News
India to insure oil refineries that trade with Iran
Despite western sanctions on Iran, the Indian government will step in to make sure its oil refineries have sufficient insurance so they continue refining crude oil imported from Iran.
Bahrain a "gateway" to Gulf region
A failure to aggressively market itself has hindered Bahrain’s growth as a global insurance sector, according to Kamal bin Ahmed Mohammed, head of the country’s economic development board.
Bahrain woos international players with new takaful model
Bahrain’s insurance regulator hopes new regulations will make Bahrain the jurisdiction of choice for takaful and retakaful globally.
New CPR will benefit insurers
The Civil Procedures Rules update announced by the Ministry of Justice will provide “massive savings” for insurers, according to the Motor Accident Solicitors Society.
Markerstudy backs HNW start-up
Markerstudy is backing a new motor high-net-worth managing general agent by providing 100% of its capacity as well as a bespoke claims service, and logistical and advisory support.
CNC conducted ‘incomplete economic analysis’ of cartel insurers
Improper economic analysis by Spain’s competition commission led it to wrongly find eight insurers guilty of price fixing, according to legal experts.
Insurance Europe slams financial transaction tax
The draft directive for a financial transaction tax in eleven EU states will have a negative effect on insurers, their customers and the EU economy, according to trade body Insurance Europe.
TCW Vehicle Repairs rebrands and makes two senior appointments
Markerstudy’s subsidiary TCW Vehicle Repair Group has rebranded as TWC Group and appointed new senior management team.
Wunelli and EE join forces to deliver driving scores to insurers
Telematics provider Wunelli has joined forces with communication giant EE to develop mobile-to-mobile network communications to deliver vehicle driving and usage patterns to insurers.
Mass: 'Aviva has identified the problem but not the solution'
Access to independent legal advice is likely to lower the number of fraudulent and whiplash claims, according to the Motor Accident Solicitors Society.
UK court confirms 9/11 was double reinsurance event
The Commercial Court's move to uphold an earlier legal decision that the 9/11 World Trade Center attacks arose out of two events rather than one is "of considerable interest to the insurance and reinsurance market", according to law firm Herbert Smith…
Capita hires five tech managers in Gloucester
Capita Insurance Services has appointed five technical managers responsible for day-to-day interaction with clients.
Coface restructure brings European branches under control of French regulator
French credit insurer Coface said today it had simplified and streamlined its European credit insurance activities in preparation for incoming Solvency II regulations.
Libyan revolution anniversary violence likely
The 15 February anniversary of the Libyan revolution will raise the risk of violent protests, according to Exclusive Analysis.
Zurich UK GI operating profit slides 46%
Zurich has blamed a major increase in large commercial losses and pension charges on a 46% slump in business operating profit to £85.3m in its UK general insurance operation in 2012.
Kennedys partners relocate to Dubai
Two UK-based partners from law firm Kennedys have relocated to the firm’s Dubai office amid growing demand for insurance related services in the Middle East.
Catlin full-year results “a mixed bag”
Specialty insurer Catlin’s results for the calendar year of 2012 represented a “mixed bag” according to Shore Capital Eamonn Flanagan.
Zurich GI profit falls after Sandy and German 'system error'
Operating profit in Zurich's general insurance business dropped by $150m to $2.1bn year-on-year in 2012 after above average catastrophe and weather-related losses offset gains made through tighter underwriting discipline and expense management.
R&Q MGA launches Lloyd’s yacht consortium
Randall & Quilter’s multi-line underwriting agency, R&Q MGA, has created a dedicated Lloyd’s consortium to provide yacht and small vessel cover, globally.
Zurich GI profit falls in 2012
Zurich blames weather losses for fall in profitability, but saw increase in premiums and is confident German reserving problem was a one-off.
Insurance CEOs upbeat about Asia and the Middle East, says PWC
The majority of insurance CEOs think their businesses are going to grow over the next few years according to PWC 16th annual global CEO survey.
Career file: Simon McGinn: McGinn to replace long-serving Hanks
Simon McGinn will succeed Chris Hanks as general manager of commercial at Allianz from 1 July.
Ecclesiastical and Quadra in dual branding strategy
Quadra Claims Services director Dave Greenwood has confirmed the firm will retain its independence despite strengthening its links with insurer Ecclesiastical.
Buyout sees Bollington follow Lark in breaking away from Groupama
The Bollington Group has become the third and final Groupama-owned broker to clarify its long-term future after a management buyout agreement was reached.