News
Co-op targets young drivers with telematics
Co-operative Insurance has launched a telematics-based motor policy aimed at reducing young driver premiums in the wake of the European Court of Justice ruling, which outlawed gender as a rating factor.
Canopius boss: massive quake will be tipping point
Canopius chairman Michael Watson believes the Japanese earthquake could serve as the tipping point on market rates, after lamenting the commercial lines market for its "folly" on low pricing.
Select committee under fire over referral disclosure plans
Motor insurers have hit back at government proposals forcing the industry to disclose details of their referral fee arrangements.
Quality data essential to avoid banking problem repeat
Insurers must use top quality data when preparing for Solvency II to avoid the problems suffered by banks during their implementation of Basel II, technology firm CSC claimed.
Strategic Technology Forum: data management security policy is a must
Insurance firms must have an accurate data management security policy in place to avoid falling foul of the Information Commissioner's Office, a solicitor from law firm Field Fisher Waterhouse claimed.
Court dismisses Towergate application
A high court judge has dismissed an application from Towergate Underwriting for a pre-action disclosure against Lorica Insurance Brokers and ordered it to pay costs amounting to £17 000.
Strategic Technology Forum: simplicity is key for data
Markel International has recommended its fellow insurers simplify their use of data as it prepares to move to a single underwriting system itself.
Strategic Technology Forum: portable device threat to sensitive data must be stopped
Insurers must do more to encrypt portable devices to ensure that sensitive data is kept safe. According to Amy Norcup, an analyst at Promontory Financial Group, even businesses with a strong data protection framework can face sanctions if they fail to…
Editor's comment: Out of step with reality?
Just before the devastating events began to unfold in Japan last week, the UK insurance market found itself vexed by the Transport Select Committee's report into the rising cost of motor insurance.
Munich Re to revisit earnings target statement
Munich Re's stated objective to earn €2.4bn (£2.1bn) in 2011 may have to be revisited following the devastating earthquake in Japan.
Gorman joins Inter Resolve to expand model
Inter Resolve has appointed a former Equity claims operations manager to the newly created role of head of claims as part of plans to expand its business model.
Ageas toughens stance on household insurance rates
Ageas chief executive Barry Smith has said the insurer "needs to do more" to improve its household insurance offering and encourage preventative action following losses amassed during the winter freeze.
Biba stands firm on call for FSCS funding changes
The British Insurance Brokers' Association has reiterated its call for a change to the Financial Services Compensation Scheme funding rules before April 2012, after an MP warned the final figure for payment protection insurance mis-selling compensation…
Deadline fears raised over Solvency II implementation
Concerns over increasingly tight deadlines in the run-up to the implementation of Solvency II have been raised on behalf of the insurance industry following publication of the European regulator's fifth quantitative impact study.
Japan quake: one of the costliest catastrophes in modern history
The devastating earthquake that struck Japan on 11 March is set to become one of the costliest catastrophes in modern history.
Generali reports 11.4% drop in GI operating result
Generali has reported an 11.4% year-on-year reduction in its non-life operating result to €1.1bn (2009: €1.27bn) in its 2010 annual results.
Generali reports 11.4% drop in GI operating result
Generali has reported an 11.4% year-on-year reduction in its non-life operating result to €1.1bn (2009: €1.27bn) in its 2010 annual results.
Willis consolidates international units
Insurance broker Willis has merged its Asia Pacific and Middle East and Africa units naming Roger Wilkinson as the chairman and chief executive of the new entity.
G Cube wins Romanian renewables contract
Renewable energy specialist G Cube has been awarded the underwriting contract for the construction phase of a Romanian wind energy scheme.
G Cube wins Romanian renewables contract
Renewable energy specialist G Cube has been awarded the underwriting contract for the construction phase of a Romanian wind energy scheme.
Direct Line loses court battle against ‘lying claimant’
Direct Line has failed in a High Court bid to prove that a Dorset man exaggerated his injuries in order to claim £3.4m in compensation.
AIS marks first anniversary of motor deal
Ageas Insurance Solutions has celebrated the first year anniversary of its three year deal with Aioi Nissay Dowa Insurance Company of Europe Ltd regarding the provision of motor insurance to Toyota PLC’s 1.3 million UK Toyota and Lexus customers.
Bluefin appoints new CFO
Bluefin Insurance Group has announced the appointment of Robert Organ as Chief Financial Officer replacing Ian Story who is stepping down in April.
Eqecat estimates up to $25bn of quake losses
Risk modelling firm Eqecat has predicted insured losses from the Japanese earthquake of between $12bn and $25bn (£15.5bn).