News
Lloyd’s publishes revised three year plan
Lloyd’s has outlined its strategic priorities for 2012-2014.
AM Best downgrades Generali ratings
AM Best is taking rating actions on a number of European reinsurers following the continued negative developments regarding the eurozone sovereign debt crisis.
Perils updates windstorm exposure data for 11 European countries
Perils, the independent organisation that provide industry-wide catastrophe insurance data, has updated the windstorm exposure data for 11 European countries.
2011 nat-cat insured losses reach $108bn
Total insured losses for the global insurance industry from natural catastrophes and man-made disasters reached $108bn (€83bn)in 2011 according to Swiss Re.
Haverford makes new bid for Omega
Haverford informed the London Stock Exchange this morning that it had submitted a fresh bid for the Lloyd’s insurer.
Power Place director departs
Power Place’s sales and marketing director Darren Rowe has been put on gardening leave.
MGAA appoints three directors
The Managing General Agents Association has co-opted three new directors onto its board in preparation for an increase in lobbying and member activities during 2012.
Willis Re comments on cat modelling guide
Willis Re has commented on the Association of British Insurers guidelines published last week around industry good practice for catastrophe modelling under Solvency II.
2011: highest cat related economic losses in history
2011 will be the year with the highest catastrophe related economic losses in history at $350bn according to preliminary estimates from Swiss Re’s Sigma team.
Insurers to continue payouts for pleural plaques
Insurers remain committed to paying out on pleural plaques cases in Scotland and Northern Ireland, despite claims that the Damages Acts in both countries are “fundamentally flawed”.
UK insurers wait on developments following PM Cameron EU Treaty veto
Standard and Poor’s downgrade warning on 15 insurers should have been “no surprise” but the market is still in the same position it was a week ago given the lack of “concrete activity” at the weekend, according to an industry analyst.
Swinton contacts FSA after sacking executive board
An internal document circulated among Swinton employees has stated that the broker needs “to establish the true level of profits” at the firm in the aftermath of the sacking of its executive board.
New Giles CEO McManus vows to improve operational focus and retention
Incoming Giles chief executive Brendan McManus has vowed to use his experience of running an underwriting operation alongside a broker business to maximise distribution at his new firm.
PSTF: Positive feedback can be harnessed via social media
Harnessing positive policyholder feedback with emerging technologies has been highlighted as an important step towards countering consumer criticism via social media sites, while simultaneously enhancing the brand image of insurers.
PSTF: Post’s STF last week debated customer engagement and future recruitment
Insurers have been urged to use emerging technologies to change the way they interact with customers, by exploiting the growth in social and telematics data. According to an expert analyst, this will forge a “win win” relationship with consumers who…
Lord Sheikh: Iqra Ethical gearing up for new year launch
Lord Mohamed Sheikh has vowed to launch Takaful insurance business Iqra Ethical in the new year — more than two years after it was registered at Companies House.
Data collator to compile flood information after UK insurer requests
European insurer-backed catastrophe data collator Perils is to start compiling information on floods from January next year in response to demands from UK insurers.
Hardy sale: Canopius, Barbican and Aviva linked
As rumours circulate about which insurers will make an offer for Hardy Underwriting, sources have suggested Canopius, Barbican and Aviva could all be interested in the firm.
LV GI boss O’Roarke and management team extend contract until 2016 with new deals
LV general insurance managing director John O’Roarke, is targeting an increase in SME and home insurance business having put pen to paper on a new four-year deal at the firm.
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Market moves: Ageas and Axa name new MDs
With insurance companies gearing up for the festive holidays, it was a surprisingly busy week in recruitment.
PSTF: New generation of females in IT would benefit insurance industry
Industry leaders were told they stand to “reap the long-term benefits” of encouraging a new generation of females to take up an interest in the IT profession. Julie Feest, customer director at E-skills UK, explained to delegates from a range of major…
News analysis: Application fraud to top the agenda for motor insurers in 2012
The New Year’s resolution for many motor insurers is to tackle application fraud with the same force they have brought to bear on crash-for-cash fraudsters. “Staged motor accidents remain the top priority, but application fraud comes second,” according…
15 December: Pushing their luck
With the buoyant personal injury claims market, one insurer was not surprised when, following an accident caused by one of its policyholders, several claims registrations began to roll in from passengers on a bus at the scene of the accident.