News
Italian quakes and UK floods hit RSA's H1 result
RSA continues to expect overseas operations to be 70% of group premiums by 2015, following strong performances in its international segments in the first half.
Allianz, Generali and Munich Re dominate as European travel insurance market prospers
European markets for travel insurance and assistance continue to flourish with Allianz, Generali and Munich Re heading the market.
Generali sees profits boost from premiums outside Italy
Generali Group has posted net profits up 4.5% to €842m (2011 H1: €806m) for the first half of 2012, with the operating result stable at €2.34bn despite significant catastrophe events.
Biba signs Gleaming Wholesale for contractors scheme
The British Insurance Brokers' Association has appointed Gleaming Wholesale as the exclusive provider for its new cleaning contactors scheme, which offers enhanced cover and commission for Biba members and interest free instalments.
Buckley Scott raids Groupama and Cunningham Lindsey for new hires
Loss adjuster Buckley Scott has made a string of appointments at its London and regional offices.
Willis' European growth held back by declines in Spain and Netherlands
Willis Group has reported net income from continuing operations of $332m for the six months ended 30 June 2012, compared with $119m in the same period a year ago. Operating income increased to $496m (H1 2011: $395m).
Stobart Group to launch insurance broking arm
Logistics company Stobart Group is to launch an insurance broking arm following the success of its legal services business.
India's government U-turns on tanker exemption
The Indian government has said that permission for Indian tankers carrying Iranian crude will be given on a case-by-case basis, a shift in position from the general exemption declared previously.
Two-year wait ends as PI discount rate consultation launched
The Ministry of Justice has called on stakeholders to respond to the long-awaited discount rate consultation, which it finally launched yesterday.
Russia and Romania travel insurance markets thrive in economic crisis
Travel insurance in Russia, Romania and Turkey boomed between 2008 and 2012, despite the Eurozone crisis, while the UK and Ireland saw foreign travel decline, new research has revealed.
UK flood loss offsets growth for RSA
RSA has reported a 4% rise in net written premium to £4.3bn, at constant exchange (2% as reported), and a combined operating ratio of 95.2% (H1 2011: 93.2%).
Plumeri admits Willis' mettle has been 'tested' as revenue remains flat
Willis Group has reported net income from continuing operations of $332m for the six months ended 30 June 2012, compared with $119m in the same period a year ago. Operating income increased to $496m (H1 2011: $395m).
Law Report: Employment Tribunal decision upheld as claimant unfit to attend
Law reports contributed by national law firm Berrymans Lace Mawer.
Market moves: MGAs the main movers as three firms make new hires
While the Managing General Agents Association made the trade press this week, MGAs followed suit with several new hires at Pioneer Underwriting, Asta and Sagicor at Lloyd's.
Law Report: Costs case referred to Registrar of Criminal Appeals
Law reports contributed by national law firm Berrymans Lace Mawer.
Law Report: Court dismisses builder's appeals
Law reports contributed by national law firm Berrymans Lace Mawer.
Website review: MoneySupermarket.com
Web performance specialist Compuware Gomez puts the aggregator to the test.
Aon looking ahead despite drop in half-year income
Aon's operating income from continuing operations fell 3% to $504m (£321m) in the first half of 2012, compared with $518m in the same period in 2011, despite total revenue growth of 2% to $5.66bn (H1 2011: $5.57bn).
JLT enjoys revenue boost in broking as economy afflicts underwriting
Jardine Lloyd Thompson's risk and insurance business generated revenue growth of 8% to £331.6m, while trading profit increased to £80.3m (H1 2011: £70.4m) in the first half of 2012.
FSCS levy proposals could see MGAs facing the same liability as brokers
Managing general agents face being liable to bail out failed independent financial advisers or mortgage intermediaries that exceed the upper threshold of the Financial Services Compensation Scheme levy under new proposals.
LV reduces broker rates after losing out to competitors
Uncertainty in the general personal lines market has led LV to reverse its strategy of hardening rates after the company's PL broker book lost out to competitors in the first half of the year.
Aviva to exit US general insurance market after ending Hiscox deal
Aviva is withdrawing from the US general insurance market following a decision to end its two-year reinsurance quota share agreement with Hiscox's US property catastrophe book. The arrangement dates back to the 2010 financial year.
ABI demands Riot Damages Act reform one year on from civil unrest
Industry leaders are calling for urgent reform to the Riot Damages Act 1886 after publishing comprehensive claims data on the eve of the first anniversary of the UK riots.
Compare the Market launches refreshed landlord website
Compare the Market has unveiled a "new and improved" price comparison offering for landlord insurance.