News
Risk report attacks industry failures
The insurance industry's failure to make significant changes to the "deficient" commercial lines sector has been "wholly unacceptable", according to research firm Mactavish.
Broker launches weather-related cover scheme
An insurance scheme has been launched that offers to compensate companies when the "wrong" kind of weather hits.
Strategic technology Forum: data breach notification law is imminent for insurance industry
The insurance industry has been urged to prepare for potential new regulation, which will make it mandatory for companies to report any breaches of data management regulation.
Reinsurance sector braced for huge losses in Japan
The global reinsurance industry is positioned to absorb the impact of the Japanese earthquake — even if the insured losses reach $35bn (£21.7bn).
Councils face prospect of speculative asbestos claims
A local authority has failed in its bid to secure clarity over what constitutes a 'material increase' in risk where a mesothelioma claimant's exposure to asbestos is relatively low, arguably leaving councils vulnerable to higher numbers of speculative…
Strategic Technology Forum: clarity needed on internet data collection legislation
More clarity on forthcoming European legislation surrounding internet data collection is essential, if insurers are to implement it properly. This was the view shared by consulting firm Promontory Financial Group with Post's Strategic Technology Forum…
Axa prepares to scrutinise customer claim behaviour
Axa is looking into using the Claims and Underwriting Exchange to check prospective household customers' claims experience before it quotes for business, as part of its plan to manage claims costs within this portfolio.
Crawford trials data mining plan with three suppliers
Crawford & Company is trialling three potential suppliers to support its plans to launch data mining and matching capabilities within its counter-fraud unit.
Sports cover in spotlight as footballer retires
The London insurance market has highlighted the importance of comprehensive sports insurance, after Reading FC footballer Chris Armstrong was forced to retire due to multiple sclerosis.
Besso wins Ecuador hydro-electric dam broker contract
Besso has been named as the broker on a $2bn (£1.2bn) project to construct a hydro-electric dam in Ecuador.
Co-op targets young drivers with telematics
Co-operative Insurance has launched a telematics-based motor policy aimed at reducing young driver premiums in the wake of the European Court of Justice ruling, which outlawed gender as a rating factor.
Canopius boss: massive quake will be tipping point
Canopius chairman Michael Watson believes the Japanese earthquake could serve as the tipping point on market rates, after lamenting the commercial lines market for its "folly" on low pricing.
Select committee under fire over referral disclosure plans
Motor insurers have hit back at government proposals forcing the industry to disclose details of their referral fee arrangements.
Quality data essential to avoid banking problem repeat
Insurers must use top quality data when preparing for Solvency II to avoid the problems suffered by banks during their implementation of Basel II, technology firm CSC claimed.
Strategic Technology Forum: data management security policy is a must
Insurance firms must have an accurate data management security policy in place to avoid falling foul of the Information Commissioner's Office, a solicitor from law firm Field Fisher Waterhouse claimed.
Court dismisses Towergate application
A high court judge has dismissed an application from Towergate Underwriting for a pre-action disclosure against Lorica Insurance Brokers and ordered it to pay costs amounting to £17 000.
Strategic Technology Forum: simplicity is key for data
Markel International has recommended its fellow insurers simplify their use of data as it prepares to move to a single underwriting system itself.
Strategic Technology Forum: portable device threat to sensitive data must be stopped
Insurers must do more to encrypt portable devices to ensure that sensitive data is kept safe. According to Amy Norcup, an analyst at Promontory Financial Group, even businesses with a strong data protection framework can face sanctions if they fail to…
Editor's comment: Out of step with reality?
Just before the devastating events began to unfold in Japan last week, the UK insurance market found itself vexed by the Transport Select Committee's report into the rising cost of motor insurance.
Munich Re to revisit earnings target statement
Munich Re's stated objective to earn €2.4bn (£2.1bn) in 2011 may have to be revisited following the devastating earthquake in Japan.
Gorman joins Inter Resolve to expand model
Inter Resolve has appointed a former Equity claims operations manager to the newly created role of head of claims as part of plans to expand its business model.
Ageas toughens stance on household insurance rates
Ageas chief executive Barry Smith has said the insurer "needs to do more" to improve its household insurance offering and encourage preventative action following losses amassed during the winter freeze.
Biba stands firm on call for FSCS funding changes
The British Insurance Brokers' Association has reiterated its call for a change to the Financial Services Compensation Scheme funding rules before April 2012, after an MP warned the final figure for payment protection insurance mis-selling compensation…