News
BIS 2011: Industry must up government lobbying or risk unsustainable losses
Stronger engagement with national governments is essential to overcome the current insufficient focus on natural disaster mitigation and to push through long-term reforms that will help reduce total event cost.
News analysis: Quota calls for female board membership met with sharp scepticism
Stronger female representation on company boards is one of the recommendations laid down by the Association of British Insurers last week, in its first report on board effectiveness
BIS 2011: Warning over reliability of public information
“It is a danger to rely on publicly available information” the insurance industry has been warned.
BIS 2011: Indebted firms face refinancing battle
Brokers could be facing a “refinancing battle” over the coming years, according to an insurance banking expert who has issued a stark warning to heavily indebted businesses.
BIS 2011: ‘Sexy data’ set to change insurance industry
Delegates at the British Insurance Summit were told in no uncertain terms that technology and social media are here to stay and were urged to be a part of it.
BIS 2011: RBSI boss: telematics could create insurance underclass
Young drivers represent a huge reputational risk to insurers and telematics could create an uninsurable motor underclass unless the industry addresses urgent questions on data standards and ownership.
Zurich closes Santander acquisition
Zurich Financial Services Group has closed the acquisition of 51% participation in general insurance, life insurance and pension operations of Santander in Brazil and Argentina.
LV fraud boss issues warning as family receive jail time
The head of financial crime at LV insists that fraudulent claims are a growing problem for insurers, after a company investigation which resulted in a family of three being jailed for a combined 12 months.
Loss adjusting panel to review riot claims for Met
The Metropolitan Police Authority has been forced to appoint a panel of loss adjusting firms to advise on riot-related claims.
NZ faces mass withdrawal as earthquake claims stack up – Insurance News Now
Post reporter Callum Brodie outlines this week's major general insurance stories including the possibility that insurers and reinsurers could stop providing earthquake cover in New Zealand altogether, forcing its government to handle claims.
Ferma 2011: Contractors looking beyond Europe for infrastructure projects, JLT warns
Slower deal flow in Europe means contractors are looking further a field for projects but growth economies create different risk challenges JLT has warned.
Vienna Insurance merges Bulstrad and Bulgarski Imoti
The Vienna Insurance Group plans to merge its two non-life insurance subsidiaries Bulstard and Bulgarski Imoti in order to strengthen its market presence in Bulgaria and make better use of synergies.
Irish Legal Services Regulation Bill approved
The Minister for Justice, Equality and Defence, Alan Shatter, TD, has secured government approval for the publication of the new Legal Services Regulation Bill.
Small firms to welcome Solvency II delay
Smaller UK firms will be relieved by the Solvency II deadline delay as it allows more time to prepare.
Law firm raises issues over FSA customer compensation drive
City law firm Reynolds Porter Chamberlain claim the Financial Services Authority is aiming to force financial services firms to provide 100% redress to customers who have suffered financial loss even if the loss was not caused by the firm’s rule breach…
Brit acquires public entity package team from HCC
Brit has opened a new office in Richmond, Virginia to underwrite first dollar package business for the public entity sector.
Beazley expands underwriting team
Construction and engineering risks insurer Beazley is expanding and restructuring its global underwriting team.
Ferma 2011: Sophisticated risk managers aware of insurance market issues
Modern risk managers are more sophisticated in their needs and are well aware of insurance market problems according to senior vice president at Chubb.
German non-life sector remains stable, according to Fitch
The outlook for the German non-life insurance sector remains stable, according to a new report from Fitch ratings service.
BGL profits up to £72m
BGL Group has reported a pre-tax profits of £72m, which is a year on year growth of 16 per cent for its financial results for the year July 2010 to June 2011.
Clarity needed on Solvency II
Lloyd's has responded to the Financial Services Authority Solvency II revisions.
Sword Insurance becomes Agency Port
The insurance software business bought out of Sword Group has changed its name to Agency Port and says it has companies knocking on its door wanting to be bought.
ABI says Solvency II delay ‘sensible’
The Association of British Insurers has described the Financial Services Authority’s announcement on the delay to Solvency II as “sensible”.
53 firms enter the ARP
The Solicitors Regulation Authority has confirmed that as of 4 October, a provisional figure of 53 firms had failed to find professional indemnity insurance on the open market and had entered the Assigned Risks Pool.