News
China medical insurance coverage reaches 97% in rural areas
Basic medical insurance coverage in China's rural areas reached 97% in 2011, outstripping urban areas, according to health minister Chen Zhu.
Abbey promises profits despite tough economy
Abbey Protection is expecting to announce results in line with expectations despite the continuing tough economic background and low interest rates.
Korean regulator: saturated home market means local insurers must look overseas
South Korea’s six non-life insurance companies saw their earnings in overseas markets drop by 52.2% on a year-on-year basis, it has been reported.
Extreme UK weather behind car claims increase
The storms that battered parts of the UK brought a 28% increase in car insurance claims over the first five days of January, compared with the same period last year, according to the AA.
AM Best: Reinsurance market "stable"
The reinsurance market remains stable despite “numerous challenges”, according to A.M. Best.
Towergate confirms double departure
Towergate has confirmed the resignations of senior management duo Andy Smallwood and Sally Swann, less than four months after Mark Hodges took over the reins at the broker.
KPMG get 97p in the £1 from Sovereign
Creditors of the Sovereign Marine & General Insurance Company scheme of arrangement will shortly receive a final distribution, bringing the total payout to 97% in what is seen as a success for administrators KPMG.
XL names former Marsh exec country manager for Germany
XL Group has appointed Michael Harth as country manager for Germany, with effect from the 16 April 2012.
MMA to rebrand as Covéa as part of UK merger with Provident
Covéa has announced that Provident Insurance and MMA Insurance will merge into a single company, in a move which has been touted as a “platform for growth” within the UK market.
Reader to unite MMA and Provident
Covéa has appointed Provident’s managing director James Reader to the role of chief executive at the newly merged businesses of Provident and MMA.
Travellers urged to consider ash cover after Etna eruption
Fears of a repeat of 2010’s travel chaos have surfaced after Europe’s highest volcano Mount Etna, began erupting over the weekend, ejecting lava and ash into the air.
Giles finance director to rejoin bookmakers
Outgoing Giles finance director Mark Chambers is to rejoin bookmakers Coral – the company he left in 2008 - after resigning from the broker on New Year’s Day.
Ironshore launches new environmental products for Europe
Dublin-based insurer Ironshore Europe has launched a suite of environmental products for the European market.
Sciemus recruits Kane founder to head up space insurance
Sciemus has appointed Kane Group founder Paul Aitchison to the position of director of space insurance.
MMA to rebrand as Covéa as part of UK merger with Provident
Covéa has announced that Provident Insurance and MMA Insurance will merge into a single company, in a move which has been touted as a “platform for growth” within the UK market.
Eurozone financial services companies face challenging 2012
Solvency will remain a key challenge for Eurozone financial services companies throughout 2012, despite the positive action taken by the European central bank.
RBSI completes transfer of underwriting functions
RBS Insurance has completed the transfer of three of its general insurance underwriting functions into a single company in preparation for Solvency II.
BDO says insurers reduce large fraud
The finance and insurance sector accounted for 27% of reported fraud in 2011, compared with 56% in 2010, according to BDO’s annual Fraud Track.
New managing agent enters nuclear market
New managing agent, Northcourt, was launched today, bringing fresh capacity to the global nuclear insurance market.
Oman Insurance Company appoints new senior management team
Oman Insurance Company has appointed a new senior management team.
Marsh and Amlin to work with new nuclear managing agent
A managing agent which claims to have brought the first new capacity to the global nuclear insurance market in more than a generation has been launched.
Deutsch replaces London on Beazley Furlonge board
Bob Deutsch has joined the board of Beazley Furlonge, the Lloyd's managing agency that forms part of Beazley, as a non-executive director.
Clustering seen as Windstorm Andrea follows hot on Ulli's heels
Windstorm Andrea passed through the UK earlier last week, fast on the heels of Windstorm Ulli, which brought widespread travel and power disruptions to Scotland.
Axa raises €2.5bn to invest in the European property market
French insurer Axa will invest up to €2.5bn in the development of green and brownfield sites and existing properties which require extensive redevelopment across the continent, to exploit the gap left by banks in the property lending market.