News
LMA reissues guidance in face of Greek exit fears
The Lloyd's Market Association has reissued guidance and a model relating to the withdrawal of a country from the Eurozone as doubts about Greece's future intensify.
Travel insurance categorisation questioned in wake of Tunisia attack
UK insurers are unlikely to face significant losses from the deadly Tunisian terrorist attack, however insiders have suggested the increased targeting of tourists could cause the market to rethink how it categorises territories for the purposes of travel…
Motor fraudsters growing in sophistication, Keoghs warns
Law firm Keoghs has warned of higher levels of sophistication by fraudsters, who are becoming more aware of the detection methods used to catch them out.
Industry warned of cyber threat as big data collection speeds up
The increased collection of big data by insurers is likely to make them the targets of cyber criminals, the industry has been warned.
Generali named in MIT Technology Review of 2015's smartest companies
Generali has been listed as one of the smartest companies of the year by the Massachusetts Institute of Technology.
Cost of data-sharing a thorn in the side of telematics' mainstream potential
The mainstream adoption of telematics remains an unlikely prospect, according to market commentators, as the industry struggles to overcome the price tag older drivers place on their data.
Right Choice Insurance Broker takes stake in Digilog UK
Essex-based Right Choice Insurance Broker has bought a stake in Digilog UK, a technology firm specialising in supplying integrated voice risk analysis solutions.
Ex-Zurich corporate boss Green joins broker as director
Former Zurich corporate boss Steve Green has joined broker Anthony Jones as a director.
FCA gives Markerstudy's Chaucer purchase green light
Markerstudy's bid to acquire Chaucer's UK motor business has been approved by the Financial Conduct Authority.
FCA opens the door for product reviews in value data debate
The Financial Conduct Authority has not ruled out using consumer reviews to demonstrate the value of an insurance product, despite hinging an industry-wide value debate on utilising claims ratios as a metric.
Ruling clarifies stance on payouts for not 'appreciably worse off' NIHL claimants
A legal ruling where a claimant who had suffered noise induced hearing loss caused by her employment but was not compensated because the extent of the damage did not constitute a disability could have significant ramifications for the wider insurance…
Insurer uptake of cloud on the up despite continued legacy issues
Two fifths of insurers are still allocating more than 70% of their technology budget on non-discretionary or run spend, rather than projects that might allow them to innovate and change their businesses.
JBA Risk Management selected to model Flood Re risk
Flood modelling specialist JBA Risk Management has been commissioned by Flood Re broker Guy Carpenter to develop a probabilistic loss model for flooding in the UK.
Willis and Towers Watson join forces to create broking and analytics powerhouse
Willis Group and Towers Watson today announced their intention to combine forces in an “all stock merger of equals”.
ICA claims revised Australia insurance code is "self-regulation benchmark"
Australia's revised General Insurance Code of Practice came into full effect today (30 June) after a 12 month transition.
Peak Re's head of underwriting becomes chief risk officer
Chief underwriting officer Eckart Roth will become chief risk officer at Hong Kong-headquartered reinsurer Peak Re on 1 July.
Green acquires MB Mulcahy Associates
Green Insurance Group has announced the acquisition of MB Mulcahy Associates, based in Merton, South London, for an undisclosed amount.
LV wins retrial against PI claimant who pocketed £20k
A retrial has this week reversed a court's decision to award a pregnant woman around £20,000 in damages for personal injury.
Insurers sticking by Autoglass in wake of consumer criticism
Insurers that maintain commercial partnerships with Autoglass have vowed to work alongside the embattled windscreen repairer to address criticism of the firm’s service levels following its decision to scrap its branch network.
Quindell shareholders to seek compensation under Financial Services and Markets Act
Quindell is expected to announce "significant restatements" of accounting policies, along with write-downs on a number of companies bought in the 2013 to 2014 period, according to the lawyer coordinating a shareholder action against the firm.
Widespread telematics adoption questioned despite growing young driver uptake
More than one in five (22%) of young male drivers have telematics insurance policies, yet mainstream adoption of the technology remains a long way off, according to research conducted by Consumer Intelligence.
Willis deputy CEO Hearn to take charge at CGSC in November
Cooper Gay Swett & Crawford has appointed Willis Group Holdings deputy CEO Steve Hearn as Toby Esser’s successor as group CEO.
Willis to restructure N2 network by 2016
Willis is meeting with members of its N2 network of smaller regional and community brokers to discuss changes to the network's structure.
UK General strikes travel insurance deal using in-house capacity
Managing general agent UK General has secured a travel insurance broker deal using the in-house capacity of its Irish business.