News
OFT probe "will open a can of worms", says law firm
A law firm has suggested that the Office of Fair Trading's decision to refer the private motor insurance market to the Competition Commission could leave the policyholder worse off.
Helphire losses fall 83% as company knocks £23m off net debt
Helphire has posted a statutory loss before tax of £6.3m for the full year ending 30 June 2012, an 83% improvement on the £34.1m loss reported for the same period last year.
Fraudsters brought to book after investigations by Hill Dickinson unit
Fraud unit bosses at Hill Dickinson have revealed that of the 298 suspected organised motor fraud ring claims they have investigated this year 167 have been rejected as proven fraud.
Allianz shuns European sovereign debt
German insurer Allianz will eschew European sovereign debt when seeking future investments, preferring to invest in energy and infrastructure projects, chief executive Michael Diekmann said this week.
CC investigation should "strip out excessive costs", says Aviva claims boss
Aviva has welcomed the Office of Fair Trading's decision to refer the private motor insurance market to the Competition Commission.
Marketform appoints first chief risk officer
Lloyd's insurer Marketform has appointed Jubilee Managing Agency's chief actuary Veekash Badal as its first chief risk officer.
Zurich hands commercial claims role to MYI
Loss adjuster MYI has landed a share of Zurich's commercial claims work, a contract that was previously handled solely by rival Cunningham Lindsey.
Analysts reiterate 'buy' recommendation after 'excellent' H1 for Gable
Gable Holdings has this morning reported a 26% increase in gross written premium of £15.4m in the first half of 2012, in a set of results that also show a 55% rise in pre-tax profit to £3.2m.
Covea's Reader makes jobs cut pledge
The merger between MMA and Provident will not result in mass redundancies, chief executive of the newly created Covea Insurance James Reader has told Post.
ABI backs Competition Commission credit hire investigation
The Association of British Insurers has thrown its support behind the Office of Fair Trading's decision to refer the motor market to the Competition Commission.
Competition investigation outcome could 'mean policyholders lose out', says CHO boss
The Credit Hire Organisation has said that the Competition Commission investigation into the UK motor insurance market could seriously disadvantage policyholders' access to justice and force premiums to rise.
OFT refers 'dysfunctional' motor market to Competition Commission
The OFT has referred the UK's private motor insurance market to the Competition Commission for further investigation amid concerns that the market is not working well for motorists.
Iran insures South Korean refiner hit by sanctions
South Korean firms are loading Iranian crude again after a gap of nearly two months caused by the European Union embargo on insurance cover.
Kiln appoints Garland as chief operating officer
Kiln, the international specialist insurance and reinsurance underwriting group and part of Tokio Marine, announced today that it has appointed Denise Garland as chief operating officer.
Lemma Insurance to be appointed with liquidator tomorrow
Gibraltar-based Lemma Insurance Company is expected to be appointed with a provisional liquidator tomorrow to wind up the business.
Indian regulator supports raising FDI cap
India's insurance regulator has echoed calls from insurers to raise the country's foreign direct investment cap to 49% from 26%, saying the injection of foreign funds would benefit the country's insurance industry.
Lloyd's returns to profit for H1 2012
Lloyd's posted profit of €1.897bn for the first six months of 2012, following a benign first half with no major claims from natural catastrophes.
ABI launches Retail Distribution Review jargon buster
The Association of British Insurers has created a guide for retail customers to help boost understanding of changes due under the Retail Distribution Review
Kiln names new chief operating officer
International specialist insurance and reinsurance underwriting group Kiln has appointed Denise Garland, pictured, as chief operating officer.
Direct Line Group IPO prospectus could be issued by Friday
Royal Bank of Scotland could sell shares in Direct Line Group at a valuation that is lower than analysts had predicted.
Perception of insurance changing with next generation of Kazakhstanis
After being negatively affected by the global financial crisis Kazachstan's insurance market has enjoyed a strong recovery over the past two years which is continuing into 2012, according to a report by AM Best.
Insurers manage trillions of pounds in investments, ABI finds
UK insurers are now paying out nearly £200m every single day to customers, according to figures published by the Association of British Insurers.
AIA wins race to buy Aviva's Sri Lanka insurance arm
British insurer Aviva has accepted a bid from AIA group subsidiary, American International Assurance Company, for its 58.44% interest in Aviva NDB Holdings Lanka for £31m.
Insurance Strategy 2012: Insurers missing big 'gender' opportunity
The gender directive is driving a "massive change in the industry" which many insurers are missing, according to Ian Hughes, chief executive of Consumer Intelligence.