News
Less than 10% of Taiwan's cars insured for storm damage
A director of Taiwan's Non-Life Insurance Association has said that more than 90% of car insurance policies in the country are not covered for storm damage.
Five Uber drivers arrested in Hong Kong
Five Uber taxi drivers were arrested in Hong Kong yesterday for driving unlicensed and without third party insurance.
Towergate and Hiscox capitalise on growing schemes market
The number of commercial lines affinity schemes is increasing, particularly among professional associations, as brokers and underwriters strive for growth and profitability in a tough market.
Disaster losses reach £23.7bn in H1 2015
Total economic losses from natural catastrophes and man-made disasters reached $37bn (£23.7bn) in the first half of 2015, according to Swiss Re.
EBA's European presence key as Nexus makes acquisitive swoop
Nexus Underwriting Management has acquired specialist managing general agent and Lloyd’s service provider EBA Insurance Services in a move to bolster its growth strategy via EBA’s European stronghold.
Tysers reaps benefits of broker restructure with uplift in profits
Tysers has seen the benefits of restructuring its broker divisions with a strong round of results, which included a 21.6% hike in pre-tax profits.
Australian storm contributed to Berkshire Hathaway Q2 underwriting loss
Berkshire Hathaway Reinsurance's profits fell to an underwriting loss in the second quarter after a storm in Australia cost it $115m in losses.
Howden boosts Midlands presence with Perkins Slade buy
Howden UK has agreed to buy Perkins Slade Forrest subject to shareholder and regulatory approval.
Unum spends £31.7m on National Dental Plan purchase
Unum has acquired workplace dental insurer National Dental Plan from Capita for £31.7m, pending regulatory approval.
Dye denies Allianz UK's reinsurance arrangement is for acquisition 'war chest'
Allianz UK's 12% drop in operating profit in the first half of 2015 was impacted by a quota share reinsurance arrangement agreed with sister company Allianz Re, according to CEO Jon Dye.
Shopping around pays as average home policy continues to fall
Policyholders who switch home insurance providers stand to gain "significant savings" as home premiums continue to fall, according to market research firm Consumer Intelligence.
Carney to unveil new rules for insurance managers this week
Bank of England governor Mark Carney will this week unveil new measures to make insurance managers individually accountable for the failure of their firms, after consulting on proposals earlier this year.
Wunelli hires ex-Axa personal lines distribution boss Cavanagh as VP
Former Axa personal lines intermediary distribution director Selim Cavanagh has been appointed to the role of vice president of telematics firm Wunelli by parent company Lexis Nexis.
Claims environment blamed as Esure motor profits tumble by 80% in H1
Esure’s underlying profit before tax plummeted by 21.3% over the course of the past year, with the figure for the first half of 2015 standing at £46.5m (H1 2014: £59.1m).
Allianz cites competitive market conditions as first half profits fall 12%
Allianz's UK pre-tax profits fell 12% in the first half of 2015 to £56.5m compared to £64.2m in the same period last year.
Typhoon Soudelor leaves widespread damage in China and Taiwan
Powerful storm Typhoon Soudelor has killed at least 14 people in Taiwan and 12 in eastern China; others are missing and over 100 were injured in Taiwan.
Bauer to leave Allianz
Manuel Bauer, head of insurance growth markets, Allianz is leaving at the end of August.
RSA loses telematics director Skerrett to Trak Global
RSA telematics director Bob Skerrett has left the insurer to take on the role of managing director of Trak Global’s insurance division.
HMRC to allow estimation of new IPT levels to ease back-office stress
Insurers are to be given a temporary relaxation in how they file their insurance premium tax returns to HM Revenue and Customs after Chancellor of the Exchequer George Osborne increased IPT by 56% in the July Budget.
'Cracks appearing' in DLG reserving policy, Macquarie analysts claim
Direct Line Group posted a £100m rise in operating profit in the first six months of 2015 but analysts at investment bank Macquarie have suggested that “cracks are appearing” in the insurer's reserving policy.
LV to publish prior year premiums on renewal documents
LV is to join Axa in publishing prior year motor premium prices on renewal documents.
Quiz of the week - 7 August 2015
It’s that time of the week again… Quiz Time!
Hood Group partners with Stoke City FC
Hood Group has entered into a two year partnership deal with Stoke City Football Club where it will promote its affinity partner Asda Home Insurance.
Jelf swoops for North London broker Libra
Jelf has grown its southern footprint by acquiring Watford-based broker Libra Insurance Services.