News
Hester: Still more to do to ensure RSA meets profit forecasts
RSA is on target to achieve or exceed its forecasts for operating profit this year, Group CEO Stephen Hester said.
Broker Network to return to role as ‘independent voice’ following partial MBO
Three senior executives appointed to the Broker Network in recent months have been involved in a partial management buyout, with plans to take the network back to its roots.
Oil and gas services sector targeted in new product from Willis Towers Watson
Willis Towers Watson has launched a product specifically for suppliers to the changeable oil and gas industry.
Enterprise Act to come into force on 4 May 2017
The Enterprise Act was granted Royal Assent yesterday (4 May), with policyholders able to claim damages for the late payment of insurance claims in 12 months' time.
Brexit would ‘significantly damage’ London Market, says IUA
Underwriters have raised concerns Brexit would limit access to markets and “significantly damage” London Market companies, according to the International Underwriting Association.
People: I work in insurance: Martin Banasik
Martin Banasik MSc, CEng, FIMechE is principal engineer (lift and crane) at Allianz Engineering
RSA's premiums stable in Q1 as Hester controls costs
RSA's net written premiums climbed 2% in the UK & Ireland to £635m in the first quarter of 2016.
Zurich acquires MAA Takaful in Malaysia
Zurich has expanded its presence in Malaysia with the acquisition of takaful insurer MAA Takaful for MYR525m (£90m).
A fifth of European consumers would buy insurance or banking products from Google, Amazon or Facebook reveals a study
Customers could increasingly turn to big-name disruptive firms in the financial services sector, according to a survey of the European market by Fujitsu.
Ice cream van fraudster feels the heat from IFED and insurers
A man who was involved in staged accidents using an ice cream van has been convicted on fraud charges. The crash-for-cash scam would have cost insurers almost £100,000 if they paid out in full.
Pre-registration for .insurance domain launches, with ‘very high numbers’ expected
Early registration for the .insurance domain name launched yesterday, via Instra, the corporate domain name retailer subsidiary of CentralNic, with the aim of ensuring online security amid growing levels of cyber threats.
Allianz: £5m spent on litigation is ‘priceless’ in terms of deterrent effect
Allianz spends an average of £5m every quarter defending against spurious claims, but last quarter saved £2.5m.
Axa looks to exit life and savings
Axa UK will sell a portion of its business to Standard Life, and is looking at making further asset sales.
GRP set to make more acquisitions after latest Northern Ireland deal
Global Risk Partners is looking for more regional acquisitions across the country after investing in two brokers in Northern Ireland.
SMEi joint CEOs Jason Gandy and Roger Snowden leave roles
Jason Gandy and Roger Snowden have left their roles as joint CEOs of Marsh-owned SME Insurance, with the former having left the firm altogether.
Motor insurance renewal rates double fuelling customer churn
More than 11 million drivers will switch insurers this year as car insurance renewal quotes increase by an average of £22, according to data from Consumer Intelligence.
DAC Beachcroft seven-strong insurance partner hire in Newcastle shows ‘commitment to the region’
DAC Beachcroft has acquired seven partners from DWF’s casualty claims team to its Newcastle office, as it looks to grow its insurance team in North East.
Axa CEO takes over as head of IFB
Amanda Blanc, CEO of Axa UK and Ireland, has been appointed chair of the Insurance Fraud Bureau.
Direct Line sees Q1 GWP growth of 4.2%
Direct Line Insurance Group has seen its gross written premiums rise by 4.2% in the first quarter, compared to the same period last year.
Kelly commits to Steadfast until December 2020
Robert Kelly, managing director and CEO of Australian broker network Steadfast, has committed his long term future to the firm.
Hong Kong conducts global search for head of insurance regulator
The Hong Kong government is conducting a global search for CEO of the Independent Insurance Authority.
Chubb and Ace integration completes in Singapore
Following the completion of Ace's acquisition of Chubb in January, Chubb has been formally approved as its new name in Singapore.
Watchstone Group faces £11m claims from ex-Quindell investors
The company, formerly known as Quindell, could face claims worth over £11m from 440 disgruntled shareholders.
Home premiums rise but car rates stall, according to AA Q1 index
The AA’s British Insurance Premium Index for the first quarter of 2016 has shown a slight increase in rates for home insurance, with car premiums flat.