News
Fitch warns of insurers' ability to absorb cost of further storms
Fitch Ratings has deemed losses from Storm Desmond will be manageable for insurers but will impact the sector's ability to absorb further weather-related losses over the winter, should they occur.
Changes to insurance contracts standard proposed after insurer concerns
The International Accounting Standards Board has today (9 December) published proposals to amend the existing insurance contracts standard, IFRS 4, after concerns were raised about implementing two significant changes in accounting on different dates.
Benefits of resilience bonds heralded in framework launch
Catastrophe modelling firm RMS has launched the framework for a resilience bond designed to help manage financial risk from catastrophes while promoting investment in infrastructure that will minimise physical risk.
LMG outlines key achievements in 2015
The London Market Group says there had been good progress across their four areas of focus as it released its progress report for 2015 today (9 December).
Ecclesiastical appoints Edward Creasy as non-executive director
Ecclesiastical Insurance Group has appointed Edward Creasy as a non-executive director, subject to regulatory approval. He will also sit on the board of Ecclesiastical Insurance Office.
Kennedys expands in Scandinavia with merger and associations
Law firm Kennedys is expanding its international reach in Europe through agreements with three Scandinavian firms, which come into effect from 1 January 2016.
Government pledges £50m fund to flood victims
Chancellor of the Exchequer George Osborne has announced a £50m fund for families and businesses affected by floods in Cumbria and Lancashire in today's (9 December) Prime Minister's Questions session.
Review of the Year: Health
Harnessing technology in increasingly innovative ways has been at the forefront of health insurers’ minds throughout 2015. From wearable technology to web consultations, it’s a market that has had to push more innovative ideas to build their businesses…
Markel launches product for not-for-profits
Markel UK has launched a product for not-for-profit organisations covering three main areas of risk: responsibility to third parties, responsibility as an employer, and protection of property and physical assets.
EU parties agree cybersecurity legislation
Negotiators of the European Parliament, Council and Commission have agreed on the first European Union-wide legislation on cybersecurity.
Watkins Syndicate to rename as Munich Re
From 1 January 2016 Watkins Syndicate 457 in addition to its managing agent Munich Re Underwriting will be renamed Munich Re Syndicate.
Chubb introduces cyber-bullying cover for HNW products
Chubb policyholders who become victims of cyber-bullying may claim up to £50,000 towards professional support, lost income and temporary relocation costs under their home policy following changes to the insurer’s private clients offering.
DWF opens Brussels office
Law firm DWF is opening an office in Brussels to provide greater competition and regulatory support to its global insurance clients.
83 postcodes affected as 32mm of rain predicted to fall
Loss adjuster Cunningham Lindsey has received storm and flood claims from more than 83 UK postcode areas, as more heavy rain and wind gusts are predicted for the Northwest today (9 December).
Insurance pricing complaints to FOS increasing
The Financial Obudsman Service has seen an increase in the number of complaints about the price of insurance premiums in the 2015/16 year.
Flooding in India highlights planning weaknesses, says Aon Benfield
Aon Benfield's modeling team Impact Forecasting believes India and other countries in Asia need to learn quickly from recent dramatic flooding.
RSA sells entire stake in Russia division
RSA has sold its 75% stake in general insurer Intouch Insurance in Russia.
Man-made BI risk greater than threat from natural disaster
Business interruption claims are largely from man-made events despite risk managers fearing natural catastrophes disrupting supply, according to a report by Allianz Global Corporate & Specialty.
Speciality insurer Fidelis to start underwriting in UK
Fidelis Insurance will launch in the UK after receiving approval from the Prudential Regulatory Authority.
Penny Black's Insurance Week - 10 December
Penny is not averse to the odd practical joke but prank calls really get her back up.
Cornish to exit IAG as Harmer rings changes
IAG's head of personal lines Andy Cornish is to leave after Peter Harmer, IAG's new CEO, reshuffled his senior team starting 9 December.
Climate change framework sees increased support from insurers
Insurance leaders are mobilising to support a new framework to improve climate resilience, launched at this month’s United Nations Conference on Climate Change, or COP21, in Paris, with companies including XL Catlin already backing the plans with action…
Broker given 11-year directorship ban for mis-selling
The Insolvency Service has banned broker David Stuart Picton from acting as a director for 11 years for mis-selling insurance policies.
Una welcomes new member Centor
London-based Centor Insurance and Risk Management has joined Una, the organisation owned by 12 UK regional brokers.