News
Broking agent sentenced after netting £7200 from fake policies
An insurance agent has been handed a 12 month suspended sentence after fictitious insurance policy sales were uncovered by his employer, broker Eunisure.
Oil price shocks could drive insurers out of energy sector
Cost-cutting in the energy market as oil prices fall could see insurers consider exiting the sector, according to Willis Towers Watson’s annual energy market review.
Riot cover to continue as standard as Act gets Royal Assent
Property insurers will continue to include riot damage cover as standard after lobbying by the Association of British Insurers contributed to the government introducing a £1m per claim limit in the Riot Compensation Act 2016.
Brokers, insurers and Lloyd's carriers see FCA fees reduced
Brokers, insurers and Lloyd’s companies will see their contribution to the Financial Conduct Authority annual funding requirement reduced in 2016/17, according to the proposed fees published today.
AA sees insurance service revenue fall amid flat group revenue
Revenue in insurance services at the AA fell to £131m (2015: £142m) with an increase in customer churn due to higher motor premiums the cause, according to the company’s results for the year ended 31 January 2016.
Australia's Honan forms strategic partnership with Malaysia's Hayat
Melbourne-headquartered Honan Insurance Group has made an undisclosed strategic partnership with Kuala Lumpur-based broker the Hayat Group.
Former Sterling MD Blundell steps down as deputy CEO of Covea Insurance
Covéa Insurance has announced that John Blundell, the company’s deputy chief executive, will be leaving the business at the end of May.
Commercial vehicle MGA launches with £30m capacity
A £30m-capacity managing general agency targeting van and commercial vehicle business will be launched in the UK market by the founder of a claims management company.
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MIB recruits former West Midlands police head to liaise with the UK's forces
The Motor Insurers' Bureau has recruited a former West Midlands Police Inspector to liaise with the UK's 45 police forces.
BB&T completes $500m purchase of CGSC's US arm
US broker BB&T has completed the purchase of Cooper Gay Swett & Crawford’s US unit for $500m (£352m) in cash.
Axa steers customers to Flood Re-backed policies as scheme launches
Axa Insurance will contact its direct customers who would benefit from a Flood Re-backed policy to encourage them to cancel their existing policy for one backed by the new scheme.
Brexit would ‘hurt’ or ‘severely damage’ Lloyd’s
More than two-thirds of market professionals think Brexit would “hurt” or “severely damage” the London market, according to a survey from financial public relations consultancy Haggie Partners.
#postpeople 04 - 08 April 2016
All the latest insurance industry market moves between 4 and 8 April 2016.
Willis Re sees "encouraging signs" as reinsurance renewal rates fall again
Willis Re's latest reinsurance report has identified some encouraging signs for the market despite April reinsurance rates falling for the fourth year in a row.
South East, Yorkshire and Humber named among Flood Re hotspots
Flood Re expects policyholders in the South East of England, East England, North West England, Yorkshire and Humber, and London to be the biggest beneficiaries of the scheme that went live today (4 April).
Gallagher's international bosses praised in wake of Towergate defections
Arthur J Gallagher has attributed the "underperformance" of its UK arm in 2015 to the departure of its former management team in a proxy statement released this week ahead of its annual general meeting on 17 May.
Fraudsters are 'hijacking' genuine claims as crash-for-cash detection improves
Hijacking of genuine claims is a new tactic being employed by fraudsters as insurance fraud is increasingly being picked up by insurers
Flood Re reveals Aviva, Direct Line and Lloyds Bank among launch insurers
Flood Re has revealed that more than half of the UK household insurance market by premium will be offering products backed by the provider when it formally launches next week
Open APIs mooted by Brolly co-founder after insurtech Downing Street summit
The slower pace of insurtech growth has been recognised by government during a Downing Street meeting of leading industry players on Wednesday (30 March).
Motor prosecution insurer Road Halo to partner with Arc Legal
Road Halo’s motor prosecution defence cover will be offered as an add-on or stand alone product through a partnership with Arc Legal.
European windstorm tops Perils exposure list for 2016
European windstorm has topped Perils’ industry exposure database in 2016 with €54trn (£42trn) of insured property values.
Swiss Re completes $152.5m IHC Risk Solutions takeover
Swiss Re Corporate Solutions completed its acquisition of stop loss underwriter IHC Risk Solutions from Independence Holding Company yesterday (31 March).
Ryan Direct Group completes Midas purchase
Insurance services firm Ryan Direct Group has completed the acquisition of Northern Ireland-based managing general agent Midas Underwriting for an undisclosed amount.