News
Ecclesiastical introduces rate rises after £14m underwriting loss
Church insurer Ecclesiastical plans to put up motor and household rates by up to 15% after posting a half year underwriting loss of £14.4m, which was more than double the £6m it was last year.
13% growth in CEE helps VIG Group profit grow 7%
The Vienna Insurance Group has posted a 7% increase in profit for the first half of 2012 compared to 2011, helped by a 13% growth in profit from Central and Eastern Europe.
CNinsure moves to e-commerce as H1 costs rise by 32%
Chinese intermediary CNinsure Inc is changing its long-term strategy to include a focus on e-commerce after its half year results saw costs grow by 32.1%.
Fraudster busted after downloading image to exaggerate paper-cut
A would-be fraudster who suffered a paper-cut while at the gym has been cautioned by the Insurance Fraud Enforcement Department after downloading an online image of a wound to support a £500 claim.
Motor claims account for 50% of compensation paid by Taiwan insurers
Taiwanese general insurers paid out compensation of over NT$29.5bn ($983.3m) in the first half of 2012, up 10% year on year according to the Taiwan Insurance Institute.
Bangkok Insurance to sell products in Laos and Cambodia
Bangkok Insurance has confirmed plans to sell its products in Laos and Cambodia in preparation for the region's economic integration in 2015.
ITAS Mutua rating affirmed at 'BBB'
Italian insurer ITAS Mutua's has had its insurer financial atrength rating affirmed at 'BBB' with a negative outlook.
Co-op Insurance operating profit up 346%
The Co-operative Insurance has reported a vastly improved operating profit of £30.3m in the first half of 2011 compared to the same period in 2011 (£6.8m).
Reinsurers more risk-focused after Asian catastrophes
The spate of Asia-Pacific catastrophes in the past two years have prompted reinsurers to take stock of their existing portfolio and re-evaluate their underwriting approach and risk appetite according to Fitch Ratings.
Howden moves to second stage of energy development with double capture
Howden has outlined the next phase of its energy division development following the appointment of Greg Stenzhorn and Richard Bateman, who join the firm from Aon Benfield and Price Forbes respectively.
Chinese insurance complaints up 127% in 2012
The China Insurance Regulatory Commission received 6 176 complaints from insurance customers in the first half of 2012, up 127.23% compared to the same time in 2011.
Howden expands energy division with two appointments
Howden Insurance Brokers has entered the second phase of the development of its Energy division with the appointments of Greg Stenzhorn and Richard Bateman.
China to expand investment options for insurers
The China Insurance Regulatory Commission is expected to announce policies to improve the competitiveness of insurers through an expansion of their permitted scope of investment.
Transactor ramps up claims management software
Insurance software provider Transactor Global Solutions has unveiled a number of new features to its claims management software having completed a review and rewrite of the product.
IAG sheds $300m assets ahead of potential UK business sale
Insurance Australia Group has written off AUD$297m (£196.6m) remaining goodwill and intangible assets associated with the UK business just months before it decides whether to sell its loss-making divisions.
Reinsurers take stock of Asia-Pacific risks
Reinsurers are bracing themselves for the next catastrophe in the Asia-Pacific region following the spate of catastrophes over the last two years, according to Fitch Ratings.
Ecclesiastical CEO upbeat despite significant H1 underwriting losses
Ecclesiastical chief executive Michael Tripp has blamed “turbulent times” after his group chalked up a first half underwriting loss of £14.4m (H1 2011 £6m).
Confused launches 'Motor Mate' app in bid to boost telematics sales
Bosses at Confused hope to drive up interest in telematics technology among young motorists, following the launch of a smartphone app which rewards good driving with cash back prizes.
Claims management companies come in for regulatory consultation
Verbal contract agreements between claims management companies and consumers could become a thing of the past, following the launch of a consultation process by the Claims Management Regulator.
Brokers told to up game in face of HNW competition
Intermediaries operating in the high net worth arena have been warned they must concentrate on improving their bespoke offering to clients if they are to win out over growing competition in the high-end home insurance market.
Suncorp GI profit up 26% despite cat loss
Suncorp has reported a significant year-on-year growth in net profit after tax of $724m (£478.7m)for the year to 30 June 2012 compared to $453m in 2011.
Parabis Group obtains ABS licence
Parabis Group has become the first private equity-backed firm to be granted an alternative business structure licence by the Solicitors Regulation Authority.
Aon boss sponsored by Nexus to ride in notoriously dangerous bike event
Aon associate director John Coleman is revving himself up ahead of the Manx Grand Prix this weekend, after bosses at Nexus Underwriting Management agreed to sponsor him to take part.
Hyperion boosts BP Marsh cash position
The partial realisation of its investment in Hyperion has improved BP Marsh & Partners’ cash position according to a trading update issued today by the venture capital provider.