News
Lowered credit hire costs remain 'unacceptable' says ABI
The impact of credit hire on motor premiums remains unacceptable according to the Association of British Insurers, in spite of revised figures being issued by the Competition Commission this week.
Axa UK on track for 96% COR by 2015, claims CEO Evans
Axa UK and Ireland group chief executive Paul Evans is confident the business will achieve a combined operating ratio of 96% by 2015 after pointing to an improving motor COR of 99.1% as an indication transformation plans are paying off.
Axa’s global P&C revenues up 2%
Axa has seen group-wide revenues for its property and casualty business increase 2% in figures for 2013.
Personal injury CMCs numbers almost halved since December 2011
Numbers of personal injury claims management companies have dropped 45% since December 2011 following a Ministry of Justice clampdown on rogue firms.
DAS UK appoints Percy as chief actuary
Legal expenses insurer, DAS UK, has appointed Richard Percy as chief actuary, with effect from 10 February 2014.
Haven joins Insurance Fraud Bureau
Gibraltar-based specialty motor insurer Haven has become the latest insurer to join the Insurance Fraud Bureau.
BMS names reinsurance veteran head of US broking business
BMS has appointed Andrew Bustillo as president and chief executive of its US broking arm BMS Intermediaries.
RSA partners with Caravan Guard on fifth wheel cover
Caravan Guard has responded to an increase in fifth wheel caravan enquiries by extending its portfolio to include the niche cover.
Skuld records 13% premium growth following P&I renewals
Skuld has achieved 13% premium growth following protection and indemnity renewals completed yesterday.
Business transformation bearing fruit as Axa UK GI COR dips below 100%
Axa UK and Ireland’s general insurance business recorded a combined operating ratio of 98.9% in 2013, despite reserve strengthening contributing 0.8 percentage points and a reduction in revenues to £3.7bn (2012: £3.8bn).
Swiss Re's 2013 profits reach $4.4bn
Reinsurance giant Swiss Re increased profits and premiums last year.
AIA's profits rise 16%
Hong Kong-based life and health insurer AIA has posted operating profit after tax up 16% to $2.5bn for 2013.
Guy Carpenter launches cyber practice
Guy Carpenter has launched a cyber-solution specialty practice to develop cyber reinsurance to address the increasing risks associated with cyber security.
Generali Spain appoints Villa as CEO
Generali’s Spanish unit has named former Generali Seguros director general comercial Santiago Villa as its new chief executive.
Ace adds two to Nordic property teams
Ace has bolstered its Nordic property operations with an appointment in Norway and a promotion in Stockholm.
Willis recruits Copenhagen based political risk boss
Willis has bolstered its financial solutions unit with the appointment of a new leader for its Copenhagen based new political risk, terrorism and trade credit head.
VAT waiver for flood victims could be a boon for insurers
Insurers could see lower claims costs from the recent flooding if the government decides to apply a reduced rate of VAT to renovation and repairs for affected properties, according to accountancy firm Baker Tilly.
Axa inks £4m Saffron partnership
A new partnership between Axa and Saffron Insurance Brokers is expected to deliver over £4m in gross written premiums for 2014.
Fleet broker fitting all vehicles with cameras
Motor fleet broker Just Fleet is to become the first business to fit all vehicles with front-facing accident cameras.
ABI responds to Which? insurance campaign
The Association of British Insurers has responded to a Which? reported urging insurers to be more transparent on pricing at renewal by stressing that price is not the only factor to consider.
LMA demands rapid Competition Commission progress
The Lloyd’s Market Association is pushing for speedy reforms from the Competition Commission’s investigation into motor insurance, suggesting the body circumvents legal change.
Axa completes 50% acquisition of Tian Ping
Axa has completed the 50% acquisition of Chinese insurer Tian Ping's shares.
L&G makes personal lines motor debut after partnering with Junction
Legal & General has entered the personal lines motor market with the launch of a direct motor insurance proposition underwritten by a panel of insurers.
'Window of opportunity' and sum insured discussed at Claims Club Asia
In the first Claims Club Asia meeting of 2014, leading experts in the claims space gave their insights into how the claims community can ensure greater co-operation to help clients.