News
Foreign insurers set for 4% China market share by 2018
The Chinese market could see non-domestic insurers’ market share quadruple over the next five years according to Ernst & Young.
Royal London members back Co-op life deal
95% of Royal London members have today voted in favour of the mutual’s acquisition of the Co-operative Banking Group’s life insurance and asset management business.
Property Claims 2013: Insurers told to go Down Under
Insurers could boost the industry’s reputation by imitating the Australian model of working closer together to tackle catastrophic claims surges, according to John Pyall, head of Munich Re’s Great Lakes facilitated claims unit.
Property Claims 2013: Cashing-out not always the answer
Axa’s head of commercial property claims has raised concerns that cashing-out on property claims can lead to them being mishandled or resurfacing in the future.
Property Claims 2013: Property profitability under threat, says LV boss O’Roarke
Comparison sites and building practices pose problems
Property Claims 2013: Industry gives its backing to Flood Re model
A panel has backed the Association of British Insurers’ Flood Re scheme to replace the Statement of Principles, while warning that a return to an open market situation remains a possibility.
Property Claims 2013: Insurers urged to use fraud register to punish fraudulent policyholders
Industry told of ‘massive obligation to raise awareness around morality’
Heavy rain causes “record” Central European flooding
Floods wracking Germany, Austria and the Czech Republic are the worst for 70 years according to catastrophe modeller AIR Worldwide.
Risk managers urged to reassess insurance of US exposures
Insurance managers of European multinationals need to reassess how they insure US exposures as part of global programmes, Ace has warned in a new report.
Portugal implicated for EHIC failings
The European Commission has confirmed that Spain is not the only country it has received complaints about for failing to honour the European Health Insurance Card.
Apil calls for independent assessment of Mesothelioma Bill
The Mesothelioma Bill must be subject to robust independent scrutiny, the Association of Personal Injury Lawyers has warned ahead of a House of Lords debate tomorrow (5 June 2013).
Generali agrees to sell US life business to Scor
Italian insurer Generali has continued its policy of disposing of non-core assets with the sale of its US life reinsurance business to French reinsurer Scor.
Besso acquires Istanbul-based aviation broker
Besso Insurance Group has agreed a deal to acquire Istanbul-based insurance and reinsurance broker HSB Sigorta ve Reasurans Brokerligi.
German floods reach record levels
Heavy and relentless rain has resulted in some of the worst flooding seen in Central Europe for more than 70 years.
Welsh asbestos bill delayed until mid-July due to 'technical reasons'
A Welsh Assembly bill designed to recover the costs of treating asbestos patients from insurers has hit a last minute snag.
'Major changes' on horizon for BP Marsh
BP Marsh & Partners has reported a 10.6% increase in net asset value to £55.5m for the year to 31 January 2013 (2012: £50.1m) and net asset value per share of 190p (2012: 171p).
Rising flood waters threaten Prague
The authorities in the Czech Republic have been forced to open several dams meaning river levels are still rising threatening the capital Prague.
SAP global head predicts a cloud-based future
Robert Cummings, global head of insurance solutions, at technology house SAP predicts that soon "most things will be in the cloud".
Japan's Iran oil imports fall by 96% in April
Sanctions over Iran's nuclear threat from the US and EU have crippled Japan's oil imports from Iran. Other major customers also cut imports.
Limited damage expected from Taiwan earthquake
Catastrophe modeling firm AIR Worldwide is not expecting significant insured losses from yesterday's earthquake as it happened in a rural area with little insurance coverage.
Ventris takes Cunningham Lindsey London market role
Former Argent managing director Neil Ventris has been appointed as Cunningham Lindsey’s new London markets director.
Co(re)insurance provides more benefits than issues says Ferma
Restrictions on the subscription insurance market could reduce market capacity or make access to that capacity more difficult, the Federation of European Risk Management Associations has warned.
Hellenic P&I club waives 50% of annual premium
Members of the Hellenic War Risks Club will pay 50% less for war risks insurance in 2013 following a decision by club directors to waive the second installment of the annual premium.
Private equity backers fail in aim to boost targets' productivity, says study
Publicly listed firms that are subject to a private-equity buy-out see their performance fall further behind industry rivals, according to research by three academic institutions.