News
Iranian crude finds Asian buyers despite insurance sanctions
Iran is still shipping oil to China, and Japan looks likely to resume imports in August, as Iran continues to circumvent Western sanctions on ship insurance, Reuters reported.
Thailand ceases issuing new insurance licences
Foreign investors wishing to enter Thailand’s insurance market are to be denied new licences for at least five years as the country targets a staggered liberalisation of the financial services sector.
NIG strengthens north east team with two new hires
Commercial insurer NIG has appointed an underwriter and a business manager to its north east team.
Telematics sales increase 'fivefold'
Telematics insurance sales have increased fivefold in the past two years and are set to snowball to around 500 000 in the next two years.
Mapfre to create 150 jobs in Mexico in new Mapfre Tower
Mapfre chairman Antonio Huertas unveiled growth plans for Mexico in a visit to the country yesterday.
Aviva faces £40m flood bill
This summer's floods could cost three major household insurers almost £70m in the first half of the year, according to analysts.
Telematics could deliver an 'Olympic-sized' saving to UK economy
Coverbox has urged the government to encourage take-up of telematics among drivers.
Clyde & Co to open Libya office
Law firm Clyde & Co is opening an office in Tripoli, which will be the firm's fifth in the Middle East and North Africa region.
Market moves: Another busy week for insurers
This week, once again, belonged to insurers, with a number of firms making significant management changes. While Aviva stole the limelight with another reshuffle, Zurich quietly added a new CEO and Mitsui Sumitomo at Lloyd's rejigged its risk management…
Weather claims to hit £750m as industry waits for SoP announcement
The insurance industry is hopeful that the government will finally release details of the flood risk model that will replace the Statement of Principles before its summer recess next week.
Eiopa guidelines give clarity now insurers must act say analysts
Insurers were urged to get their final Solvency II preparations underway following the release of Eiopa’s Guidelines for Solvency II Reporting & Disclosure this week.
Ageas boss Smith encouraged by government flood stance
Ageas chief executive Barry Smith has welcomed a government announcement suggesting that it is moving with the industry towards a levy type solution for residents and business owners in high risk flood areas.
Blanc unveils "long term" broker plan for Axa
New personalities, changes in the market and Axa Commercial's success in improving customers' perceptions of the business have prompted the insurer to change its model from one split down business lines to one based on distribution channels.
Brokers insist on level playing field over EC Insurance Mediation Directive
Insurers have been dragged into the mandatory commission disclosure debate by disgruntled brokers demanding a "level playing field", following the latest publication of the revised Insurance Mediation Directive.
Aviva overhaul wins approval but worries remain over GI
New Aviva chairman John McFarlane's bold plan to overhaul the insurer by stripping it of underperforming businesses and layers of bureaucracy has won plaudits from the insurance community, but has failed to convince all corners that the general insurance…
Churchill and Privilege launch on Compare the Market
Churchill, Privilege and Sainsbury's Bank motor insurance products can be bought on aggregator website Compare the Market from today.
Blanc to lead Axa's joint commercial and personal lines broker business
Axa commercial lines chief executive Amanda Blanc has been selected to head up the firm's new combined broker business, in a bid to strengthen capabilities and propositions in the intermediated market.
Europe's banks increasingly reliant on structured credit insurance
European banks are using structured credit insurance to remain active in the Asian trade finance market while deleveraging their trade finance portfolios, according to Marsh.
XL seeks to increase "regional presence" with German appointments
XL has expanded its underwriting team for middle market firms in Germany with the appointment of two senior underwriters.
Solvency II report is progress, analysts say
Market analysts have praised the "encouraging" European Insurance and Occupational Pensions Authority's report on the benefits of current Solvency II templates.
Broker Caitlin-Morgan teams up with investment specialist
Wholesale broker Caitlin-Morgan has enlisted the services of investment information specialist Camradata to assess the performance of insurance asset managers.
Insurer flood debate at "advanced stage" with Defra
The Association of British Insurers is in "advanced stages" of discussions with the government to find a replacement for the statement of principles, which ensures that homeowners in flood-risk areas are able to get insurance, when it expires in July…
Keoghs appoints eight partners
Keoghs has appointed eight new partners, taking the total to 66.
Beazley offers single piracy and war product
Beazley is offering owners of ships sailing in troubled waters the option to buy one policy covering war risks and piracy.