PPI is intended to meet payments on personal loans should the borrower be unable to work through illness or lose their job and the Commission [...]" (2008-12-30)
Residents Call for Asbestos Removal in Silicon Valley
Il y a 15 ans
mardi 30 décembre 2008
Consumers not keen on shopping around for PPI
"Proposals by the Competition Commission to ban the sale of payment protection insurance (PPI) alongside the sale of a loan or credit card do not meet with widespread approval among consumers.
PPI is intended to meet payments on personal loans should the borrower be unable to work through illness or lose their job and the Commission [...]" (2008-12-30)
Read more...
PPI is intended to meet payments on personal loans should the borrower be unable to work through illness or lose their job and the Commission [...]" (2008-12-30)
Unemployment insurance: A safety net in need of repair
"The benefits awaiting America’s unemployed are outdated and skimpy COMPARED with the systems in other industrialised countries, the American unemployment-insurance (UI) scheme pays lower benefits for less time and to a smaller share of the unemployed. In expansions this encourages the jobless to return quickly to work—and unemployed Americans do indeed work harder at finding jobs than their European counterparts (see chart). But in recessions, when there is less work to return to, it causes hardship. Like America’s training system, UI is ripe for attention from the incoming Obama administration.Like much of the social safety net, the current UI system was a product of Franklin Roosevelt’s New Deal. States were prodded to provide benefits in accordance with federal guidelines; in return the federal government paid their administrative costs. But the system has not kept up with changes in America’s labour force. ..." (2008-12-30)
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Re-training America's workers: The people puzzle
"Thousands of workers are losing their jobs. America now faces the hard task of getting them back to workMOIRA MCKAMEY is one of many Americans with more free time than she would like. In November DHL, an express delivery company, said that it would close its American domestic operations at the end of January. Up to 10,000 jobs may be lost in Wilmington, Ohio, where DHL has its main hub for domestic traffic, and where it is the town’s largest employer. Ms McKamey’s job has already vanished. She is trying to keep busy but, on a break from painting her kitchen a cheerful yellow, she succumbs to tears. She worked at the hub for 20 years. Her husband is a small farmer; she supplied a steady income and the family’s health insurance. She will be 52 this month. “I just never thought I would have to start all over at my age,” she explains. America’s overall unemployment rate is 6.7%. But in some states sweeping lay-offs make the outlook much gloomier. Wilmington’s predicament is among the worst in Ohio’s recent history, while in Michigan at least 90 firms have announced firings in the past two months. More will surely come as the Big Three carmakers cut costs and possibly enter bankruptcy. Town and state officials across America now face a daunting prospect: helping millions of workers find new jobs. ..." (2008-12-30)
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Japanese insurers consult on merger
"Three of Japan’s largest insurers are understood to be in merger talks.
According to reports, Mitsui Sumitomo Insurance Group Holdings Inc, Aioi Insurance Co and Nissay Dowa General Insurance Co are working towards an agreement that could be in its final form by March of next year, although an actual merger would not be complete until [...]" (2008-12-30)
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According to reports, Mitsui Sumitomo Insurance Group Holdings Inc, Aioi Insurance Co and Nissay Dowa General Insurance Co are working towards an agreement that could be in its final form by March of next year, although an actual merger would not be complete until [...]" (2008-12-30)
lundi 29 décembre 2008
Credit Scoring Resources
"The Federal Trade Commission (FTC) decision to order nine homeowners insurers to provide information on the use and effect of credit-based insurance scores in homeowners insurance is a reminder of the continuing need for insurers to explain why they use credit information in personal lines underwriting and exactly how it works. The FTC is seeking [...]" (2008-12-29)
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RBS may abandon insurance arm sale
"Royal Bank of Scotland (RBS) may call off the £7 billion sale of its insurance unit, which includes the Direct Line and Churchill brands.
The Sunday Times reported yesterday that RBS, the UK’s second largest banking group, has already rejected an offer for its insurance business from private equity group CVC Capital Partners.
RBS said it was [...]" (2008-12-29)
Read more...
The Sunday Times reported yesterday that RBS, the UK’s second largest banking group, has already rejected an offer for its insurance business from private equity group CVC Capital Partners.
RBS said it was [...]" (2008-12-29)
mercredi 24 décembre 2008
Fortis tripped up by currency transactions
"Fortis, the insurance and banking group that in October had to be rescued by the Dutch and Belgium governments, has reported that it has lost €295 million in currency trading.
The group has agreed the sale of its Belgian assets to French bank, BNP Paribas, however earlier this month a Belgium court of appeal suspended the [...]" (2008-12-24)
Read more...
The group has agreed the sale of its Belgian assets to French bank, BNP Paribas, however earlier this month a Belgium court of appeal suspended the [...]" (2008-12-24)
mardi 23 décembre 2008
ABI detects rise in “front end” fraud
"The Association of British Insurers (ABI) has warned that Britons are increasingly putting their insurance cover at risk by cheating, in the hope of getting a better deal.
Insurers are uncovering a growing number of cases of “front end fraud”, or incidents where the customer has lied or failed to disclose material information to get cheaper [...]" (2008-12-23)
Read more...
Insurers are uncovering a growing number of cases of “front end fraud”, or incidents where the customer has lied or failed to disclose material information to get cheaper [...]" (2008-12-23)
Marsh warns of rise in fraud claims
"Marsh has warned that fraud claims will rise steeply in 2009, as the global economy continues to deteriorate.
According to the broker and risk management specialist, reported fraud cases in the UK are up 15% on 2007 and more companies will therefore be buying fraud protection insurance next year.
The firm’s managing director of financial and professional [...]" (2008-12-23)
Read more...
According to the broker and risk management specialist, reported fraud cases in the UK are up 15% on 2007 and more companies will therefore be buying fraud protection insurance next year.
The firm’s managing director of financial and professional [...]" (2008-12-23)
Swiss Re takes out $1.5bn loan
"Swiss Re has agreed a $1.5 billion credit deal with JP Morgan.
Switzerland’s reinsurance giant will use the letter of credit to make acquisitions at favourable prices during the current global economic crisis.
The company said it is in a strong position to take advantage of significant opportunities that have emerged from the unprecedented turmoil in the [...]" (2008-12-23)
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Switzerland’s reinsurance giant will use the letter of credit to make acquisitions at favourable prices during the current global economic crisis.
The company said it is in a strong position to take advantage of significant opportunities that have emerged from the unprecedented turmoil in the [...]" (2008-12-23)
US private equity firms look for reinsurance opportunities
"US private equity firms are looking for opportunities in the reinsurance market, according to a report by Reuters.
The 2008 Atlantic hurricane season was particularly active, following two relatively quiet years that prompted a drop in insurance premiums and led to predictions of consolidation amongst brokers and underwriters.
However, earlier this month Swiss Re reported that insured [...]" (2008-12-23)
Read more...
The 2008 Atlantic hurricane season was particularly active, following two relatively quiet years that prompted a drop in insurance premiums and led to predictions of consolidation amongst brokers and underwriters.
However, earlier this month Swiss Re reported that insured [...]" (2008-12-23)
lundi 22 décembre 2008
Keys to Retaining Customers
"A perennial issue for insurers is how to retain customers. A new study from J.D. Power and Associates says that identifying at-risk customers is critical for insurers in minimizing defection rates and increasing loyalty. The 2008 Insurance Retention/Defection Study found that although 85 percent of auto insurance customers indicate they are loyal to their carrier, [...]" (2008-12-22)
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Munich Re buys Hartford Steam Boiler
"Germany-based Munich Re today agreed terms to acquire AIG’s Hartford Steam Boiler Inspection (HSB) and Insurance Co unit.
The agreed purchase price for the 100% acquisition was $742 million (£497 million), funded entirely using Munich Re’s existing capital.
Connecticut-based HSB Group is a wholly owned subsidiary of struggling insurance giant American International Group (AIG).
It is the largest [...]" (2008-12-22)
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The agreed purchase price for the 100% acquisition was $742 million (£497 million), funded entirely using Munich Re’s existing capital.
Connecticut-based HSB Group is a wholly owned subsidiary of struggling insurance giant American International Group (AIG).
It is the largest [...]" (2008-12-22)
More Americans will travel abroad for medical treatment
"Why it pays to go abroad for medical treatmentAROUND 46m Americans lack health insurance, and tens of millions more are woefully under-insured. As they face huge out-of-pocket expenses, deductibles and “co-payments” for operations, they are increasingly heading overseas to cheaper facilities. Many common operations can be done in world-class hospitals abroad for a fifth or less of the price charged by American hospitals. As more employers and health-insurance firms add the “global option” to their plans, the number of American health tourists will soar to over 2m in 2009—rising to 10m by 2012, according to forecasts by Deloitte, a consultancy. ..." (2008-12-22)
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vendredi 19 décembre 2008
FDIC's Loan-Modification Plan Falls Short
"I admire the Federal Deposit Insurance Corp., under the leadership of Sheila C. Bair, for taking the lead in attacking the source of the financial crisis: the vicious cycle of declining home prices and foreclosures. I share FDIC's view that the way to break that cycle is to modify mortgage contracts...
" (2008-12-20)
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" (2008-12-20)
THB acquires Globesure
"Specialist insurance and reinsurance broker Thompson Heath & Bond (THB) Group PLC today announced the acquisition of reinsurance broker Globesure Holdings Ltd.
THB will pay for the acquisition in both cash and shares.
An initial consideration at completion of £206,000 cash will be paid ,in addition to 80,455 new ordinary THB shares at £0.10 each.
Further consideration will [...]" (2008-12-19)
Read more...
THB will pay for the acquisition in both cash and shares.
An initial consideration at completion of £206,000 cash will be paid ,in addition to 80,455 new ordinary THB shares at £0.10 each.
Further consideration will [...]" (2008-12-19)
Insurance Australia sells UK branch network to Swinton
"Insurance Australia Group (IAG) has agreed to sell certain UK businesses for a total of £73.5 million.
Swinton is acquiring the group’s branch network, which comprises 91 High Street outlets across England and Northern Ireland, for £50 million.
The outlets are branded Equity Insurance and Open+Direct.
IAG’s Hastings and Advantage businesses are subject to management buy-outs, valued at [...]" (2008-12-19)
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Swinton is acquiring the group’s branch network, which comprises 91 High Street outlets across England and Northern Ireland, for £50 million.
The outlets are branded Equity Insurance and Open+Direct.
IAG’s Hastings and Advantage businesses are subject to management buy-outs, valued at [...]" (2008-12-19)
jeudi 18 décembre 2008
jml-insurance offers Lifestyle excess insurance
"The jml-insurance website is now offering lifestyle insurance excess products through a dedicated link.
The products, provided by insurance4excess, are designed for consumers who make insurance claims and end up paying the excess, and are available for home, motor, health, travel and pet insurance.
The way it works is that a customer takes out a Silver £500 [...]" (2008-12-18)
Read more...
The products, provided by insurance4excess, are designed for consumers who make insurance claims and end up paying the excess, and are available for home, motor, health, travel and pet insurance.
The way it works is that a customer takes out a Silver £500 [...]" (2008-12-18)
Tysers enhances UK PI operation
"Independent insurance broker Tysers has announced that it has bolstered its UK Professional Indemnity capability with two new appointments.
Richard Bowdidge takes up the role of divisional director, and Kingsley Miller assumes the position of divisional associate director.
The two senior executives both joined the firm’s Corporate Risks Division from First City Limited, and in their new [...]" (2008-12-18)
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Richard Bowdidge takes up the role of divisional director, and Kingsley Miller assumes the position of divisional associate director.
The two senior executives both joined the firm’s Corporate Risks Division from First City Limited, and in their new [...]" (2008-12-18)
Last Minute Holiday Gifts
"What to do when you realize you need a gift and don't have time to get one." (2008-12-17)
Read more...
mercredi 17 décembre 2008
Norwich Union: Fraudulent motor claims rising
"Motor insurance giant Norwich Union has warned that car insurance fraud is on the rise because of the credit crunch.
Research by the insurer found motorists trying to reduce premiums by declaring false information to their insurance firm when taking out a policy.
However, Norwich Union warned that insurance granted on false premises is invalid, and added [...]" (2008-12-17)
Read more...
Research by the insurer found motorists trying to reduce premiums by declaring false information to their insurance firm when taking out a policy.
However, Norwich Union warned that insurance granted on false premises is invalid, and added [...]" (2008-12-17)
Willis reports rise in aviation insurance costs
"Broker and risk management specialist, Willis, is forecasting that aviation insurance premiums will rise through to the end of 2008 and into 2009.
In a report by the firm’s Aviation Practice, Willis notes that in November aviation premiums increased 16%.
During the month renewals by five pure cargo carrier programmes saw premiums rise by 40% because of [...]" (2008-12-17)
Read more...
In a report by the firm’s Aviation Practice, Willis notes that in November aviation premiums increased 16%.
During the month renewals by five pure cargo carrier programmes saw premiums rise by 40% because of [...]" (2008-12-17)
Credit insurance difficulties threaten banks’ lending
"Barclays and Royal Bank of Scotland are predicting trouble ahead for UK businesses as credit insurance becomes more difficult to obtain.
According to a report in The Times, representatives of the banks appeared before the Department for Business Select Committee yesterday and suggested that problems with trade credit insurance were preventing banks from lending to small [...]" (2008-12-17)
Read more...
According to a report in The Times, representatives of the banks appeared before the Department for Business Select Committee yesterday and suggested that problems with trade credit insurance were preventing banks from lending to small [...]" (2008-12-17)
Policyholder Surplus Downward Trend Continues
"Just one impact of the continuing financial crisis on the property/casualty insurance industry is that the financial cushion that protects policyholders is declining. The p/c industry’s third quarter 2008 results released yesterday by ISO and the Property Casualty Insurers Association of America (PCI) indicate that the downward trend in industry policyholder surplus continues. As the [...]" (2008-12-17)
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Will Insurance Companies Weather the Financial Storm?
"What does the continuing economic crisis mean for your insurance company and your policy?" (2008-12-16)
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Aon warns of fraudulent claims danger
"Broker and risk manager Aon has warned that 2009 will be a year when UK insurers find their bottom line pressured by fraudulent claims and legal fees.
Economic recession will see a rise in fraudulent claims. In turn, this will push up legal fees, driving premium increases.
Meanwhile, the insurance claims landscape will be reshaped by [...]" (2008-12-17)
Read more...
Economic recession will see a rise in fraudulent claims. In turn, this will push up legal fees, driving premium increases.
Meanwhile, the insurance claims landscape will be reshaped by [...]" (2008-12-17)
Marsh expands presence in China
"Insurance broker and risk adviser Marsh has been given the go ahead by regulatory authorities in China to establish a branch office in Dalian, the biggest city in Liaoning province.
The new officer becomes the fifth Marsh China has outside of Beijing, and follows on from offices in Shanghai, Guangzhou, Chengdu and Hebei province.
The firm has [...]" (2008-12-17)
Read more...
The new officer becomes the fifth Marsh China has outside of Beijing, and follows on from offices in Shanghai, Guangzhou, Chengdu and Hebei province.
The firm has [...]" (2008-12-17)
Hiscox warns against false economies
"Specialist insurer Hiscox has warned households against making false economies to try and ease the effects of the economic downturn.
Older washing machines, for example, cost more to run than their modern counterparts and are also more liable to cause insurance claims, such as for fire or flooding.
The insurer also advises against running appliances overnight, taking [...]" (2008-12-16)
Read more...
Older washing machines, for example, cost more to run than their modern counterparts and are also more liable to cause insurance claims, such as for fire or flooding.
The insurer also advises against running appliances overnight, taking [...]" (2008-12-16)
AIG offloads $39.3bn of toxic assets to Maiden Lane II
"American International Group (AIG) has sold $39.3 billion (£25.7 billion) of its residential mortgage-backed securities to Maiden Lane II, a newly formed trust backed by the Federal Reserve.
The stricken US insurance company secured an $85 billion government bail out in September, only hours after the collapse of Wall Street investment bank, Lehman Brothers.
The group went [...]" (2008-12-16)
Read more...
The stricken US insurance company secured an $85 billion government bail out in September, only hours after the collapse of Wall Street investment bank, Lehman Brothers.
The group went [...]" (2008-12-16)
FSA statement on transparency and conflicts of interest
"The Financial Services Authority (FSA) has issued a statement on transparency, disclosure and conflicts of interest in the commercial insurance market, in which it accepts that the industry should develop its own guidance to bring about improvements.
According to the regulator, evidence from recent work suggests that although intermediaries are largely managing conflicts of interest appropriately, [...]" (2008-12-16)
Read more...
According to the regulator, evidence from recent work suggests that although intermediaries are largely managing conflicts of interest appropriately, [...]" (2008-12-16)
FOS reports surge in PPI complaints
"The Financial Ombudsman Service (FOS) says it has received over 25,000 complaints relating to the sale of payment protection insurance (PPI), since January.
By comparison, during the 12 months to April 2008 the service recorded 10,652 complaints regarding PPI, up significantly from 1,832 during the previous 12 months.
At the beginning of the year, the FOS [...]" (2008-12-15)
Read more...
By comparison, during the 12 months to April 2008 the service recorded 10,652 complaints regarding PPI, up significantly from 1,832 during the previous 12 months.
At the beginning of the year, the FOS [...]" (2008-12-15)
Lloyd’s syndicates ordered settle North Korean claim
"Syndicates at Lloyd’s of London have been defeated in a legal battle with the Korea National Insurance Corporation (KNIC), which is owned by the Government of North Korea.
The case centred on a claim made by KNIC, which reinsurers had resisted settling because they suspected fraud.
The three syndicates have now agreed to pay out their [...]" (2008-12-15)
Read more...
The case centred on a claim made by KNIC, which reinsurers had resisted settling because they suspected fraud.
The three syndicates have now agreed to pay out their [...]" (2008-12-15)
vendredi 12 décembre 2008
Thinking Small Can Save You Big
"Small savings can add up to big savings faster than you may realize." (2008-12-12)
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Cautious Approach to PAYD Insurance
"In case you were wondering, the California Air Resources Board passed the climate plan. This brings us to one of the recommended actions under the plan: pay-as-you-drive (PAYD) insurance. PAYD is a type of auto insurance where driving less can yield a cost benefit to the insured. In California the insurance commissioner has already proposed [...]" (2008-12-12)
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Further delay for Equitable Life policyholders
"The Government has once again disappointed Equitable Life policyholders by delaying its response to a report by the Parliamentary Ombudsman, Ann Abraham, for a further month.
In 2000, over one million investors in the UK’s oldest mutual insurance company lost up to 50% of the value of their pension funds when Equitable Life came close to [...]" (2008-12-12)
Read more...
In 2000, over one million investors in the UK’s oldest mutual insurance company lost up to 50% of the value of their pension funds when Equitable Life came close to [...]" (2008-12-12)
MMA bolsters Business Development team
"MMA Insurance plc, the broker-only insurer, has announced that it is bolstering its Business Development Team with a number of key appointments.
The move comes as the firm continues its strategic drive to develop its Commercial Lines.
Claire Ephgrave becomes UK Business Development manager, responsible for MMA’s UK Development managers, an instrumental task in driving the firm’s [...]" (2008-12-12)
Read more...
The move comes as the firm continues its strategic drive to develop its Commercial Lines.
Claire Ephgrave becomes UK Business Development manager, responsible for MMA’s UK Development managers, an instrumental task in driving the firm’s [...]" (2008-12-12)
Marsh calls for food firms to reassess risks
"Insurance broker and risk adviser Marsh has called on food manufacturers and retailers to review their product recall strategies and supply chain risks.
The call comes in the wake of the Irish pork debacle, which has affected some 25 countries.
A survey held at a Marsh product risk seminar revealed that two-thirds of those surveyed had no [...]" (2008-12-12)
Read more...
The call comes in the wake of the Irish pork debacle, which has affected some 25 countries.
A survey held at a Marsh product risk seminar revealed that two-thirds of those surveyed had no [...]" (2008-12-12)
AIG asset sales must slow down
"Stricken US insurance giant AIG is to hold back from selling some of its assets, CEO Ed Liddy said at a speech in Hong Kong today.
AIG is currently selling off units to pay back a $150 billion bail-out by the US federal reserve.
In his speech today, Liddy said the US government has given AIG a [...]" (2008-12-12)
Read more...
AIG is currently selling off units to pay back a $150 billion bail-out by the US federal reserve.
In his speech today, Liddy said the US government has given AIG a [...]" (2008-12-12)
mercredi 10 décembre 2008
Egg fined £721,000 for mis-selling PPI
"Egg is the latest financial services company to be fined for mis-selling payment protection insurance (PPI).
The credit card provider sold the insurance via incoming customer services calls, or when its representatives made sales call to new customers.
In a review of cases covering the period January 2005 to December 2007, the Financial Services Authority (FSA) found [...]" (2008-12-10)
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The credit card provider sold the insurance via incoming customer services calls, or when its representatives made sales call to new customers.
In a review of cases covering the period January 2005 to December 2007, the Financial Services Authority (FSA) found [...]" (2008-12-10)
Chubb insurance helps firms stay green
"Chubb Group has pledged to help businesses stay green with a new move in its insurance policy approach.
Peter Thompson, worldwide energy manager for Chubb Commercial Insurance, has stated that businesses with commercial property insurance policy from the firm can enjoy having their green investments automatically protected even if there is a loss.
For the last 14 [...]" (2008-12-10)
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Peter Thompson, worldwide energy manager for Chubb Commercial Insurance, has stated that businesses with commercial property insurance policy from the firm can enjoy having their green investments automatically protected even if there is a loss.
For the last 14 [...]" (2008-12-10)
Marsh creates Scottish Public Sector Practice
"Insurance broker and risk adviser Marsh has announced that it is opening a Scottish Public Sector Practice.
The new practice will cater to the unique risk and insurance issues belonging to various public sector organisations.
The practice has a broad range of clients throughout Aberdeen, Edinburgh and Glasgow, including fire and police authorities, local authorities, social housing, [...]" (2008-12-10)
Read more...
The new practice will cater to the unique risk and insurance issues belonging to various public sector organisations.
The practice has a broad range of clients throughout Aberdeen, Edinburgh and Glasgow, including fire and police authorities, local authorities, social housing, [...]" (2008-12-10)
Ironshore appoints new CEO and president
"Ironshore’s chairman, Ron Sandler, has announced that Kevin Kelley has been appointed as chief executive officer of the firm, with Bob Deutsch assuming the role of president.
Kelley leaves behind his post as CEO of Lexington Insurance Company, where he built the organisation into the world’s largest excess and surplus lines insurer.
Deutsch, who was Ironshore’s founding [...]" (2008-12-10)
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Kelley leaves behind his post as CEO of Lexington Insurance Company, where he built the organisation into the world’s largest excess and surplus lines insurer.
Deutsch, who was Ironshore’s founding [...]" (2008-12-10)
AIG appoints Eastwood president of Lexington
"Peter Eastwood has been named by AIG to serve as the new president of Lexington Insurance Company, a unit of AIG Commercial Insurance.
He first joined AIG 17 years ago and has occupied a number of senior posts within AIG Executive Liability, AIG Risk Finance, AIG Reinsurance Advisors and Lexington Insurance Company.
Most recently he served as [...]" (2008-12-10)
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He first joined AIG 17 years ago and has occupied a number of senior posts within AIG Executive Liability, AIG Risk Finance, AIG Reinsurance Advisors and Lexington Insurance Company.
Most recently he served as [...]" (2008-12-10)
Product recall insurance unlikely to reimburse Irish pig farmers
"Lloyd’s insurance and reinsurance specialist, Miller, has warned that with regard to the health scare over pork produced in Ireland, insurance policies purchased to indemnify the costs of recalling consumer products may not pay out.
Kieron Russell, a member of the firm’s special risk team, explains that underwriters of product recall insurance typically include policy exclusions [...]" (2008-12-10)
Read more...
Kieron Russell, a member of the firm’s special risk team, explains that underwriters of product recall insurance typically include policy exclusions [...]" (2008-12-10)
mardi 9 décembre 2008
XL Re enters Brazil as local reinsurer
"XL Capital’s global reinsurance arm, XL Re, has received the green light from regulators to enter the Brazilian marketplace as a local reinsurer incorporated in Brazil and regulated by the country’s authorities.
This follows on from events in the middle of 2008, when XL Re acquired permission to enter the Brazilian market as an admitted reinsurer, [...]" (2008-12-9)
Read more...
This follows on from events in the middle of 2008, when XL Re acquired permission to enter the Brazilian market as an admitted reinsurer, [...]" (2008-12-9)
Rok opens Mansfield claims centre
"Rok, the building firm that specialises in repairs, has opened an insurance claims centre in Mansfield, East Midlands.
The company says the facility, which will handle around 70,000 claims a year, represents a key step forward in becoming the UK’s leading provider of claims management and building repair services.
Rok already has agreements with a [...]" (2008-12-9)
Read more...
The company says the facility, which will handle around 70,000 claims a year, represents a key step forward in becoming the UK’s leading provider of claims management and building repair services.
Rok already has agreements with a [...]" (2008-12-9)
Swinton eyes up Equity branch network
"Equity Insurance, put up for sale by the Insurance Australia Group (IAG), may have its branch network acquired by a British company.
Swinton, the UK’s biggest high street insurance broker, is one of the leading bidders in the contest to buy Equity’s branches, according to a report in the Financial Times.
Swinton’s chief executive, Patrick Smith, said [...]" (2008-12-9)
Read more...
Swinton, the UK’s biggest high street insurance broker, is one of the leading bidders in the contest to buy Equity’s branches, according to a report in the Financial Times.
Swinton’s chief executive, Patrick Smith, said [...]" (2008-12-9)
Reinsurance Reform Framework Moves Ahead
"After years of debate on reinsurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) meeting over the weekend brought adoption of a proposal that will reform and modernize the current system of reinsurance regulation. Among other things, the new framework would reduce collateral requirements for non-U.S. based reinsurers enabling well-capitalized highly [...]" (2008-12-9)
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Connected Travel Insurance new regulation only days away
"The Financial Services Authority (FSA) is warning travel firms that sell Connected Travel Insurance (CTI) that they should apply for authorisation before new regulation comes into force on 1st January 2009.
From next year, travel firms that sell insurance will have to be able to demonstrate that: they are fit and proper and appropriately resourced; staff [...]" (2008-12-9)
Read more...
From next year, travel firms that sell insurance will have to be able to demonstrate that: they are fit and proper and appropriately resourced; staff [...]" (2008-12-9)
UK named world’s second largest insurance market
"Research published today by International Financial Services London reveals that 2007 was the year in which the UK became the world’s second-biggest insurance market.
According to IFSL, which promotes the UK-based financial services industry throughout the world, Britain overtook Japan, having achieved 11% of global premium income, to sit behind world leader, the US.
The report attributes [...]" (2008-12-9)
Read more...
According to IFSL, which promotes the UK-based financial services industry throughout the world, Britain overtook Japan, having achieved 11% of global premium income, to sit behind world leader, the US.
The report attributes [...]" (2008-12-9)
lundi 8 décembre 2008
Kwik Fit Insurance expands into commercial lines
"Kwik Fit Insurance has teamed up with Moorhouse Brands to expand into commercial lines with own-brand SME products.
The new product range will be designed to meet the needs of SMEs, tradesmen and the construction industry.
The products will be developed for Kwik Fit Insurance by Moorhouse Brands, on an exclusive basis, and will be provided as [...]" (2008-12-8)
Read more...
The new product range will be designed to meet the needs of SMEs, tradesmen and the construction industry.
The products will be developed for Kwik Fit Insurance by Moorhouse Brands, on an exclusive basis, and will be provided as [...]" (2008-12-8)
Aon and Allianz launch insolvency protection policy
"Aon Risk Services has joined forces with Allianz Global Corporate and Speciality to launch Double A Protect.
The new product is aimed at restoring confidence in insurance portfolio stability by protecting against insolvency.
The policy covers general liability, plus directors and officers and includes up to five years of retroactive cover for general liability.
The solution is not [...]" (2008-12-8)
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The new product is aimed at restoring confidence in insurance portfolio stability by protecting against insolvency.
The policy covers general liability, plus directors and officers and includes up to five years of retroactive cover for general liability.
The solution is not [...]" (2008-12-8)
Quinn opens Cork office
"Ireland-based Quinn Insurance has revealed plans to open a new call-centre in Cork, creating 500 jobs in the city over the next four years.
Ireland’s deputy prime minister Mary Coughlan announced the new €25 million facility, to be built in East Gate Business Park, Little Island.
Employees at the new base will target growth in the UK [...]" (2008-12-8)
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Ireland’s deputy prime minister Mary Coughlan announced the new €25 million facility, to be built in East Gate Business Park, Little Island.
Employees at the new base will target growth in the UK [...]" (2008-12-8)
Heath Lambert appointed by Scottish Optoelectronics Association
"The Scottish Optoelectronics Association (SOA) has named Heath Lambert’s Commercial Affinity and Small Business (CA&SB) team as the firm’s sole insurance broker to offer its membership insurance products.
The SOA’s membership consists of Scottish optoelectronics firms, a sector which is rapidly developing.
The Travelers Insurance Company has been selected by the CA&SB team to be its partner [...]" (2008-12-8)
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The SOA’s membership consists of Scottish optoelectronics firms, a sector which is rapidly developing.
The Travelers Insurance Company has been selected by the CA&SB team to be its partner [...]" (2008-12-8)
EU aims to promote construction innovation and sustainability
"The European Commission has its eye on encouraging sustainability and innovative methods in the construction industry, and has recently launched a study to this effect.
The study will assess the national liability and insurance systems that pertain to the construction industry in each of the twenty-seven member nations.
In addition to this, the effect that present regimes [...]" (2008-12-8)
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The study will assess the national liability and insurance systems that pertain to the construction industry in each of the twenty-seven member nations.
In addition to this, the effect that present regimes [...]" (2008-12-8)
Aon Private Clients benefits from Lorega loss recovery
"Aon Private Clients (APC), the specialist broker that insures high value cars, homes and artworks, has integrated Lorega’s Loss Recovery insurance within its policy wordings, following negotiations with its six main insurers.
The move means that APC policyholders will be provided with the services of an advocate who will prepare and negotiate their claim, in [...]" (2008-12-8)
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The move means that APC policyholders will be provided with the services of an advocate who will prepare and negotiate their claim, in [...]" (2008-12-8)
Rate Reductions Hold
"The single digit property/casualty rate decreases witnessed in October have held into November according to online insurance exchange MarketScout. It put the average p/c rate decrease at 9 percent in November, and noted a trend toward greater reductions for larger insureds. Accounts generating premium in excess of $250,000 received an average rate reduction of 10 [...]" (2008-12-8)
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samedi 6 décembre 2008
Guy Carpenter scoops award in Asia
"Global risk and reinsurance specialist Guy Carpenter has won the Reinsurance Broker of the Year award at the Asia Insurance Industry Awards.
The award was presented in The Grand Hyatt in Hong Kong on 23rd November.
Peter Zaffino, president and chief executive officer of Guy Carpenter, has described the award as a gratifying acknowledgement of the firm’s [...]" (2008-12-6)
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The award was presented in The Grand Hyatt in Hong Kong on 23rd November.
Peter Zaffino, president and chief executive officer of Guy Carpenter, has described the award as a gratifying acknowledgement of the firm’s [...]" (2008-12-6)
vendredi 5 décembre 2008
Treasury Considers Backing Mortgages
"The federal government may start guaranteeing home mortgages to persuade lenders to ease the monthly financial burden on struggling homeowners, Federal Deposit Insurance Corp. Chairman Sheila C. Bair said yesterday.
" (2008-10-24)
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" (2008-10-24)
Travellers advises to take out car hire insurance
"With the holidays of Christmas and New Year almost upon us, it is important for those pondering even brief trips abroad to remember to take out car hire excess insurance and travel insurance.
Many people rent cars whilst overseas, and although most remember travel insurance it’s vital that car hire excess insurance is not disregarded, advises [...]" (2008-12-5)
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Many people rent cars whilst overseas, and although most remember travel insurance it’s vital that car hire excess insurance is not disregarded, advises [...]" (2008-12-5)
Giles acquires Durham-based Arnott Commercial
"Giles Insurance Brokers has announced the acquisition of Arnott Commercial Insurance Services and its subsidiary, Arnott Marine.
Durham-based Arnott was established in 1996 and its marine division began trading in 2005.
The firm established itself in the North East by providing risk solutions to the commercial market and recorded revenue of £1.9 million in 2007.
The business [...]" (2008-12-5)
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Durham-based Arnott was established in 1996 and its marine division began trading in 2005.
The firm established itself in the North East by providing risk solutions to the commercial market and recorded revenue of £1.9 million in 2007.
The business [...]" (2008-12-5)
jeudi 4 décembre 2008
Aon launches pirate policy
"Aon has launched a new insurance policy to protect charterers, shipowners and cargo owners from losses ensuing from a ship being taken over by pirates.
The media have recently taken notice of the increasingly dangerous piracy, particularly off the Horn of Africa where Somalian pirates seize upon ships of ever greater size.
In the first 8 months [...]" (2008-12-4)
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The media have recently taken notice of the increasingly dangerous piracy, particularly off the Horn of Africa where Somalian pirates seize upon ships of ever greater size.
In the first 8 months [...]" (2008-12-4)
New York Charitable Dinner
"The second annual dinner of the New York division of the Insurance Industry Charitable Foundation (IICF) will take place at the Waldorf-Astoria Hotel in New York City next Wednesday December 10. The event will feature special guest Colin Powell, the retired General and U.S. Secretary of State from 2001 to 2005. It will honor Pierre [...]" (2008-12-4)
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Insurance recruiter issues profit warning
"UK-based Michael Page International, a recruitment firm for the insurance and financial services sector, has issued a profit warning for the fourth quarter.
The recruitment specialist said job cuts in the financial sector had been more severe than expected because of the recent global economic turmoil.
As such, the company’s services are in low demand in almost [...]" (2008-12-4)
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The recruitment specialist said job cuts in the financial sector had been more severe than expected because of the recent global economic turmoil.
As such, the company’s services are in low demand in almost [...]" (2008-12-4)
How Bankruptcy Affects Car Insurance Rates
"Because of the economy, more people are filing for bankruptcy than ever before. A bankruptcy may increase their car insurance rates, but should it?" (2008-12-3)
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mercredi 3 décembre 2008
Oceanic Insurance Group sees profits up by 2,351%
"Nigerian firm Oceanic Insurance Group has reported its profits to have skyrocketed by 2,351% for its general insurance business.
Previously, the firm recorded profits of N25.9m, which have since ballooned to N635.3m.
Its gross premium likewise surged upwards, from N196.3m to N1.27bn, a rise of over 500%, and total assets increased from N3bn to N4.4bn.
Mrs. Cecilia Ibru, [...]" (2008-12-3)
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Previously, the firm recorded profits of N25.9m, which have since ballooned to N635.3m.
Its gross premium likewise surged upwards, from N196.3m to N1.27bn, a rise of over 500%, and total assets increased from N3bn to N4.4bn.
Mrs. Cecilia Ibru, [...]" (2008-12-3)
Hiscox closes Bermuda office but expands in the US
"Specialist insurer, Hiscox, it closing its Bermuda office in favour of pursuing an expansion strategy in the US.
The Lloyd’s of London firm opened the office last year, saying it wanted to be nearer the reinsurance markets of America.
It now has plans to open five new offices in the US, where it will be setting up [...]" (2008-12-3)
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The Lloyd’s of London firm opened the office last year, saying it wanted to be nearer the reinsurance markets of America.
It now has plans to open five new offices in the US, where it will be setting up [...]" (2008-12-3)
mardi 2 décembre 2008
Nationwide expands insurance offering with LV=
"Friendly society, Liverpool Victoria, is providing a new range of insurance products to Nationwide customers, under its LV= brand.
Members of the UK’s biggest building society are now able to arrange car, small business and buy-to-let and property owners’ insurance, through the joint venture.
Nationwide believes the partnership, which was formed in June of this year, will [...]" (2008-12-2)
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Members of the UK’s biggest building society are now able to arrange car, small business and buy-to-let and property owners’ insurance, through the joint venture.
Nationwide believes the partnership, which was formed in June of this year, will [...]" (2008-12-2)
Taylor Wessing acts for Howden Insurance
"Acting on behalf of Howden Insurance Brokers Limited, Taylor Wessing’s insurance group has operated in connection with the move of Benfield Corporate Risk’s US Wholesale Property Casualty unit over to Howden.
The high profile action occurred just as Aon was about to seal the £844m deal to acquire Benfield Group.
Peter Kempe led the Taylor Wessing advisory [...]" (2008-12-2)
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The high profile action occurred just as Aon was about to seal the £844m deal to acquire Benfield Group.
Peter Kempe led the Taylor Wessing advisory [...]" (2008-12-2)
Marsh survey shows recession also means opportunity
"A survey commissioned by insurance broker and risk adviser Marsh reveals that UK firms think the present economic difficulties will present opportunities to enhance efficiency, acquire other firms at cheap prices and strengthen their brand leadership.
The survey, which was conducted in Marsh seminars in Edinburgh, Glasgow, London, Manchester and Milton Keynes, showed that two out [...]" (2008-12-2)
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The survey, which was conducted in Marsh seminars in Edinburgh, Glasgow, London, Manchester and Milton Keynes, showed that two out [...]" (2008-12-2)
Glacier appoint head of Group Risk Management
"Insurer and reinsurer Glacier Group has announced the appointment of Andreas Zdrenyk as the firm’s new head of Group Risk Management.
He brings with him over a quarter of a century of experience in the insurance sector in both Europe and North America.
He leaves behind his former post as chief operating officer of SCOR Holdings (Switzerland) [...]" (2008-12-2)
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He brings with him over a quarter of a century of experience in the insurance sector in both Europe and North America.
He leaves behind his former post as chief operating officer of SCOR Holdings (Switzerland) [...]" (2008-12-2)
Focus on NFIP Rate-Setting Process
"A new Government Accountability Office (GAO) report suggests that the rate-setting method used by the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) may not ensure that the rates accurately reflect the actual risk of flood damage. GAO says the NFIP model includes data inputs that are outdated or inaccurate, relying on flood probabilities [...]" (2008-12-2)
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Heath Lambert launches Renewable Energy team
"Heath Lambert, the London-based independent insurance broker and employee benefits consultant, has expanded its Retail National division with the formation of a Renewable Energy team.
The firm has a broad base in the renewable energy sector with clients including developers, sponsors, suppliers, contractors, operators and financiers.
The sector is expanding rapidly and Heath Lambert believes its expertise [...]" (2008-12-2)
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The firm has a broad base in the renewable energy sector with clients including developers, sponsors, suppliers, contractors, operators and financiers.
The sector is expanding rapidly and Heath Lambert believes its expertise [...]" (2008-12-2)
Munich Re predicts strong 2009 for insurers
"Germany-based Munich Re, one of the world’s biggest reinsurers, has said that 2009 will be a good year for insurance companies.
Munich Re’s chairman, Nikolaus von Bomhard, anticipates lower operating ratios and higher premiums for the year ahead.
On average von Bomhard predicts that combined ratios will improve by 2-3%.
He added that the global recession ‘doesn’t have [...]" (2008-12-2)
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Munich Re’s chairman, Nikolaus von Bomhard, anticipates lower operating ratios and higher premiums for the year ahead.
On average von Bomhard predicts that combined ratios will improve by 2-3%.
He added that the global recession ‘doesn’t have [...]" (2008-12-2)
Amlin withdraws all credit insurance cover
"Amlin has withdrawn its services from the credit insurance market because it has struggled to find reinsurance cover.
The insurer, which owns about 4% of the UK’s credit insurance market, has said it will not be writing any new policies for businesses who supply goods or services to other businesses on credit.
Credit insurance covers businesses against [...]" (2008-12-2)
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The insurer, which owns about 4% of the UK’s credit insurance market, has said it will not be writing any new policies for businesses who supply goods or services to other businesses on credit.
Credit insurance covers businesses against [...]" (2008-12-2)
Motor insurance fraudsters receive custodial sentences
"Criminals who submitted claims to multiple insurers via an accident management company received custodial sentences at Bradford Crown Court, yesterday.
Following an investigation by the Insurance Fraud Bureau (IFB) and West Yorkshire Police, the proprietor of Yorkshire-based Autotransform Claims, a partner in the business, an engineer and two claimants have begun prison sentences totalling seven years [...]" (2008-12-2)
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Following an investigation by the Insurance Fraud Bureau (IFB) and West Yorkshire Police, the proprietor of Yorkshire-based Autotransform Claims, a partner in the business, an engineer and two claimants have begun prison sentences totalling seven years [...]" (2008-12-2)
lundi 1 décembre 2008
Pacifica and Sicli form fire prevention partnership
"Crédit Agricole Assurances’ property and casualty insurance arm Pacifica has teamed up with Sicli, fire detection and extinction solutions provider, to cater to the fire-related risk needs of insured professionals.
Under the partnership Sicli’s broad range of solutions will become fully available to farmers, craftsmen, retailers and independent professionals insured with Pacifica.
These include an on-site diagnosis [...]" (2008-12-1)
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Under the partnership Sicli’s broad range of solutions will become fully available to farmers, craftsmen, retailers and independent professionals insured with Pacifica.
These include an on-site diagnosis [...]" (2008-12-1)
LIU builds energy team in France
"Didier Robin has been named by Liberty Mutual Insurance Europe Limited (LMIE) as the new Energy & Construction VP.
LMIE is part of Liberty International Underwriters (LIU), and Robin’s appointment makes him the firm’s first energy underwriter for its Continental Europe business.
Robin is to be based in France, and will be responsible for the building up [...]" (2008-12-1)
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LMIE is part of Liberty International Underwriters (LIU), and Robin’s appointment makes him the firm’s first energy underwriter for its Continental Europe business.
Robin is to be based in France, and will be responsible for the building up [...]" (2008-12-1)
OurNetwork reaches 100 members inside 3 months
"In August broker-owned insurance management firm Broker Direct launched OurNetwork, which has already achieved its 100th member.
The joining of Eric Rawlins & Co (a Stoke-based broker) means that in just three months OurNetwork has assembled a century of members.
Eric Rawlins’ MD, Phil Alcock, has stated that the firm is fiercely independent, and had previously [...]" (2008-12-1)
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The joining of Eric Rawlins & Co (a Stoke-based broker) means that in just three months OurNetwork has assembled a century of members.
Eric Rawlins’ MD, Phil Alcock, has stated that the firm is fiercely independent, and had previously [...]" (2008-12-1)
Heath Lambert expands HNW team
"The High Net Worth (HNW) team of insurance broker Heath Lambert is to be enlarged as a series of appointments take place.
The first of these is Fiona Powell, who will be based in the Manchester office but will nevertheless collaborate closely with her colleagues throughout the UK.
Powell brings to the role a combination of local [...]" (2008-12-1)
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The first of these is Fiona Powell, who will be based in the Manchester office but will nevertheless collaborate closely with her colleagues throughout the UK.
Powell brings to the role a combination of local [...]" (2008-12-1)
LV= considers sale of Hero
"Following its acquisition of Highway Insurance in October, friendly society LV= has confirmed that it has received an approach from investors interested in buying Hero, the direct insurance subsidiary of Highway.
LV= is considering its options with regard to Hero, saying that when it acquired Highway the intention was to keep the business whole, as an [...]" (2008-12-1)
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LV= is considering its options with regard to Hero, saying that when it acquired Highway the intention was to keep the business whole, as an [...]" (2008-12-1)
Piracy Information
"We’ve observed increasing interest in the insurance implications of maritime piracy given the recent surge in incidents in the Gulf of Aden and off the coast of Somalia. Last month Somali pirates seized a Saudi oil tanker, the Sirius Star, carrying oil reportedly worth more than $100 million to the U.S. Negotiations continue for the [...]" (2008-12-1)
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Aviva sells off RAC Auto Windscreens
"Insurance giant Aviva has announced the sale of its RAC Auto Windscreens unit to Germany-based Arques Industries AG for an undisclosed sum.
Aviva said it is selling the business as part of a streamlining strategy to increase focus on core operations.
RAC Auto Windscreens is an auto glass repair and replace subsidiary of roadside rescue firm RAC, [...]" (2008-12-1)
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Aviva said it is selling the business as part of a streamlining strategy to increase focus on core operations.
RAC Auto Windscreens is an auto glass repair and replace subsidiary of roadside rescue firm RAC, [...]" (2008-12-1)
Equity Red Star opens northern office
"Equity Red Star, one of Lloyd’s biggest underwriting syndicates, has opened a new office in Leeds city centre, adding to its regional offices in Birmingham and Glasgow.
The company hopes that moving into the region will enable it to work more closely with insurance brokers based in the north of England.
This will allow Equity Red Star [...]" (2008-12-1)
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The company hopes that moving into the region will enable it to work more closely with insurance brokers based in the north of England.
This will allow Equity Red Star [...]" (2008-12-1)
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