News
16% of SMEs fear collapse in 2013: Zurich
More than 15% of SMEs perceive themselves to be at high risk of going out of business this year according to a survey by Zurich and YouGov.
Pressure mounting on government as MP brands flood talks 'in disarray'
Ministers have been forced to reiterate that flood talks between the government and the Association of British Insurers are ongoing after a member of parliament claimed discussions were “in disarray”.
European insurers look to exit run-off business
The trend of insurers looking to exit their legacy business is likely to continue over the next 12 months according to Pricewaterhouse Coopers.
L&G targets HNW customers with new home insurance product
Legal & General has followed up on its vow to expand the range of personal lines products it offers, by launching a bespoke product designed for customers in the mid and high net worth market.
Regulators issue guidance to avoid another PPI scandal
The UK Financial Services Authority and the Office of Fair Trading have jointly published guidance to help design a new generation of payment protection insurance products.
Claims cost European insurers €930bn in 2011
A total of €930bn in claims was paid out by the European insurance sector in 2011 – a 7.5% increase on 2010, figures from Insurance Europe have revealed.
PZU could see profits drop PLN400m if interest rate cut
Poland's largest insurer Powszechny Zaklad Ubezpieczen S.A. has said its net profit could fall by 400m zlotys (€95.4m) if the country's key interest rate declines further.
India's middle class boom not confined to megacities
Firms looking to supply goods and services to India’s growing middle classes should not ignore those in smaller towns and cities, according to Ambitabh Kundu, Professor of Economics, Jawakarlal Nehru university.
Tokio Marine targets EMEA large commercial property market
Tokio Marine’s corporate property business operation is to expand its EMEA focus, providing capacity for the insurance group’s European operation.
Cyber risks worries grow but few seek cover
More than three-quarters of organisations have grown concerned about digital securities, yet only 19% of these have taken steps to secure the necessary insurance cover, Zurich research has revealed.
Insured losses 36% above 10-year-average in 2012
Natural catastrophes globally caused total economic losses of £200bn in 2012, only slightly above the 10-year-average of $187bn.
2012 insured losses 36% above 10 year average: Aon Benfield
Last year’s insured losses soared almost a third higher than the 10 year average for insured losses according to Aon Benfield’s catastrophe modeling centre, Impact Forecasting.
Xuber launches claims software
Xchanging’s insurance software provider, Xuber, has launched Xuber Claims, a fully integrated claims management solution.
SRA embraces referral fees ban for PI cases
The Solicitors Regulation Authority board will amend the Solicitors Code of Conduction to incorporate the ban on referral fees in personal injury cases.
JBA enters flood debate with new model launch
JBA Risk Management has joined the UK insurance industry flood debate after releasing a new model of the built environment designed to help property owners better understand the risks to homes, offices and business premises.
Standard and Poor's commends Generali management strategy
Standard & Poor's has affirmed the 'A' long-term counterparty credit and insurer financial strength ratings of Italy-based Assicurazioni Generali and its "core" subsidiaries'.
Ecclesiastical CEO Tripp to retire this year
Ecclesiastical chief executive Michael Tripp has announced his intention to retire from his post during the course of 2013.
Covéa boss Street joins Thatcham board
Covéa Insurance has revealed that Barry Street, head of claims engineering services, has joined the Thatcham board of directors.
K&R insurers crank up risk forecast in Africa amid terrorism fears
Kidnap and ransom insurance market experts have claimed that while recent attacks on an Algerian gas installation will have a material impact on underwriting strategy in the region, the local risks were already well understood.
Am Best affirms Swiss Re rating
Swiss Re's A+ financial strength rating and issuer credit ratings of ‘aa‘ have been affirmed by AM Best.
Swiss Re splits agriculture and aviation divisions
Swiss Re is to separate its agriculture and aviation divisions as part of a reorganisation of its special lines.
Swiss Re reorganises special lines
Swiss Re is to separate its agriculture and aviation divisions as part of a reorganisation of its special lines.
Catlin launches new terror cover
Catlin has introduced a new terrorism insurance product via its London-based underwriting subsidiaries.
First captive insurer in China to launch this year
In a sign of growing sophistication in the Chinese market, Beijing-based oil and gas producer China National Petroleum and subsidiary Petro China are jointly developing a captive insurer.