News
Ace hires Willis’ Stuart Elliot to grow terrorism book
Ace Group has appointed Stuart Elliot as terrorism and political violence underwriter responsible for growing the its terrorism book.
Industry facing £426m bill for Christmas floods
The insurance bill for storm and flood damage over the 2013 Christmas and New Year period will cost the industry around £426m, according to the Association of British Insurers.
Xchanging opens second Singapore office
Insurance technology provider Xchanging has opened a second office in the heart of Singapore's insurance district at Tower 2, Asia Square.
Brazil and Russia face increasing terrorism risk
Aon’s 2014 Terrorism and Political Violence Map has highlighted increasing risk in Brazil and Russia as the countries prepare to stage major sporting events in the form of the FIFA World Cup and the Winter Olympics.
RBS reserves additional £465m for PPI claims
Royal Bank of Scotland has reserved £465m for further claims of mis-sold payment protection insurance after instances failed to decline as expected.
Marketform recruits Franks to boost cargo business
Lloyd’s specialist underwriter Marketform has recruited Howard Franks as a consultant to work with cargo underwriter Nicholas Edwards.
Prosight appoints Mageean to syndicate MD role
Prosight Specialty Underwriters has handed Syndicate 1110 chief operating officer Bernard Mageean a new role as managing director of the syndicate.
Chinese insurers investing heavily in Australian property
Chinese insurers are set to ramp up investment in Australian commercial property by 30% this year.
Hong Kong culls 20 000 chickens after bird flu discovered
20 000 chickens in Cheung Sha Wan wholesale market in Kowloon, Hong Kong are being killed on 28 January after H7N9 bird flu was discovered.
Indonesian authority sets pricing guidelines for disaster coverage
The Indonesian Financial Services Authority has given insurers minimum and maximum prices for disaster coverage of motor vehicles and property to stop unhealthy competition.
Young driver debate welcomed despite lack of progress on green paper
Companies in attendance at a Westminster Hall debate on young driver safety have welcomed the opportunity to engage in a collaborative industry discussion, but questioned the prolonged delay of a green paper on the issue.
UK businesses taking more risks, QBE research finds
More than half of UK businesses are taking more risks than previously in order to win new business, according to research from QBE.
Proximity to schools and supermarkets used in claims propensity study
Homeowners in certain parts of Sheffield, Newcastle-upon-Tyne and Kent are among the most likely to make a home insurance claim, according to a study conducted by Marketing Matrix.
RSA likely to axe 2013 dividend says analyst
RSA may scrap plans to pay a 2013 full year dividend according to a report from Shore Capital analyst Eamonn Flanagan.
Beazley and Hiscox launch D&O consortium
Lloyd’s players Beazley and Hiscox have joined forces on a new D&O facility for brokers and clients.
ABI’s Evans slams lack of political courage on young drivers
The Association of British Insurers has condemned stalled progress on a government green paper investigating updated rules for young drivers.
FCA claims review coincides with improving London market service quality
London market insurers have been “upping their game” in terms of claims service quality amid an ongoing Financial Conduct Authority thematic review, according to the results of Gracechurch Consulting’s 2013 claims performance monitor.
Ageas UK appoints State Street as accounting services provider
State Street Corporation has been appointed by Ageas UK to provide global custody and investment accounting services for $4.5bn (£2.7bn) of its assets.
Clements Worldwide makes double appointment in London office
Clements Worldwide has made two appointments in its London office including promoting UK managing director Dan Francis to global business development vice president.
XL launches operational risks team
XL Group has established an operational risks team to provide operational risk cover to financial institutions clients.
Matras returns to Axa as personal lines intermediary MD
Former Groupama Insurances managing director Laurent Matras has returned to Axa as managing director of the insurer’s personal lines intermediary division.
Gee 7 Group seeks apology from Umunna over mis-selling claims
The company accused of arranging personal accident insurance packages that were allegedly mis-sold by employment agencies is seeking a full apology from the MP that made the claims.
BPL Global appoints ex-JLT director in Hong Kong
Ex-JLT divisional director Margaret Ho has joined political risk broker Berry Palmer and Lyle (BPL Global) as a senior broker at its Hong Kong office.
Comprehensive motor policy falls by 9% says ABI
The cost of the average private comprehensive motor insurance policy fell by 9% during 2013 compared to 2012, according to the ABI’s new quarterly average private comprehensive motor insurance premium tracker, launched today.