News
Liberty CEO talks up China, India and Quinn after 87% drop in pre-tax income
Liberty Mutual has reported net income of $284m and $365m for the three and twelve months ended 31 December 2011, decreases of $292m and $1.313bn from the same periods in 2010.
Asian air traffic a game changer in aviation market, warns broker boss
Air travel in Asia Pacific is set to significantly surpass that of North America and Europe in the next five years, increasing the exposure of airlines operating in the region to potentially game-changing risks such as reputational risk.
Thomas charged with maximising Willis' $40bn global premium
Willis Group has appointed David Thomas as director of strategy and transformation within its global businesses division.
Academic calls to sue experts over flood risk are 'absurd'
A leading planning barrister has rubbished calls by flood expert for class action lawsuits to be brought against planning officers, consultants, architects and other experts.
Labour wants to force insurers to offer telematics
Labour wants to see every insurance company being forced to offer drivers at least one black box product, according to the Daily Mail.
Willis appoints director of strategy and transformation
Willis Group Holdings has appointed David Thomas as director of strategy and transformation in its global businesses division.
Admiral COO describes 2011 as a year of two halves as profit hits £299m
Admiral has reported group profit before tax up 13% at £299m in 2011 (2010: £266m) on a turnover up 38% at £2.19bn (2010: £1.58bn).
HSBC sells GI units to Axa and QBE
Axa and HSBC announced today they have entered into an agreement whereby the French insurance giant would acquire the bank's property and casualty businesses in Hong Kong, Singapore and Mexico.
Axa and QBE strike deals with HSBC for Asian and Central/South American P&C businesses
Axa and HSBC announced today they have entered into an agreement whereby the French insurance giant would acquire the bank’s property and casualty businesses in Hong Kong, Singapore and Mexico.
Fraud rises 70% in Indian general insurance
Indian insurance companies incurred losses of over Rs30,000 crore in 2011 due to fraudulent activity, according to a recent study by Pune-based firm Indiaforensic.
Willis China claims broker first in Chongqing
Willis China, part of Willis Group Holdings, has been granted approval to open a new office in Chongqing by the Chinese Insurance Regulatory Commission, which it claims is a first for a foreign-owned broker.
UK government flood cuts may see 'thousands' uninsurable
Thousands of UK businesses are at risk of becoming uninsurable inside three months if the government fails to meet the demands of disgruntled insurers.
CPS investigates 'fraudulent' Autofocus employees
The Crown Prosecution Service has confirmed it is examining the case of the seven Autofocus staff who allegedly doctored credit hire rate evidence.
UK Drainage Network scoops supply chain award
Independent drainage company the UK Drainage Network has received the Co-operative Insurance Claims Supplier of the Year and Supply Chain Collaboration awards at the RSA.
Insurers could do more to help space operators, says JLT
Space operators need the insurance community to step up and offer better solutions, according to Peter Elson, global head of space at broker JLT Specialty.
Broker Network directors 'not stepping down' despite Companies House listing
The Broker Network has dismissed concerns that five directors will be leaving the organisation after Companies House listings stated that a number of senior figures have had their 'appointments terminated'.
Ai Claims signs three-year deal with ULR
Accident management business Ai Claims Solutions has signed a three-year deal with ULR Additions for the provision of credit hire services.
QBE expands Dubai office capabilities
QBE's Dubai branch is now offering GAP insurance and auto extended warranty on a reinsurance basis to cedants dealing with auto dealers and banks operating in the GCC market.
QBE launches new motor products in Dubai
Business insurance specialist QBE has started offering Guaranteed Auto Protection insurance and auto extended warranty on a reinsurance basis for cedants dealing with auto dealers and banks within the GCC market.
FSA publishes guidance on PPI redress
The Financial Services Authority has published proposed guidance for firms that sold payment protection insurance and are beginning to contact customers who may have been mis-sold a policy but have yet to complain.
Watchdog set to probe KPMG over Equity Red Star audit
The Accountancy and Actuarial Discipline Board is investigating KPMG's auditing procedures of Lloyd's of London syndicate Equity Red Star.
Arch acquires Ariel Re's Zurich-based credit business
Arch Capital Group is to acquire Ariel Re's Credit & Surety reinsurance operations based in Zurich.
Management not measurement key in handling risk
Risk management has focused on the harnessing of technology for risk measurement rather than a deeper understanding of risk itself, according to recent research published by Towers Watson.
Brokers appeal to Emirates regulator over payments decision
The brokering community is believed to have approached the Emirates Insurance Authority for a reappraisal of its recent decision on how premium payments are collected.