News
Flood-ravaged 2012 leaves insurers picking up £1.19bn bill
The Association of British Insurers has heaped praise on firms for their part in helping more than 1300 UK customers a day deal with the disruption caused by the second wettest year on record.
Willis deputy chairman to step down
Willis Group’s deputy chairman Martin Sullivan will leave the firm in May 2013 to pursue other interests.
BGL swoops for RSA compliance boss
BGL group has announced that RSA’s head of UK regulatory risk and compliance is to join the insurance group to head up compliance.
Lewis calls for rate action after Zurich commercial lines manages 6% rise in 2012
Zurich general insurance chief executive Stephen Lewis has defended his firm's "sound underlying core" performance after operating profit fell by 46% in 2012.
Willis deputy chairman Sullivan exits
Willis Group’s deputy chairman and global solutions chief executive Martin Sullivan is to depart the broker in May.
Russian meteor explosion injures 250
The explosion of a meteor above the Ural mountains in central Russia has left 250 people injured, three seriously, according to reports.
7-Elevens to sell insurance in Thailand
Insurance with a maximum value of 1 000 baht will be sold at 7-Elevens across Thailand.
Three bids for major Turkish insurance business
Allianz, Dai-ichi Life and Zurich are in the process of making bids for Yapi Kredi Sigorta, the insurance arm of Yapi Kredi Bank in Turkey, according to senior banking sources.
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.