Post - 2010-07-01

No grace period on IPT

London market insurers and brokers have been told they will not be given the same grace period as when faced with the last hike in insurance premium tax.

Late claims payment fine

Insurers should expect to pay damages to their clients when they are slow to pay claims, according to the Association of Insurance and Risk Managers.

Non-life weathers storm

In the UK non-life premiums fell 3.1% to $92bn (£61bn) in 2009 (which ranked it fourth behind the US, Japan and Germany) out of a total of $309bn (which ranked the UK third behind the US and Japan), and that insurance penetration was 12.9%, according to…

Broker share set to fall

The market share of national brokers is expected to decline to 50% in 2010 and is forecasted to continue falling until 2014.

Pain relief at FSA

The Financial Services Authority has announced that Jon Pain, managing director of supervision and an FSA Board member, has become the latest senior member to decide to leave the organisation in 2011.

Hiscox Syndicate 33

Hiscox has published a summary of its initial 2011 business forecast for Syndicate 33 and envisages a syndicate capacity of £900m for 2011, a reduction of £100m from 2010.

HL wins Diabetes UK tender

Heath Lambert has won a tender to provide personal lines and life insurance products for health charity and patient organisation Diabetes UK.

Broker profits to fall

UK insurance brokers are expecting a drop in profitability over the next three months, research by Pricewaterhouse Coopers and the Confederation of British Industry has shown.

Money handling warning

UK brokers must tighten up client money procedures according to insurance industry accountant and consultant Moore Stephens.

GAB Robins boss looks overseas following MBO

The chief executive of GAB Robins UK has admitted it would like to formalise its international relationships — and could even launch its own overseas start-ups — as it seeks to grow its global markets business.

North of the Border: Damages (Scotland) Bill

In February it was announced that the Damages (Scotland) Bill would be introduced to the Scottish parliament. Its intention is to repeal and replace the Damages (Scotland) Act 1976, restating the law in a clearer form and, in particular, introducing a…

Flood service formed

Three insurance repair and renovation companies, with combined annual sales in excess of £100m, have formed a new national flood mitigation and drying service with an integrated building contracting operation.

Halliwells wants takeover

Halliwells has filed for court permission to appoint an administrator as it looks to secure a takeover by Hill Dickinson.

View from the top: Stand up to EC on renewal

The law of unintended consequences dictates that on occasion some of us will suffer from the well-meant actions of others. This certainly appears to be so in the case of the Consumer Rights Directive currently being debated at the European Parliament.

Technology - Underwriting: Shifting focus

Insurers are upping the pace at which they investigate underwriting IT options and, over the past six months, there has been a substantial jump in the number of carriers looking to engage software houses with projects in this area, says Edward Murray

Technology - E-certificates: Certifiable progress

Jakki May explains that changes to the law regarding e-certificates for motor insurance mean that the industry can now make headway in dispensing with old-style postal delivery, potentially saving millions on printing while also reducing fraud.

Penny Black’s insurance week

Remember Big Brother? Penny was taken aback to discover the series is still trundling through its final series and drawing in big enough viewing figures for Go Compare to choose a slot in tomorrow’s eviction night extravaganza as the place to launch its…