News
Australian government provides AUS$100m for flood prevention
The general insurance industry has welcomed an announcement from Prime Minister Julia Gillard, Financial Services Minister Bill Shorten and Attorney General Mark Dreyfus for AUS$100m of funding over two years for flood mitigation projects.
Six balloon crash victims from HK had policy exclusions
Six of the nine people from Hong Kong who died in the tragic hot air balloon accident in Egypt had exclusions for hot air balloon travel in their policies.
AIR Worldwide issues Cyclone Rusty update
Cyclone Rusty makes landfall but so far there has been little damage, although flooding is expected, according to catastrophe modeling firm AIR Worldwide.
South east Asia spurs Allianz profit growth
Allianz's 2012 Asia Pacific results saw an 80% profit growth and 9% increase in premiums spurred by south east Asia.
Career file: Alison Rayner
BGL establishes new compliance role having poached RSA regulatory risk boss.
CII launches easy access e-book
In a bid to provide easy access to members looking for information, the Chartered Insurance Institute has launched study texts in e-book format. The texts are compatible with the majority of portable electronic devices including Android Windows tablets,…
UK credit rating downgrade could be blessing in disguise for insurers
The loss of the UK’s AAA rating with credit rating agency Moody’s is unlikely to impact the standing of UK insurers, according to industry sources.
Rate hikes the only answer to CL market’s poor results
The dismal state of the UK commercial lines market can only be remedied by insurers inputting rate rises in 2013 and resisting their natural urge to compete on price, the heads of major firms have said.
Industry called to pay for Metal Theft Taskforce as initial fund set to expire
The government is aiming to call on the insurance industry to contribute towards funding the British Transport Police Metal Theft Taskforce.
Investing in the Profession: Three-star rating for Arthur J Gallagher
Arthur J Gallagher International has been awarded the three-star Investor in Customers award following an independent assessment that saw the firm achieve an overall rating of eight out of ten in each of the four categories for its Gallagher Heath team.
Utley set to press on with Hastings IPO despite Lloyd’s Equity settlement
The outcome of a Lloyd’s investigation into former Equity Red Star chief executive Neil Utley is unlikely to affect plans to float at Hastings where he is currently chairman, according to market observers.
My Best XI Alasdair Stewart, marketing and communications director, Axa
Alasdair Stewart, marketing and communications director at Axa, has followed recent contributors by picking a starting line-up jam-packed with insurance big hitters. However, he may have to fight off accusations of nepotism, after selecting his son in…
Claims Club: Firm leaders face battle to regain confidence of their staff
Insurance firms must tackle a decline in trust among customer-facing staff in senior management if they are to reap the rewards of consumer satisfaction.
Claims Club: Axa’s Williams calls for improvements for ‘undervalued’ claims teams
The tide could soon turn for claims professionals who are “underpaid and undervalued” compared to their underwriting peers, according to Axa commercial lines and personal intermediary underwriting managing director David Williams.
Claims Club: Senior NHS member blames claimant solicitors for hike in negligence cases
Heightened interest from claimant solicitors rather than a decline in standards is behind the significant rise in clinical negligence claims lodged against the National Health Service over the past three years.
Market Moves: Markel, Axa and Argo head the recruitment trail
Insurers hit the recruitment trail hard last week after recent broking dominance, with notable hires at Markel, Axa and Argo. It was a quieter few days for those on the periphery of the industry, although some of the slack was inevitably picked up by the…
Expertise-in-Action: Video: The importance of data validation
With data validation increasing in importance, Post sat down with Zurich’s director of personal lines, pricing and underwriting Darren McCauley to discuss this trend.
Lloyd's urged to lead the way in reputational risk cover
Lloyd's is uniquely placed to break new ground by insuring big firms’ reputational risk, according to a cyber liability panel.
MoJ sets RTA fixed costs at £500
The Ministry of Justice has confirmed that revised fixed recoverable costs for the Road Traffic Accident scheme will start at £500.
Solvency II delay is "golden oppurtunity" to solve run-off issues
The delay in the implementation of Solvency II offers insurers a golden opportunity to deal with their outstanding run-off and US APH liabilities, according to Ruxley Ventures.
Insurers to benefit from public sector framework worth £850m
A national framework agreement, potentially worth £850m over four years to the insurance sector, has been announced by the Government Procurement Service and national procurement consortium, the Pro 5 Group.
Wood will continue to hold 'vested interest' in Esure after IPO
Peter Wood is expected to remain Esure’s largest single shareholder by holding in excess of 30% of the shares following its planned float on the London Stock Exchange.
Biba raises regulatory concerns in budget submission
The British Insurance Brokers Association has asked the government for “a more dynamic regulatory regime in place that recognises the impact of regulation on our sector.”
US Risk targeting Lloyd’s brokers for marine, energy growth
US Risk chief executive Randall Goss has told Post he currently in talks to buy three Lloyd’s brokers.