Insurer estimates hit £750m as city riot damage racks up – Insurance News Now
Author: Tracey Jones
Source:
Post |
10 Aug 2011 | 
Categories: Insurer | Broker | Personal | Commercial | Regulation | Reinsurance | Claims | Europe | Lloyd's/London
Tags: Insurance news now | Post watch | Riot | Underwriting | Catlin | Regional | Chartis uk | Professional indemnity | Giles | Redundancies | Cbg
Post reporter Callum Brodie outlines this week's major general insurance stories which include how RSA, Aviva and Axa are likely to incur the biggest losses from commercial property claims, based on market share, as the latest riot bill estimate hits £750m.
As the full damage from four days of violent disturbances becomes clear, insurers are reassuring customers that their claims will be met, but urge them to get in contact as soon as possible.
In other news, Mitsui Sumitomo has enticed an underwriting duo from Catlin to spearhead its regional mid-market push in the Midlands; leading analysts have warned insurers that the industry is not a "safe haven" for investors, despite share prices falling less than the stock market average of 5.5% since the US credit rating downgrade on Friday; Chartis UK has blamed the high volume and cost of claims for its decision to stop writing new solicitors' professional indemnity business this year - but has not ruled out reversing its policy in the future; and Giles has vowed to protect jobs "where possible" following its £5.1m acquisition of Manchester-based broker CBG.
Keep up to date with all the latest insurance news as it breaks at postonline.co.uk.
Tags: Insurance news now | Post watch | Riot | Underwriting | Catlin | Regional | Chartis uk | Professional indemnity | Giles | Redundancies | Cbg
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