News
Solvency II compliance could move to 2016 following latest delay
The European Parliament plenary meeting to consider, and possibly approve, the Omnibus 2 amendments to the Solvency II directive has been moved back from 10 June to 22 October 2013.
Axa sees 3% drop in revenue from Southern Europe
Axa’s Southern European revenues have been hit by the difficult economic environment but mature market revenues continued to increase.
Swiss Re full year net income rises to $4.2bn
Swiss Re posted net income of $4.2bn for the full year 2012, driven by strong profitability in property and casualty reinsurance and strong investment result.
Argo International appoints underwriting director
Lloyd’s insurer Argo International has appointed Bruno Ritchie as director of underwriting, subject to regulatory approval.
Lancashire Holdings unveils capital management division
Lancashire Holdings has created a capital management division, which will be led by Simon Fascione.
Axa UK & I GI revenue rises 2% to £3.8bn
The cost of flooding and storm damage claims pushed Axa UK & Ireland's combined ratio to over 100% in 2012 - a deterioration of 0.8 points compared to 2011 - despite underlying earnings improving year-on-year by £62m to £134m.
IAG triples profit
Insurance Australia Group tripled its profit in the second half of 2012, the first half of its financial year.
Two day strike hits Indian economy
Hundreds of thousands of private sector and government employees are on strike in India protesting over government reforms.
Industry mulls Matras’ options after Ageas shake-up sees high profile exits
Past and present colleagues of Laurent Matras have paid tribute to the outgoing Groupama Insurances managing director, with one suggesting he could seek to further his career at a smaller firm in a bid for more dynamism.
CIS calls for Competition Commission action on subrogated claims model
Co-operative Insurance Services has criticised the subrogated claims model used by RSA, despite having had a bilateral agreement with the insurer in place since last July
Motor Claims 2013: ABI motor head Dalton calls on industry support for road safety campaign
The Association of British Insurers is urging industry players to support calls for the implementation of guidelines demanding tighter controls on young drivers, both prior to and after passing their test.
Efra chair McIntosh moves to calm fears over raising IPT to cover flood risks
Industry players have been reassured that a proposal to use a proportion of insurance premium tax to resolve a flood debate impasse relating to contingent liability will not result in a rise in IPT.
Consultation could see Scotland get different personal injury discount rate
Insurance and legal observers are considering the possibility that different discount rate for personal injury claims could be set in Scotland from the rest of the UK.
Career Development: Reed report paints positive picture of insurance jobs market
Confidence has returned to the insurance jobs market, with 39% of workers setting their sights on new roles for 2013 and job opportunities continuing to rise year-on-year.
RAC intermediary arm reveals growth plans after post-Aviva sale overhaul
The commercial director of RAC’s intermediary arm has outlined the firm’s plan to make up competitive ground lost under its last ownership, almost 18 months after Aviva sold RAC to private equity firm Carlyle Group for £1bn.
Motor Claims 2013: Aviva and Apil clash over whiplash medical evidence
Aviva claims director Dominic Clayden has questioned whether medical evidence should be a requirement for all low-level whiplash claims after expressing disillusionment with the current system.
Motor Claims 2013: Canada PI fee cap could be emulated
Canada may hold the key to regulatory reform of personal injury motor claims, according to Enterprise liability claims and risk manager Nigel Goodall.
Motor Clams 2013: Motor repair model could face CC ban
Insurers must prepare for the possibility of a Competition Commission ban on the approved motor repair model, according to Parabis sales and marketing director Eddie Longworth.
Market Moves: Brokers continue to up their numbers while Groupama’s Matras heads for exit
The broking sector again led the way in recruitment this week with notable hires at Hyperion, Miller and Hastings. Meanwhile, Giles continued to demonstrate its appetite for new staff by swooping for northern rival Reich’s operations manager Andrew Perry…
Bulgaria in crisis following PM's resignation
Bulgaria faces political and constitutional crisis after the resignation of the country’s Prime Minister, according to analysts.
Arag grows BTE sales team
Legal insurance specialist Arag has expanded its before-the-event sales team with the recruitment of George Bladon as corporate account manager.
Health Shield sets out five year vision
Health Shield has set out its five year vision for growth as part of a strategy to provide “affordable healthcare support to the widest possible community.”
Birmingham top motor fraud spot for 4th year
Birmingham has been named the UK’s top motor fraud location for the fourth consecutive year in Keoghs' annual motor fraud index.
RSA's Brown: Commercial lines needs double-digit rate strength
RSA's chief executive of UK & Western Europe Adrian Brown has claimed the UK commercial market is "broadly underpriced by 10% to 15%".