News
Flight MH370 loss could impact war risk rates
If Malaysia Airlines' Flight MH370 is classified as a war loss, it would be one of the largest since the 2001 attacks on the World Trade Centre and would likely lead to rate to rate increases in war policies, according to S&P.
FCA to investigate commercial claims among string of new reviews
The Financial Conduct Authority is to look into the commercial claims market in one of a string of thematic reviews for the general insurance sector announced in its annual business plan today.
Climate change report forecasts increased flooding by 2080
The UK is expected to be among the countries worst hit by flooding by the 2080s, according to the fifth report by the Intergovernmental Panel on Climate Change.
Quindell outlines plans for full listing following year of soaring profits
Quindell recorded a 202% increase in profit before tax totalling £107m last year (2012: £35.4m) as the outsourcing provider plans to launch a full listing by the beginning of June.
QBE has 5.7% GI market share in Hong Kong
QBE ranks second out of over 100 insurers in Hong Kong for placed net premiums in general insurance.
Rainstorm and hail slams Hong Kong
Hong Kong was hit by a strong rainstorm on Sunday causing a shopping centre roof to collapse.
Zurich hails successful appeal against £95k car hire bill
Zurich has welcomed a court of appeal ruling that the insurer should not have to pay £95 000 in car hire and storage charges because the claimant should have bought a replacement car at an earlier stage.
QBE signs deal with Shariah-compliant underwriter
QBE is the second insurer to provide capacity to Shariah-compliant MGA Cobalt underwriting.
Ageas expands Darwin Clayton partnership
Ageas has boosted a partnership with independent broker Darwin Clayton, by inking a “multi-million” cleaning and facilities management insurance scheme.
Masojada urges Lords to support Flood Re amendment
Hiscox chief executive officer Bronek Masojada has written to all members of the House of Lords urging them to support an amendment to the Flood Re scheme.
Nelson confirms Lloyd’s insurers have started paying MH370 claims
Lloyd’s chair John Nelson has confirmed market insurers have begun paying out claims relating to the loss of Malaysia Airlines flight MH370.
Helios increases underwriting capacity with Bernul acquisition
Helios Underwriting has acquired Lloyd’s limited liability member Bernul for £0.8m.
EISL director fined by FCA for fraudulent NCD forms
EISL director Philip Eley has been fined £7200 by the Financial Conduct Authority and banned from working in his approved capacity by the regulator.
Brit IPO raises £240m for shareholders
Lloyd’s insurer Brit has priced its shares at 240p each as part of its IPO which has raised around £240m for shareholders.
Singapore consults on risk-based capital
The Monetary Authority of Singapore has launched a second consultation on a risk-based capital regime.
VRS Vericlaim relocates London HQ in expansion drive
VRS Vericlaim has moved to a new London site more than double the size of its previous headquarters.
Colosso first name on Biba advisory board to replace LMRC
Howden chief executive Adrian Colosso will form part of a British Insurance Brokers’ Association advisory board that is being set up to replace the London market region committee.
Go Skippy Commercial re-brand triggers £8m plus GWP target
The re-brand of Arron Banks start-up Go Skippy Commercial to Business Choice Direct was completed in a bid to bolster plans to achieve in excess of £8m gross written premium and 10 500 policyholders by the end of 2014.
Innovation Group unveils new UK property management team
Innovation Group has revealed its new UK property management following its acquisition of LAS.
Ageas and Broker Network sign five-year deal
Independent broker organisation Broker Network has signed a five year strategic partnership deal with insurer Ageas.
Only 2% of insurers ready to implement Pillar 3
A PWC poll has found 68% of insurers are less than halfway through the Pillar 3 reporting process for Solvency II.
Generali expands Asia-Pacific business with Mitsui tie up
Italian insurer Generali has completed a deal to expand its operations in Asia and Oceania in partnership with Mitsui Sumitomo
Xchanging unveils iPad claims service
Xchanging has launched a new suite of tools to provide claims agreement facilities directly from an iPad.