News
Insurers warned over increased risk of identity fraud
Fraud specialist Synectics Solutions has warned insurers that they face a heightened challenge in 2016 in the form of identity fraud.
GWP and COR improve for global reinsurer Scor
French reinsurer Scor has posted an upgraded financial rating on the back of a 6.4% increase in 2015 gross written premiums to €13.4bn (£10.6bn).
Career Development: 1000 companies to inspire Britain
Fourteen insurance specialists were named in the London Stock Exchange Group’s report, 1000 Companies to Inspire Britain, which showcases dynamic small and medium-sized enterprises across all sectors of the economy.
PIB acquires Cooke & Mason
Private equity-backed PIB Insurance Brokers has continued to grow through the acquisition of Nottinghamshire-based commercial insurance brokers Cooke & Mason.
Three still missing after Didcot Power Station collapse
Emergency services are searching for three people after yesterday’s (23 February) partial collapse of the decommissioned Didcot A Power Station in south Oxfordshire.
Aviva launches cancer care top-up insurance
Aviva has unveiled a top-up health insurance product, Cancer Essentials, which will include a cash payment on diagnosis and access to round-the-clock helplines.
Towergate and Ageas sign £300m capacity agreement
A new capacity deal will see Ageas provide £60m annually for five years across Arista’s commercial motor, property and liability products, as well as Towergate’s holiday homes portfolio.
Zurich commits to Asia-Pacific after Hong Kong sale exploration report
Zurich has confirmed it has no intention of exiting the Hong Kong and Singapore markets after a Reuters report stated it was considering selling its operations in those areas.
Premium rates softened 3.4% in Asia-Pacific last year, says QBE
Australian insurance giant QBE saw rates softening on average 3.4% in Asia-Pacific (excluding Australia and New Zealand) in 2015 as competition intensified across the region.
NAO criticises disjointed approach to mis-selling regulation
The National Audit Office (NAO) has criticised a lack of effective co-ordination between the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) with respect to the mis-selling of financial products.
QBE drawing up ‘Brexit’ contingency plans
QBE Insurance Group is currently drawing up contingency plans in the event of a ‘no’ vote in the forthcoming UK referendum on continued membership of the European Union.
Google to shut aggregator site in UK and US
Google's price comparison website Google Compare is to close on 23 March, according to reports.
Continuing soft rating environment reflected in London market results
Full-year results released by London market players to date are reflective of the continuing soft rating environment and companies' reserve releasing strategies, according to analysts. In addition, questions have been raised over whether inflated company…
Litigation likely to test limitation clauses in data breach cases
Litigation will test the effectiveness of companies seeking to absolve themselves of data protection and data security responsibilities via clauses in contracts as companies increasingly believe it's "worth a go", according to cyber insurance experts.
US sanctions strong disincentive for Iranian cover despite lifting of EU restrictions
Banks' reluctance to process payments is a major barrier for insurers wanting to conduct Iran-related business following European Union sanctions relief last month, while legal research has found remaining US primary sanctions are quelling the appetite…
London market at odds with Mayor Boris over EU vote
Key bodies in the London market have sought to emphasise that ‘Brexit' from the European Union could see the capital lose international business, in the wake of London Mayor and Conservative MP Boris Johnson's decision to support the ‘leave' camp in the…
QBE improves COR but sees 7% drop in GWP
QBE Insurance Group announced an improved combined operating ratio of 94% (2014: 96.1%) in its full-year results report today (23 February) against a 7% drop in gross written premiums to $14bn (£9.9bn) (2014: $15.9bn).
#PostPeople: 23 - 29 February 2016
All the latest insurance industry market moves between 23 and 29 February 2016 in full and in one place.
Swiss Re income jumps 31% as CEO steps down
After four years as CEO, Swiss Re’s Michel Liès will step down on 1 July with reinsurance head Christian Mumenthaler named as his replacement.
Peak Re appoints underwriter manager and head of analytics
Hong Kong-headquartered reinsurer Peak Re has appointed Iain Reynods as head of analytics with Lawrence Cheng moving to head of product underwriting.
Steadfast's profit climbs 81% in first half
Australian broker network and underwriting agency Steadfast saw after tax profits climb 81% in the first half of fiscal year 2016 to A$37.9m (£19.4m).
Baxter rejoins Chubb as Asia-Pacific arts specialist
Previous Chubb employee Regina Baxter has returned to the global insurer to become the insurer's fine arts portfolio specialist for Asia-Pacific.
FCA to draw up strategy on older consumers
The Financial Conduct Authority has released a paper to spark debate on how to better address the needs of the UK’s ageing population.
Swinton appoints Gallagher's Monnington as commercial head
Swinton has appointed Arthur J Gallagher's Birmingham office managing director Tony Monnington as its commercial head.