News
FCA issues social media warning as it launches promotions consultation
The Financial Conduct Authority has launched a consultation intended to clarify its approach to the supervision of financial promotions in social media.
Towergate restructuring costs climb to £15m for H1
Towergate’s group reorganisation programme cost the broker £15.1m in the six months to June 30, an increase on the £9.1m spent in the first half of 2013.
Demand for risk managers grows amid shifting regulatory environment
The looming implementation of Solvency II has contributed to a boom in demand for risk management specialists, according to recruitment consultancy Merje.
No further divestment plans for Ageas, Watson states
Ageas UK chief executive Andy Watson says there are no further planned divestments for the business following today's announcement of the sale of Ageas Protect.
FCA calls for claims ratios in final add-ons report face renewed criticism
The Financial Conduct Authority’s proposal to impose a requirement for insurance companies that engage in the sale of add-on products to publish claims ratios as a measure of value is expected to face continued criticism.
Hodges declines to rule out more redundancies
Towergate group chief executive Mark Hodges has refused to rule out further expansions to the broker’s redundancy programme over the next year, shortly after confirming that the firm would lose an additional 100 staff.
One third of motorists favour mobile devices for quotes
Around a third of UK motorists want to receive car insurance quotations on their tablet or smartphone, according to a survey from software provider SSP.
L&G GI profits slump in H1 as attention turns to bolt-on acquisitions
Legal & General has attributed weather claims totalling £12m in the first quarter of 2014 for a slump in the general insurance division’s operating profit to £28m in the first half of the year (H1 2013: £39m).
ABI premium tracker reports £378m savings for motorists
Average private comprehensive motor premiums rose £2 in the second quarter of the year to £361, according to the latest results from the Association of British Insurers' motor insurance premium tracker.
Ageas UK exits life market as net profit drops £22.8m
Storms in the first half of 2014 led to a net profit loss for Ageas UK of £22.8m despite strong second quarter results.
Towergate losses grow 52% as redundancy programme expands
Towergate has announced increased pre-tax losses for the first half of 2014, alongside adding an extra 100 staff to expected headcount reduction by year end.
Impact on market uncertain after commission ban on indemnity policies
Upfront commission payments on long-term indemnity policies are to be banned in Hong Kong from 1 January 2015.
Indian Insurance Bill caught in parliamentary disagreements
The long awaited reforms to open up India's insurance industry to more foreign capital have yet again been held up.
Insurers call for ‘fundamentally dishonest’ wording to be scrapped
House of Lords agreed to clause 45 of Criminal Justice and Courts Bill
Motor sector told to brace for new era as autonomous cars edge into view
Trials of driverless cars on UK roads set to commence early next year
Industry frustrated as CMA considers U-turn on capping credit hire costs
CHO boss Evans launches complaint to CMA over direct hire practices
ABI warns of financial hardship from Riot Act reforms
The Association of British Insurers has estimated for every £10 paid out in compensation after the London 2011 riots only £1 would be paid out under the reformed Riot (Damages) Act.
Gallagher adds two senior roles to growing Midlands division
Arthur J Gallagher has created two new regional management roles in the Midlands to drive growth in what is now its largest UK regional hub.
Novae profit rises despite rating and currency conditions
Novae Group has attributed a five percentage-point improvement to its combined ratio to 90.8% (H1 2013: 95.8%) in the first half of this year to a positive claims experience, resulting in an 89.4% increase in underwriting contribution to £19.7m (H1 2013:…
UK General offers protection against holiday home scams
Leeds-based insurer UK General has launched a policy protecting holidaymakers from unsatisfactory or non-existent holiday homes.
Evacuations ordered as Typhoon Halong approaches Japan
Half a million people have been ordered to evacuate from Japan's Shikoku island as Super Typhoon Halong approaches the shore.
Quindell shares down 12% on RAC deal rumours
Quindell’s share price has dropped 11.56% in one day’s trading after reports suggest a £100m telematics deal with RAC may have hit the rocks.
East England drivers UK’s worst says Aviva
Drivers in Aviva’s home territory of the East of England are among the UK’s worst according to figures produced by the insurer’s Drive smartphone app.
Covéa partners with VFM for fraud detection
Covéa has completed a deal with VFM to improve fraud detection across the insurer’s business.