News
FCA opens the door for product reviews in value data debate
The Financial Conduct Authority has not ruled out using consumer reviews to demonstrate the value of an insurance product, despite hinging an industry-wide value debate on utilising claims ratios as a metric.
Ruling clarifies stance on payouts for not 'appreciably worse off' NIHL claimants
A legal ruling where a claimant who had suffered noise induced hearing loss caused by her employment but was not compensated because the extent of the damage did not constitute a disability could have significant ramifications for the wider insurance…
Insurer uptake of cloud on the up despite continued legacy issues
Two fifths of insurers are still allocating more than 70% of their technology budget on non-discretionary or run spend, rather than projects that might allow them to innovate and change their businesses.
JBA Risk Management selected to model Flood Re risk
Flood modelling specialist JBA Risk Management has been commissioned by Flood Re broker Guy Carpenter to develop a probabilistic loss model for flooding in the UK.
Willis and Towers Watson join forces to create broking and analytics powerhouse
Willis Group and Towers Watson today announced their intention to combine forces in an “all stock merger of equals”.
ICA claims revised Australia insurance code is "self-regulation benchmark"
Australia's revised General Insurance Code of Practice came into full effect today (30 June) after a 12 month transition.
Peak Re's head of underwriting becomes chief risk officer
Chief underwriting officer Eckart Roth will become chief risk officer at Hong Kong-headquartered reinsurer Peak Re on 1 July.
Green acquires MB Mulcahy Associates
Green Insurance Group has announced the acquisition of MB Mulcahy Associates, based in Merton, South London, for an undisclosed amount.
LV wins retrial against PI claimant who pocketed £20k
A retrial has this week reversed a court's decision to award a pregnant woman around £20,000 in damages for personal injury.
Insurers sticking by Autoglass in wake of consumer criticism
Insurers that maintain commercial partnerships with Autoglass have vowed to work alongside the embattled windscreen repairer to address criticism of the firm’s service levels following its decision to scrap its branch network.
Quindell shareholders to seek compensation under Financial Services and Markets Act
Quindell is expected to announce "significant restatements" of accounting policies, along with write-downs on a number of companies bought in the 2013 to 2014 period, according to the lawyer coordinating a shareholder action against the firm.
Widespread telematics adoption questioned despite growing young driver uptake
More than one in five (22%) of young male drivers have telematics insurance policies, yet mainstream adoption of the technology remains a long way off, according to research conducted by Consumer Intelligence.
Willis deputy CEO Hearn to take charge at CGSC in November
Cooper Gay Swett & Crawford has appointed Willis Group Holdings deputy CEO Steve Hearn as Toby Esser’s successor as group CEO.
Willis to restructure N2 network by 2016
Willis is meeting with members of its N2 network of smaller regional and community brokers to discuss changes to the network's structure.
UK General strikes travel insurance deal using in-house capacity
Managing general agent UK General has secured a travel insurance broker deal using the in-house capacity of its Irish business.
Notorious ghost broker told to pay £658k back to fraud victims
The Old Bailey has ordered for £658,460.84 to be confiscated from a ghost broker currently imprisoned for masterminding what is believed to be the UK’s biggest fake car insurance scam.
Insurers and brokers report rise in business volumes over past three months
Business confidence for brokers, life and general insurers continues to rise, according to a joint survey by CBI and PWC published today.
Dual enters CEE market following DCD purchase
Dual Group has launched in Central and Eastern Europe as Dual Polska, following the acquisition of the majority stake of Torun headquartered insurance specialist, Data Connect Direct.
Grexit edges closer as country heads for July 5 referendum
Greek banks will not open this week, following the European Central Bank’s decision not to extend emergency funding to the troubled Eurozone state.
Marketform launches specialist M&A insurance team
Lloyd's underwriter Marketform has appointed Astrid O’Reilly as its first mergers & acquisitions insurance underwriter as it expands into the specialist class.
Quindell delays 2014 results announcement
Troubled service provider Quindell has said its audited 2014 accounts will not be published by tomorrow (30 June) as planned.
IAG appoints Bryan as deputy chairman
Insurance Australia Group has appointed board member Elizabeth Bryan as deputy chairman.
FWD’s Gaughan, Ingenie, LV and Aviva among winners at first Insurance Marketing and PR Awards
FWD founder Michael Gaughan was crowned the winner of the achievement award at the inaugural Insurance Marketing & PR Awards this afternoon.
UK General in talks over schemes business sale
Managing general agent UK General is gearing up to sell its personal lines schemes business.