Claims
Lloyd's syndicate sues Saudi for financing 9/11
Lloyd’s insurance syndicate 3500 Riverstone Managing Agency, has launched a landmark legal battle against Saudi Arabia, accusing it of indirectly finding al-Qaeda and demanding the repayment of £136m it paid out to victims of the 9/11 attacks.
Questgates grows its counter fraud team
Loss adjuster Questgates has made three new appointments to its counter fraud division field force.
Belfor drops Relectronic name
Belfor Relectronic has dropped the Relectronic name it acquired since taking over Relectronic Remech in 2001.
Aon says pirates now have less success
Aon Risk Solutions’ first in-depth piracy report for ship owners worldwide says that although piracy is increasing, successful hijacks are on the decline.
Insurance Insight weekly update is now live
Insurance Insight’s weekly update is live featuring a Q&A with CED Ceo Stef Witteveen: and a View from the Top from FERMA vice president Julia Graham.
Insurance Insight Q&A: Stef Witteveen
Claims-processing management firm CED recently expanded in Spain with the acquisition of CSP, Insurance Insight caught up with Stef Witteveen, chief executive officer, to find out all the news on the purchase and the firm’s plans has for the future.
RSA insists adding to claims is “legal”
RSA has insisted its use of a wholly-owned subsidiary to increase the prices of motor accident repairs charged to rival firms is lawful.
Crawford shakes up management team
As part of the changes Benedict Burke will be moving from his role as CEO, UK and Ireland.
AIR cuts loss estimates for Irene
Catastrophe modelling firm AIR Worldwide has cut its industry insured loss estimates for Hurricane Irene’s impact in the Bahamas to between $200m $400m (previously $300m to $700m).
RSA’s enhanced motor claims add 25%
Britain’s fourth biggest motor insurer RSA stands accused by a county court judge of artificially inflating repair costs charged to other insurers by more than £2.4m.
£2m "crash for cash" scam brothers jailed
Two Lancashire brothers who pocketed almost £2m between them from a “crash for cash” scam have been jailed.
Geneva Association appoints actuarial science specialist
Global insurance think tank, The Geneva Association, has appointed Illinois state university Professor, Krzysztof Ostaszewski, as the research director of its life and pensions programme.
Flat rates expected in Europe after Monte Carlo meet
Securities and investment banking firm Jefferies anticipates flat rates for Europe next year.
Market moves: Bucking the trend for UK employment
With September in full swing, announcements of moves around the market are arriving thick and fast. After the dearth of recruitment news in August, disciplines across the industry spectrum appear busy luring expertise from competitors, promoting from…
MYI and Airclaims merge to enhance position in aviation
Loss adjuster McLarens Young International has merged with Airclaims to enhance its position in the aviation market.
Claims rise as landlords cut maintenance budgets
The proportion of claims made for avoidable incidents such as leaks, burst pipes, frost damage and general wear and tear has increased by 5% since 2008 as tight budgets hit property maintenance by landlords.
Comment - Civil litigation: You’re part of the problem
When the insurance industry launches a campaign to reform our “broken civil litigation system” it predictably wheels out dodgy statistics – including that complete nonsense of a report from Frontier Economics again — and dubious ‘facts’. It conveniently…
Loss adjuster hit with year-long jail term for £18 500 Zurich theft
A loss adjuster has been sentenced to a year in prison for theft and deception, owing insurer Zurich up to £18 500.
MoJ to split referral ban enforcement role between industry regulators
The Ministry of Justice has confirmed the government’s proposed ban on referral fees is likely not to be centrally administered, but instead enforced by a collection of disparate regulatory authorities.
Editor's comment: The devil is in the detail
Just when consensus was building across the insurance industry that banning referral fees alone will not cure the UK civil litigation system of all its perceived ills, reduce car insurance premiums, or single-handedly wipe out personal injury claims…
Concerns sparked over quality of insurer supply chains
Leading insurers have raised “serious concerns” over the industry’s ability to handle water perils claims, with restoration companies shouldering a large proportion of the blame.
Insurers vow to pay squatting claims if informed of extended absence
Insurers have vowed to pay claims to policyholders whose properties are invaded by squatters — as long as they inform them if their home will be empty for long periods of time.
MGA data requests rise as Solvency II bites
Managing general agents will have to provide insurers with more detailed data to drive down the costs of implementing Solvency II, according to an underwriting and claims director at Towergate.
Ask the Expert
With all the recent turmoil in the markets, how is the insurance industry faring in terms of new job creation?