Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 18th of October 2018
November 26, 2010

Halifax encourages winter health check for homes

by Richard Kilner

Story link: Halifax encourages winter health check for homes

Homeowners are being advised by Halifax Home Insurance to give their properties a winter health check, to help head off any damage due to winter weather. Last year the insurer saw over 18,000 claims relating to frozen and burst pipes, averaging £1,790 in value. There were also more than 8,000 claims for damage due to […]



Detica sheds light on Solvency II data management

by Gill Montia

Story link: Detica sheds light on Solvency II data management

Detica is urging Lloyd’s managing agents not to underestimate the data management challenges that accompany Solvency II. The firm is also warning that achieving Solvency II compliance will be a major undertaking for the Lloyd’s market, with estimated implementation costs of around £150 million. According to the information specialist, the Solvency II guidance provided by […]



Hardy embarks on share buy-back programme

by Gill Montia

Story link: Hardy embarks on share buy-back programme

Hardy has announced that it intends to raise capital via a share buy-back programme. The move is based on the assumption that Beazley withdraws a bid for the Lloyd’s insurer that was rejected by Hardy’s board on 12th November. On this basis, the firm has entered into an agreement for the provision of third-party capital […]



BGL Group acquires French insurance aggregator

by Gill Montia

Story link: BGL Group acquires French insurance aggregator

Personal lines broker, BGL Group, has acquired a majority stake in Courtanet, a French insurance price comparison firm that employs 17 staff. According to BGL’s chief executive, Peter Winslow, the French general insurance market is of similar size to that in the UK and currently offers “considerable opportunities”. He explains: “Broadband Internet penetration is also […]



November 25, 2010

ISO wins IT award for personal injury claims tool

by Gill Montia

Story link: ISO wins IT award for personal injury claims tool

ISO’s Personal Injury Claims Assessment Service (PICAS) has won the Consumer IT Innovation of the Year award at this year’s Chartered Institute for IT (BCS) UK IT Industry Awards. PICAS fully digitises personal injury claims reporting by integrating the different systems and steps involved in settlement. According to ISO, it can reduce the life cycle […]



ABI warns against leaving cars unattended

by Richard Kilner

Story link: ABI warns against leaving cars unattended

The UK has had its first taste of winter weather today, and with more to follow the ABI has advised motorists not to leave their cars running unattended to defrost them. Such cars are tempting targets for thieves, who are increasingly on the lookout for such opportunities. Last winter in the UK was particularly cold […]



Homeowners warned against Christmas burglars

by Richard Kilner

Story link: Homeowners warned against Christmas burglars

As Christmas approaches Towergate has warned of the dangers that increased cash and valuable goods in homes present, particularly with heightened risk of burglary. Towergate Risk Solutions MD Jonathan Walker has stated that the purchase of Christmas gifts can substantially increase the value of home contents and urges homeowners to ensure they have both appropriate […]



SMEs downbeat on Christmas and thereafter

by Gill Montia

Story link: SMEs downbeat on Christmas and thereafter

Many of the UK’s small and medium-sized enterprises (SMEs) are braced for a quiet Christmas trading period, according to Aviva’s bi-annual SME Pulse. Forty-five per cent of firms surveyed said they expect Christmas to be difficult, as consumers curb spending, and 10% predicted that the festive season will be “make or break” for their businesses. […]



Hurricane research secures Lloyd’s prize

by Gill Montia

Story link: Hurricane research secures Lloyd’s prize

Lloyd’s has named Doug Smith as overall winner of its first Science of Risk prize. Mr Smith, who works for the Met Office, led research that demonstrated for the first time the capability of climate models to predict the frequency of North Atlantic hurricanes, beyond the seasonal timescale. The judging panel was impressed by both […]



Direct Line offers tips to beat winter weather

by Richard Kilner

Story link: Direct Line offers tips to beat winter weather

Homeowners concerned about the effects of severe winter weather on their homes can benefit from a Home Response 24 policy from Direct Line. The policy offers a 24/7 service for emergencies in the home, including problems related to plumbing, electricity and heating. Direct Line’s home expert Jenny Trueman explained that winter weather can cause a […]



UK motorists back bigger fines for uninsured drivers

by Richard Kilner

Story link: UK motorists back bigger fines for uninsured drivers

According to new research from Direct Line British motorists want fines for uninsured drivers to increase to £900, an increase of 350% from the present £200 fine. There is presently a proposal to decrease the fine to just £50, which may prove unpopular with disgruntled motorists. In addition, 34% of drivers want those caught driving […]



RSA appoints Scandinavian CEO

by Richard Kilner

Story link: RSA appoints Scandinavian CEO

Global insurer RSA has announced that Mike Holliday-Williams has been appointed as the firm’s new chief executive officer in Scandinavia. Holliday-Williams becomes responsible for running RSA Scandinavia which includes the Codan and Trygg Hansa brands and operates in Denmark, Sweden, Norway and Finland. Presently he serves as MD of RSA’s UK Personal Lines operation, prior […]



ABI to clarify Total Permanent Disability cover

by Gill Montia

Story link: ABI to clarify Total Permanent Disability cover

The Association of British Insurers (ABI) will shortly be publishing an updated Statement of Best Practice for critical illness insurance. The move is aimed at improving clarity and understanding of Total Permanent Disability (TPD) cover, the industry having already developed a set of standard definitions that will be supporting an education plan that should reduce […]



Willis relocates Bristol office

by Gill Montia

Story link: Willis relocates Bristol office

Willis has relocated its Bristol office to St Catherine’s Court in Berkeley Place, Clifton. The Grade A listed building has an “excellent” sustainability rating, as measured by the Building Research Establishment Environmental Assessment Method, which benchmarks the environmental impact of buildings. Commenting on the new location, Bristol branch director, Mike Stuart, says: “Our investment in […]



November 24, 2010

AEGON UK sheds another 51 jobs

by Gill Montia

Story link: AEGON UK sheds another 51 jobs

AEGON UK is shedding 51 jobs across its employee benefits and finance departments. Most of the job losses will come from the company’s Edinburgh base and compulsory redundancies will be kept to a minimum. The move forms part of plans to refocus the business on two markets (At retirement and Workplace savings), while reducing operating […]



Towergate Healthcare acquires Origen business

by Gill Montia

Story link: Towergate Healthcare acquires Origen business

Towergate Healthcare has acquired the healthcare business of AEGON-owned IFA Origen Financial Services. The transaction involves a strategic partnership that will see Towergate provide healthcare services to Origen’s clients. According to Towergate Healthcare managing director, Tina Jennings: “The profile of customers currently taking specialist healthcare insurance advice from Origen is a perfect fit with our […]



Hiscox promotes precautionary winter measures

by Richard Kilner

Story link: Hiscox promotes precautionary winter measures

Specialist home insurer Hiscox is advising homeowners to beware the winter weather, following a 60% spike in freeze-related claims during the last winter. Nor were motorists unaffected, with a third of motor claims in January related to ice. In light of the lengthy and harsh winter, Hiscox is advising people to be careful and to […]



UK flood damage bill up 200%

by Gill Montia

Story link: UK flood damage bill up 200%

The Association of British Insurers (ABI) has reported a “massive rise” in Britain’s flood damage bill. Since 2000 the cost to insurers of flooding across the UK has leapt by 200% on the previous decade to £4.5 billion, with more people set to be at significant risk of flooding, according to the ABI. Major floods […]



Cost of car ownership up £346 a year

by Gill Montia

Story link: Cost of car ownership up £346 a year

The cost of car ownership has increased by 6.3% in the last 12 months, amounting to £346 for the typical motorist. Higher fuel prices, rather than insurance premiums, were the single biggest contributor to the rise (33%) according to the RAC’s latest Cost of Motoring Index. Filling the tank relieves the typical motorist of £1,300 […]



November 23, 2010

AIG makes pair of senior appointments

by Richard Kilner

Story link: AIG makes pair of senior appointments

American International Group, Inc. (AIG) has announced a pair of senior appointments, with Brian T. Schreiber named as executive vice president of Treasury and Capital Markets, and Robert Gender appointed to the posts of senior vice president and treasurer. Schreiber’s newly created role will see him take a broad set of responsibilities overseeing the Treasury […]