Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 15th of October 2018
September 19, 2012

UK business braced for ageing-workforce health issues

by Gill Montia

Story link: UK business braced for ageing-workforce health issues

In its latest Health of the Workplace report, Aviva is claiming that companies are already seeing a change in their workforce demographics, prompting fears that ageing-workforce health issues will affect their business. The removal of the Default Retirement Age, increased longevity and continued financial pressures on the over 55s mean that nearly a third of […]



September 18, 2012

Bupa invests £1m in school sport

by Richard Kilner

Story link: Bupa invests £1m in school sport

In the wake of the United Kingdom’s golden summer of sport and the world’s largest half-marathon, the Bupa Great North Run, Bupa has announced an investment of £1m in school sport over the next three years. The money will be spent through the Bupa Start to Move programme, which began in 2010 and has operated […]



ABI calls for partnership with FCA

by Richard Kilner

Story link: ABI calls for partnership with FCA

The Association of British Insurers (ABI) has indicated that the insurance industry wishes to work in partnership with the new Financial Conduct Authority (FCA). ABI Director General Otto Thoresen, speaking at the ABI’s ‘The Way ahead for conduct regulation’ conference, will warn against the possibility of a predator-prey relationship between the regulator and industry. Thoresen […]



September 17, 2012

Aviva archives reveal archaic insurance claims

by Richard Kilner

Story link: Aviva archives reveal archaic insurance claims

Car insurer Aviva’s archives, dating back to 1911 when there were just 89,000 cars on the road, have revealed historic and unusual reasons for insurance claims in decades past. Despite the lower number of cars accidents were more common in the past, with one accident per 14 vehicles in 1930, compared to one accident per […]



One in 14 car insurance claims are fraudulent

by Richard Kilner

Story link: One in 14 car insurance claims are fraudulent

The record rise in motor insurance fraud is due to phantom passengers and fake injuries, according to the Association of British Insurers (ABI). Each week 865 dishonest motor insurance claims worth £10.4m are being found by insurers. The figures have been released a week after the ABI launched a new national database to help combat […]



Austerity reaches the affluent

by Gill Montia

Story link: Austerity reaches the affluent

In a new report, AXA is claiming that austerity is now firmly gripping more affluent consumers, as a third of higher earners switch to cheaper supermarkets and dip into savings to make ends meet. The insurer’s latest “Big Money Index”, which presents a snapshot of financial confidence and behaviour, found that in the six months […]



September 16, 2012

Allianz Your Cover appoints head of direct

by Gill Montia

Story link: Allianz Your Cover appoints head of direct

Allianz Your Cover Insurance has appointed Jon Lott as head of direct, following the departure of Andy James. Mr Lott is moving to the UK business from his current role as head of direct at Allianz Australia where his responsibilities included profitability, sales, customer experience and product and proposition development. In his new role, he […]



September 14, 2012

QuestGates opens new Ireland office

by Richard Kilner

Story link: QuestGates opens new Ireland office

Specialist loss adjuster QuestGates has established a new office in Ireland, located at Forsyth House, Cormac Square, Belfast. The new office follows the opening of a new Scottish office earlier this month, in Livingston. At the same time QuestGates has hired Bob Mockridge ACII, FCILA to bolster the technical expertise within the property division. Mockridge […]



New CEO of Bowring Marsh named

by Richard Kilner

Story link: New CEO of Bowring Marsh named

Marsh has announced the appointment of Andrew Chester as the new chief executive officer of Bowring Marsh, the firm’s specialist international placement broking division. Chester will retain his present role as chairman of the Global Mining Practice and continue to be based in London when he assumes his new position on 1 October. He succeeds […]



Car insurance premiums fall in September

by Richard Kilner

Story link: Car insurance premiums fall in September

Insurance comparison website Tiger.co.uk’s car insurance price monitor Tiger Watch has revealed that premiums in September declined by an average of 4% compared to the corresponding period last year. Car insurance premiums are now the same as they were two years ago, with drivers between 35 and 55 seeing the largest falls, with quotes down […]



Investors demand auditor sign-off of market-influencing figures

by Gill Montia

Story link: Investors demand auditor sign-off of market-influencing figures

Investors and analysts have questioned why some key numbers reported by company management are not required to be reviewed by auditors. In a new survey from PricewaterhouseCoopers (PwC), respondents pinpointed adjusted earnings and industry-specific numbers, such as same store sales and revenues per unit, as key areas for attention. Fifty six per cent of investors […]



September 13, 2012

Bupa launches student health product

by Richard Kilner

Story link: Bupa launches student health product

Bupa has announced that it has launched a new product designed to help students stay healthy and manage health expenses during their first years away from home. Bupa Student Health Expenses has an especial focus upon mental health and fitness, and starts at £9 per month. The product covers £600 worth of benefits, such as […]



Fraudsters add £50 to honest policyholders’ bills

by Richard Kilner

Story link: Fraudsters add £50 to honest policyholders’ bills

The Association of British Insurers (ABI) has revealed that each week 2,670 fraudulent insurance claims worth £19m are being discovered. In the continuing fight against fraud, the insurance industry has launched the Insurance Fraud Register which will contain details of known fraudsters. The ABI report found that 139,000 fraudulent claims were made last year, a […]



One third of 50-year-olds worth less than £25,000

by Gill Montia

Story link: One third of 50-year-olds worth less than £25,000

The average 50-year-old in the UK needs another £50,000 in savings and investments, including pension and property equity, in order to feel financially secure, MetLife reports. In new research on the “Uncertain Generation” (those born between 1961 and 1981) the life and pension provider estimates the average net worth of 50-year-olds at £179,000, which collectively […]



Corporate carbon emissions targets “drastically too low”

by Gill Montia

Story link: Corporate carbon emissions targets “drastically too low”

In a new report on carbon emissions, PricewaterhouseCoopers (PwC) is warning that less than half of companies surveyed have seen a decline in their emissions solely as a result of emission reductions activities. The recession has been good for carbon emissions, having led to staff reductions, closure of plants, offices and shops, reductions in output, […]



September 12, 2012

“Cold Spot” catastrophe losses reveal emerging market risks

by Gill Montia

Story link: “Cold Spot” catastrophe losses reveal emerging market risks

Guy Carpenter has published a new report examining catastrophe risks in developing economies and how they are likely to affect the (re)insurance sector, as companies target growth in new markets. According to the study, “the recent and remarkable clustering” of global natural catastrophes highlight increasing risks in non-peak zones at a time when insurance demand […]



September 11, 2012

Yves Masson joins AXA UK

by Richard Kilner

Story link: Yves Masson joins AXA UK

AXA UK has appointed Yves Masson as the new chief executive officer of Personal Direct and Partnerships. Masson, who previously worked with AXA Direct Assurance in France, will also assume seats on the Executive Committee and the AXA UK Board. He is a veteran of the firm, where he has worked for more than a […]



Aspen appoints chief financial officer

by Richard Kilner

Story link: Aspen appoints chief financial officer

Aspen Insurance Holdings Limited has announced the appointment of John Worth as the firm’s new group chief financial officer. Worth, who assumes his new position with effect from 1 November, subject to regulatory approval, previously worked for Barclays PLC as group financial controller. He will acquire a seat on Aspen’s Group Executive Committee and is […]



XL appoints chief financial officer

by Gill Montia

Story link: XL appoints chief financial officer

Chris Dougherty has been appointed chief financial officer, insurance, at XL Group. He joins from Axis Capital where, since 2009, he held the post of chief risk officer of reinsurance operations. Arriving at XL with more than 20 years of experience in the property and casualty insurance business, Mr Dougherty is a graduate of the […]



Aon confirms stability of reinsurance industry

by Gill Montia

Story link: Aon confirms stability of reinsurance industry

In a new report assessing the creditworthiness of the global reinsurance industry, Aon Benfield notes that in the past 12 years only eight reinsurers have gone bust, despite claims of more than $150 billion from events including the World Trade Center attacks, hurricanes Rita, Wilma and Katrina, the Great Tohoku earthquake, and the Thailand floods. […]