revealed that the majority of drivers have driven whilst tired, and a shocking lack of awareness regarding the facts of driving whilst exhausted. The survey found that the vast majority (74%) admitted driving whilst tired during the last 12 months, with 9% doing so habitually (once a […]



Employers kept in the dark over health concerns

by Gill Montia

Story link: Employers kept in the dark over health concerns

Only 4% of employees in the UK would approach their boss with a health concern, research from Aviva suggests. The insurer’s latest Health of the Workplace study also reveals that only 1% would approach their HR department with a health issue. Nearly a quarter of employees surveyed saw their reticence as a matter of personal […]



UK employees suffer in silence

by Richard Kilner

Story link: UK employees suffer in silence

Aviva UK Health has commissioned new research which reveals that most UK employees would prefer to suffer in silence rather than confide in their boss. Only one in 25 of those surveyed indicated a willingness to speak with their boss regarding a health issue, with one in 20 stating they might confide in a colleague […]



Airline passengers lose long-delay compensation right

by Gill Montia

Story link: Airline passengers lose long-delay compensation right

UK air passengers can no longer claim compensation from airlines for long flight delays. According to a BBC report, the right has been suspended by the High Court. In November of last year, the European Court of Justice (ECJ) ruled that the damage sustained by air passengers in cases of long delay is comparable with […]