News
CMA threatens Xchanging with in-depth competition probe
The Competition and Markets Authority has pledged to undertake an in-depth investigation of Xchanging’s acquisition of Agencyport unless the firm can address concerns of the deal’s impact on competition.
Innovation Group inks £46m deal for motor service specialist as CEO departs
Innovation Group has revealed a deal to spend up to £46m on one of the UK’s leading motor service plan specialists, alongside announcing the departure of CEO Andy Roberts.
New Zealand expects 30cm sea level rise
The New Zealand Insurance Council has accepted a government report stating a 'locked in' 30cm rise in sea-levels.
Willis Re rolls out Japan tsunami risk model
Reinsurance broker Willis Re has developed the Willis Japan Tsunami Model.
‘Complementary’ Sterling deal tipped to boost Covéa’s growth ambitions
Insurer edges closer to top 20 insurers with acquisition of HNW specialist
Dual pricing looks certain to come under FCA spotlight warns ABI chairman
Evans equates practice to bank teaser rates currently being scrutinised by FCA
ABI 2014 Motor Conference round-up
All the big stories from the ABI motor conference.
Crawford EMEA boss denies GAB Robins deal will warrant claims handler job cuts
Rivals claim combined adjusters’ size will make it unattractive to small clients
More brokers could follow Gallagher in severing Towergate Underwriting ties
Broker predicts ‘bloodbath’ between Arthur J Gallagher and Towergate
PRA senior insurance managers regime sparks fears of bank-like regulation
Consultation reveals plan for more stringent controls on senior staff
ABI boss Evans urges fraud task force to take on CMCs
The Association of British Insurers has joined member firms in welcoming the government’s decision to launch a fraud task force, but claimed it must tackle claims management companies if it is to be deemed a success.
Insurers urged to avoid repeat of credit hire ‘debacle’ in future FCA reforms
Association of British Insurers chairman Paul Evans has called on member firms to “not wait until the last possible moment” to act on expected regulatory interest around introductory offers for new customers.
Gallagher's international development head to leave company
Arthur J. Gallagher’s chairman of international development John Hastings-Bass will retire from the company in January 2015, the broker said today.
MoJ’s Grayling outlines 1 April start for whiplash portal MedCo
The new regime to accredit and distribute work to medico legal firms will go live on 1 April 2015 it was announced today.
CMCs face new regulation after MoJ sets up Hertzell-led fraud task force
The Law Commissioner David Hertzell, pictured, is to chair a new government fraud task force that could lead the way for greater regulation of claims management companies.
No amendments added to 'fundamental dishonesty' Bill in Commons reading
The Criminal Justice and Courts Bill received no further amendments during its latest reading in the House of Commons yesterday, despite criticism from the shadow justice minister relating to clause 56 on fundamental dishonesty.
MP moots option of second CMA review into motor insurance
A Conservative MP has raised the prospect of a second Competitions and Market Authority review into the motor insurance sector after the next election.
Claims Club News: Connected-home devices could cut claims costs
Insurers can proactively reduce their claims costs by encouraging the uptake of connected-home devices, according to Ninety Consulting’s Geoff Knott.
Claims Club News: Insurance implications of automated cars depend on level of human interaction
The extent of human interaction is one of the biggest challenges companies face in the race to develop driverless cars.
Claims Club News: Periodic payment orders tipped to make up a third of insurers’ liabilities
Periodic payment orders could account for a third of insurers’ future liabilities amid increasing frequency in bodily injury claims, according to KPMG non-life actuarial partner David Brown.
Open GI and Powerplace complete MBO worth upwards of £300m
Open GI and sister company Powerplace have completed a management buyout valued in excess of £300m after tying up a deal with Montagu Private Equity following approval form the Financial Conduct Authority.
Richfords founder to takeover as chairman of BDMA
Steven Richford, founder and managing director of Richfords Fire and Flood, will takeover as chairman of the British Damage Management Association from 1 December.
Axa inks £20m Paymentshield partnership
Axa Commercial Lines and Personal Intermediary has agreed to join Paymentshield household panel, in a move expected to deliver £20m of premiums over five years.
ABI's Evans urges insurers to take reputational issues into own hands
Insurers must do a better job of defending rating factors to avoid them being seen as a "sinister" use of data collection against consumers, Association of British Insurers deputy director general Huw Evans says.