News
Windstorm Xaver property losses were €680m, according to Perils
Perils, which provides catastrophe insurance data has released an initial loss estimate for December windstorm Xaver, which affected Western and Northern Europe, of €680m for insured property losses.
Sales of cyber-insurance climbed 30% in 2013 at AIG
AIG saw a 30% rise in sales last year compared to 2012 of the specialist insurance that protects companies from data breaches and cyber attacks.
Euler Hermes establishes Singapore single risk team
Trade credit insurer Euler Hermes has established a single risk and political risk insurance team based in Singapore aimed at larger bespoke projects.
Perth bushfires to cost at least A$13m
Insurance assessors have started reviewing claims in bushfire-affected communities in the Perth Hills following bushfires that have destroyed or damaged many homes, businesses and vehicles.
Cobra Network snaps up three new members
Cobra Network has made a positive start to 2014 after signing up three new members.
Industry encouraged to apply to lead Flood Re body
The search for a chief executive and chief financial officer for Flood Re Ltd has begun, with a CEO appointment expected before the end of H1.
MoJ working group to have medical panels solution in place by July
The Ministry of Justice will launch a cross-industry working group next month charged with ironing out a solution for the implementation of independent medical panels targeting bogus whiplash claims.
ABI downplays Flood Re delays
The ABI has played down suggestions that Flood Re will miss its summer 2015 deadline, claiming it is making “good progress” with preparations for the scheme.
Former ABI conduct director Craig to join FCA
Former Association of British Insurers financial conduct regulation director Maggie Craig is to join the Financial Conduct Authority this month as an advisor.
More than 60 jobs created by Admiral and Auto Windscreens partnership
Admiral Group has signed a three and a half year preferred supplier agreement with Auto Windscreens that is set to create more than 60 jobs at the repair company.
Generali backs Italian stem cell trial
Italian insurer Generali and research organisation Associazione Revert Onlus have begun a three-year partnership to support cell therapy clinical trial on Amyotrophic Lateral Sclerosis.
Flood Re could miss 2015 start date
Delays to the Flood Re programme mean the long-awaited scheme may struggle to meet its summer 2015 launch date, according to reports.
Brit raids Amlin for UK property underwriting trio
Brit Group has appointed three senior underwriters from Amlin to develop a new UK property portfolio.
Risk managers complacent on cyber and terrorism risks
Risk managers may be seriously underrating major threats facing their businesses according to an Aon survey of captive directors.
Pioneer launches Lloyd's Sub-Syndicate 1980
Pioneer Underwriters has launched its Lloyd’s Sub Syndicate 1980 in conjunction with Liberty Syndicate 4472.
JLT buys Lambert Brothers in Hong Kong
Jardine Lloyd Thompson has expanded its footprint in Hong Kong by buying local insurance broker Lambert Brothers.
India to review foreign ownership threshold of intermediaries
The Insurance Regulatory Development Authority has formed a panel to look at increasing the foreign ownership threshold of Indian intermediaries and third party administrators from 26% to 100%.
Allianz warns on interconnectivity of risks
Business interruption, the supply chain, natural catastrophes, fire and explosions are the main global risks to businesses according to the third annual Allianz Risk Barometer, which surveyed over 400 corporate insurance experts from 33 countries.
Biba manifesto sparks hope the burden of regulatory cost will be addressed
FCA urged to find areas for savings and be more transparent.
Mesothelioma Bill’s 75% compensation cap outcome is ‘extremely fair’
Bill edges closer to royal assent as claimant bodies vow to continue to fight limit.
2014 tipped to see consolidation surge as sector’s M&A appetite increases
Regulatory certainty, soft market and economic recovery make deals likely.
RSA weighs up fund-raising options as it seeks to avoid rating downgrade
Insurer facing potential £35m fine and may need to raise up to £300m in capital.
Signposting agreement proves worth with more than 100 000 referrals
More than 100 000 older motorists and holiday makers have accessed the signposting agreement forged by the insurance industry and the government since it came into force in April 2012.
Cost of regulation among key issues on 2014 Biba maniesto
The British Insurance Brokers’ Association has delivered its “calling card” to the government in the form of its 2014 manifesto in which the cost of regulation and the challenges faced by SMEs feature prominently.