News
Competition Commission finds evidence of over-costing in the motor insurance market
The Competition Commission has found evidence that the separation of cost liability and cost control in the provision of post-accident services to non-fault motor claimants is pushing repair costs up.
Ancile founder launches Medical Travel Compared
The man behind travel insurer Ancile have launched a new price comparison site on travel cover for people with pre-existing conditions.
Broker network INSIA opens first of 50 offices in Romania
INSIA, one of the largest insurance broker network of Central and Eastern Europe, has opened its first Romanian-based subsidiary, in Bucharest.
Xuber increases global workforce by 25%
Xuber, Xchanging’s insurance software business, is continuing its expansion with an international recruitment drive.
UK Flood Re deal will be 'credit positive' for P&C players
Moody’s claims that the memorandum of understanding between the Association of British Insurers and the government on introducing the Flood Re model will be credit positive for UK property and casualty insurers.
London market veteran named political risks manager at Antares
Lloyd’s insurer Antares has appointed David Wright as political risks manager of its political and financial risks specialty lines portfolio.
UK Government will help out if Flood Re pot “runs out”
The UK insurance industry will not be responsible for recapitalising Flood Re in the event that it “runs out of money”, the Association of British Insurers has confirmed.
EPG to cover South Africa and other African territories
EPG Insurance Services is extending its administration base to cover South Africa and other African territories.
Tysers acquires construction broker
Tysers has acquired a stake in construction broker MLW & Associates, in a move to expand its construction liability business.
Antares hires ex-AIG CEO Sullivan as non-executive chairman
Antares Managing Agency has appointed Martin Sullivan as non-executive chairman.
Crawford appoints Chen as general manager for Taipei
Crawford & Company has appointed Dr Leo Chen as general manager at its Taipei office.
Ping An closes puchase of Lloyd’s building for £260m
The Lloyd’s building has been sold by present owner Commerz Real to a Chinese insurer in a deal worth £260m.
Losses from European floods could hit £4.5bn
Industry-wide insured losses on recent flooding in central and eastern Europe is expected to hit between $3.5bn (£2.4bn) and $4.5bn (£3bn), according to estimates by Swiss Re.
AGCS UK hires senior cargo underwriter
Allianz Global Corporate & Specialty has appointed Paul Crawford as senior cargo underwriter.
Flood Re deal will be 'credit positive' for P&C players, says Moody's
Ratings agency Moody’s claims that the memorandum of understanding between the Association of British Insurers and the government on introducing the Flood Re model will be credit positive for UK property and casualty insurers.
Hiscox claims market first with anti-bribery product
Hiscox has launched an anti-bribery response, defence and expense insurance product for UK businesses in what it claims to be the first for the market.
Automatic policy renewals come under FCA scrutiny
Increased premiums on automatic policy renewals are to come under the spotlight, the Financial Conduct Authority has said in a letter to lawmakers.
Insurers braced for losses after Canada train derailment
Insurers are facing further losses in Canada after a freight train carrying crude oil exploded in the middle of a small Canadian town.
Child abuse report hidden amid insurance claims fears
The John Jillings’ report into abuse claims at children’s homes in north Wales was kept from the public amid fears it would generate costly insurance claims, the BBC has reported.
Losses from European floods could hit £3bn, says Swiss Re
Industry-wide insured losses on recent flooding in central and eastern Europe is expected to hit between $3.5bn (£2.4bn) and $4.5bn (£3bn), according to estimates by Swiss Re.
Lloyd’s building sold in £260m Ping An deal
The Lloyd’s building has been sold by present owner Commerz Real to a Chinese insurer in a deal worth £260m.
Oriental Insurance to lead flood-claims assessment in India
Oriental Insurance is thought to be assessing the claims arising from the devastating floods in Uttarakhand, on behalf of all four PSU general insurers, according to an industry source.
Whiplash fraud “minimal” in Hong Kong says Kwiksure
Suspected whiplash frauds remain minimal in number in Hong Kong according to data from Asian broker Kwiksure.
Police stop one man’s three-year motor-fraud spree
Police in China finally caught up with a man who crashed a car on average every three days for almost three years as part of an insurance scam.