News
New Zealand insurers continue to reject business
The number of insurers rejecting new business amid ongoing seismic activity in Christchurch is escalating rapidly, according to an expert from Fitch Ratings in Australia.
Interest from Middle East inevitable due to depressed share prices
The European insurance industry is likely to see an investor from the Middle East take a shareholding in an established brand within six to eight months, according to a regional expert.
Sagicor withdrawal forced by First Central losses
Lloyd’s insurer Sagicor’s decision to quit both property treaty reinsurance and casualty treaty reinsurance was forced by huge losses incurred through its tie-up with Gibraltar-based motor insurer start-up First Central, Post understands.
Wood kicks off recruitment drive for fraud unit as threat assessment begins
The detective chief inspector charged with heading up the Association of British Insurers-funded fraud unit will wait for the results of an initial threat assessment before targeting specific areas of vulnerability within the industry.
News analysis: Insurers urged to negotiate with FSA as Solvency II confusion continues
The FSA has announced a delay to Solvency II but getting clarity remains a priority for government and insurers.
Career development: GAB trio pass new CILA certificate
Three graduate trainees from loss adjuster GAB Robins have become the first professionals to pass the new Chartered Institute of Loss Adjusters’ certificate qualification.
Market moves: Brokers pick up the pace
Following a quiet fortnight, major players in the broking sector have actively been recruiting this week.
AM Best affirms QBE ratings
AM Best has affirmed the financial strength ratings of A (Excellent) and the issuer credit ratings (ICR) of “a+” of QBE Insurance (Europe) Limited (United Kingdom), QBE Insurance (International) Limited (Australia) and QBE Reinsurance (Europe) Limited …
Fitch revises Italian ratings downwards
Fitch Ratings has revised the rating outlooks for the Italian life and non-life insurance sectors to negative from stable. This indicates that the majority of Italian life and non-life insurance ratings could be downgraded over the next 12 – 24 months.
Reputation protection cover for hotels
Willis, in conjunction with Kiln, has launched Hotel Reputation Protection 2.0, a policy aimed at limiting the financial fall out from negative PR.
Ecclesiastical shakes up property owners market with Crown Estate win - Insurance News Now
Post senior reporter Amy Ellis outlines this week's major general insurance stories including news that new entrant Ecclesiastical has shaken up the property owners market by winning a multi-billion pound portfolio belonging to The Crown Estate, as…
ABI director hits out at pleural plaques ruling
The ABI director of general insurance and health has been quick to register his disappointment following today’s Supreme Court ruling that the Scottish Parliament acted within its powers in making pleural plaques compensatable.
Hardy sets December 2010 start date for Singapore operation
Hardy Underwriting Bermuda has announced the opening of its new Singapore office.
RBSI bolsters its claims counter fraud operation
Bob Spencer has joined the claims team at RBS Insurance as head of counter fraud and Michael Brown as head of the counter fraud intelligence function.
France and Germany lagging behind on Solvency II
French and German insurers are behind UK counterparts when it comes to Solvency II, according to Fitch.
CMCs verging on “criminal”
Giving evidence to the Transport committee in its probe into the cost of motor insurance, Jack Straw, former home secretary and justice secretary, said that claims management firms and credit hire companies are “parasites in the system”.
Referral fee ban will not go beyond PI
Jonathan Djanogly MP, parliamentary under-secretary of state for justice, confirmed that the legislation for the banning of referral fees will be confined to personal injury.
Telematics reports driving every second
Insurance telematics firm MyDrive Solutions has launched its first product to market called Dynamic to enable car insurers to use driving behavioural data to assess the risk presented by individual drivers.
Nine arrested in Yorkshire following alleged crash for cash scam
Insurance Fraud Bureau investigations into crash for cash scams continue to gather momentum following the arrest of nine suspected fraudsters in West Yorkshire yesterday.
Law Society claims consumers are unlikely to benefit from reform
Consumers are unlikely to witness a reduction in their premiums despite reforms on no-win, no-fee arrangements, according to the Law Society.
Topham lands Quote Me Happy role
Former Green Flag director Henry Topham has been named as retail and trading director of Aviva’s recently launched Quote Me Happy brand.
Brit Insurance being monitored after Douetil quits
Following the announcement chief executive Dane Douetil is stepping down from Brit Insurance Holdings, with effect from 27 October, Fitch Ratings has confirmed it will be monitoring the situation closely.
TSC risks missing the point about motor insurance pricing
The Association of British insurers has responded to the results of a Young Marmalade survey which revealed that 96% of young drivers feel priced off the road by high insurance premiums.
Brit Insurance being monitored after Douetil quits
Following the announcement chief executive Dane Douetil is stepping down from Brit Insurance Holdings, with effect from 27 October, Fitch Ratings has confirmed it will be monitoring the situation closely.