News
Hastings boss positive on motor market after increasing rates
Hastings chief executive Gary Hoffman believes 2014 could be the year the motor market finally turns, after revealing that his firm has begun increasing motor rates.
Biba boss extends industry welcome to incoming financial secretary
British Insurance Brokers’ Association chief executive Steve White is confident the sector will enjoy an equally “good relationship” with incoming financial secretary to the Treasury Nicky Morgan as it maintained with her predecessor.
Hastings posts reduced profits but continues GWP growth
Hastings reported a £10.8m drop in profit before tax for the 2013 financial year to £49.6m (2012: £60.4m)
Nicky Morgan replaces Sajid Javid as 'insurance minister'
Economic secretary Nicky Morgan is stepping up to replace financial secretary to the Treasury Sajid Javid following his appointment as culture secretary in the wake of the resignation of Maria Miller.
Co-op adamant sale uncertainty did not hurt business
Senior insurance bosses at Co-operative Insurance claim uncertainty around the sale of the business did not impact momentum within the company last year.
RSA rights issue receives subscriptions for 95.67% of shares
RSA chief executive Stephen Hester has welcomed “the successful outcome of our rights issue” after the insurer found subscribers for 96.67% of the new ordinary shares issued.
Guy Carpenter appoints Utkueri to head Turkish operations
Guy Carpenter & Company has appointed Okan Utkueri as managing director and head of the broker’s Turkish operations as it seeks to expand its presence in the region.
UK among most SII ready but Pillar 3 presents 'major challenge'
Nearly 80% of European insurers expect to meet Solvency II requirements before January 2016 with Dutch, UK and Nordic firms outstripping their French, German, Greek and Eastern European counterparts in terms of readiness.
Public and insurers prepare for cyclone Ita in Queensland
Cyclone Ita, currently a strong category 3 storm, is expected to make landfall in North Queensland, Australia, on Friday 11 April.
Fosun in HK$5.18bn refinancing
Chinese conglomerate Fosun International, which owns large stakes in several insurance companies, is planning a HK$5.18bn ($668.1m) rights issue to raise capital.
$7bn of insured natural disaster losses in Q1 2014
Insurers had to pay out $7bn in insured losses caused by natural disasters in the first quarter of the year according to catastrophe modeller Impact Forecasting.
1-in-4 second hand tyres fail legal safety standards
A huge swathe of second hand tyres sold in the UK do not meet legal safety requirements according to figures from LV.
Grant Thornton recruits Mazars’ Scarr as insurance chair
Grant Thornton has swooped for Mazars Craig Scarr to serve as a partner and chairman of UK Insurance.
Coverbox parent brings admin and contact functions inhouse
Drivestyle Insure, which operates Coverbox and the Drivestyle telematics brands has moved its entire administration and call-centre functions away from BDML, taking the units in house.
Simply Business launches £600k TV ad campaign
Simply Business has unveiled its first nationwide TV advertising campaign, which will kick off next week.
Markel eyeing specialisms as trade credit capacity increases
Lloyd’s insurer Markel is confident of maintaining its foothold in the trade credit market despite growth in capacity being driven by industry rivals.
Esure to offer reduced premiums to drivers of AEB-fitted cars
Esure Group is to offer premium reductions to drivers of certain makes and models of cars fitted with autonomous emergency braking systems via its Esure and Sheilas’ Wheels brands.
FCA review finds 'no evidence of systematic attempts to deny valid claims'
The Financial Conduct Authority is not proposing “any new requirements or rule changes” for firms involved in claims handling based on the initial findings of its thematic claims review.
Comprehensive motor policies fall below £600 for first time since 2009
The average cost of comprehensive car insurance was down 19.1% year-on-year in the first quarter of 2014, the latest car insurance price index from Confused and Towers Watson revealed.
Corpore signs deal with Telefónica to provide OH services
Absence, injury and risk management provider Corpore has been appointed by Telefónica UK to provide occupational health services across their UK operations.
Four insurers subpoenaed in Iran sanctions probe
Four US insurers have been subpoenaed by New York’s Department of Financial Services as part of its investigation into potential sanctions breaches involving Iran.
Firms deny dodging referral fee ban as select committee prepares ABS report
MP concerned insurers are using alternative business structures to circumvent ban.
GI players demand action after FCA life insurance investigation blunder
Aviva and L&G shares fall after investigation details are aired prematurely.
Insurers sought to back new aggregator targeting UK’s Eastern Europeans
Broker targeting same demographic could follow launch of Global Market Compare