News
Energy firms face increasing cyber threat exposure: Marsh
Oil and gas firms should brace for a wave of cyber threats according to Marsh, citing convering technological, terrorism and political risks.
Jakarta flood losses not expected to trigger solvency problems
Flooding in Jakarta, Indonesia in January expected to cause economic losses of IDR32trn (€2.46m) according to official government reports, but only IDR3trn of that is expected to be insured.
BP heads for two-step Deepwater Horizon civil trial
BP is to face a civil trial over the 2010 Deepwater Horizon oil disaster, after talks on a settlement with US authorities collapsed.
Ageas reports £82.9m profit as income exceeds £2bn
Ageas UK has increased profit by 11% to £82.9m in 2012 compared to the 2011 figure of £74.7m and a combined ratio of 99.8% (2011: 99.9%)
RSA increases premium by 5% and cuts dividend
RSA Group has reported operating profit of £684m (2011: £727m) for 2012 including an entirely flat underwriting result of £375m.
Northdoor launches cloud platform for Asian start-ups
UK-based IT consultancy Northdoor has launched a cloud-based system for insurance start-ups in Asia.
China readies for first online insurer
The Chinese Insurance Regulatory Commission is set to approve the first internet only insurer which will be owned by nine shareholders including internet firm Alibaba and insurer Ping An.
Utley settles on Lloyd’s Equity charges
Former Equity chief executive Neil Utley has been barred from applying for Lloyd's director positions for two years under terms agreed in a settlement on charges of detrimental conduct.
China allows insurers to sell mutual funds
Chinese insurers will be allowed to sell mutual funds to the public as regulators look to increase the role of institutional investors in its capital markets.
Equity adds Dacia to partnerships roster
Equity’s affinity arm has struck a three year deal to offer insurance to purchases of all new Dacia cars.
Autoglass calls for windscreen standards after fears insurers are cutting corners
Insurers may be awarding windscreen replacement jobs to technicians who lack the proper skills or use inferior materials in order to cut costs, according to Autoglass.
DLG’s international units “attractive to third parties”
Direct Line’s German and Italian businesses could prove attractive to a variety of third parties, according to Investec Securities.
Russian meteor explosion 30x more powerful than Hiroshima bomb
The explosion of a meteor above the Urals in Russia generated a force 30 times greater than the Hiroshima nuclear bomb, according to the European Space Agency.
Top five European news stories
The top five European news stories from www.insuranceinsight.com over the past seven days.
Bailey named Prudential Regulation Authority CEO
Andrew Bailey has been named deputy governor for the Bank of England, which will also make him chief executive of the Prudential Regulation Authority.
Admiral 2013 earnings forecast falls by £30m
Insurer Admiral has seen earnings forecasts slashed in an investor report from Investec as the motor referral fee ban approaches.
UIB hires associate director for its marine arm
United Insurance Brokers has appointed Spencer Crane as associate director to its Marine Division.
Lloyds Banking Group fined £4.3m for delayed PPI payments
The Financial Services Authority has fined three Lloyds Banking Group firms £4 315 000 after failings in their systems delayed the payment of mis-sold payment protection insurance to up to 140 000 customers.
Besso poaches aviation head from Gibbs Hartley Cooper
Independent Lloyd’s broker Besso Insurance Group has appointed Richard West as its head of aviation.
Aviva to sell Turkish unit say market sources
British insurer Aviva has tasked Barclays with selling its Turkish unit Aviva Sigorta, according to Reuters.
Marsh strengthens UK networks operations
Marsh has announced three appointments in the insurance placement team of its UK networks, which focuses on developing products and services for members of its networks.
Hood Group aims to shake up affinity market with new launch
The Hood Group has launched an insurance platform, Protect My World, offering white label home insurance as a part of the group’s affinity solution.
CCW launches dedicated HK website
Hong Kong-based broker Cooper, Claridge-Ware, has launched of a dedicated Hong Kong insurance website in order to better serve the insurance needs of the HKSAR Market.
Ambridge: Use of transactional cover set to surge
The number of transactional insurance policies could increase by as much as 25% during 2013, underwriter Ambridge has claimed.