News
L&G reveals dramatic COR improvement
Legal & General has recorded a general insurance combined operating ratio of 81% for the first half of 2013 – an improvement from 99% year-on-year.
Esure sees H1 profits surge over 15%
Personal lines insurer Esure has reported climbing profits for the first six months of 2013, alongside a boosted combined ratio.
Towergate hit by £10m H1 loss after loan fee write-off
Towergate has reported a pre-tax loss of £9.9m for the first six months of 2013, in spite of boosted income and flat operating earnings.
Europe's floods hit Munich Re's profits in Q2
Munich Re's profits fell considerably in the second quarter compared to the same period in 2012 as it booked a huge cost for the recent European floods.
Herratt joins Cooper Claridge-Ware
David Herratt, former acting CEO of the Hong Kong office of broker Swiss Insurance Partners, has joined Hong Kong-based broker Cooper Claridge-Ware.
Markel liability boss defends scope of D&O cover amid calls for reform
Markel International’s head of management liability risks has stated that defence costs are covered “in almost all situations”, following calls by the Institute of Directors for liability insurance reform.
Aviva staff could lose bonuses under cost cutting plans
Employees of Aviva may have their bonuses withheld this year unless cost cutting targets are met, reports suggest.
Claims handler sentenced for €45 000 fraud
A Welsh insurance claims handler was jailed for 17 months on Friday after stealing €45 000 from his employer to settle pay-day loans and drug debts.
IUA establishes Political Risk Committee
The International Underwriting Association has created a new London market Political Risk Committee comprising underwriting and claims representatives from across the association’s member companies.
CII: Data protection hindering fraud fight
The industry's attempts to work together to combat fraud are being hampered by the Data Protection Act, the Chartered Insurance Institute has claimed.
Guernsey issues licences to 46 international insurers in first half of 2013
The Guernsey Financial Services Commission licensed 46 international insurers in the first half of 2013.
Guernsey issues licences to 46 international insurers in first half of 2013
The Guernsey Financial Services Commission licensed 46 international insurers in the first half of 2013.
Covéa appoints Owen to newly-created post
Covéa Insurance has named Maureen Owen head of regions for the North.
Evolution Underwriting names new sales co-ordinator
Evolution Underwriting has promoted Michelle Buckley-Clarke to the newly created role of sales co-ordinator.
Claims handler jailed for £39 000 fraud
A Welsh insurance claims handler was jailed for 17 months on Friday 2 August 2013 after stealing £39 000 from his employer to settle pay-day loans and drug debts.
Insurers predicted to top banks in infrastructure investment
Legal and General is predicting insurers and pension funds will be funding UK infrastructure investments in the next 10 years – not banks.
Earthquake strikes Japan; no damage reported
A magnitude 6.0 earthquake struck off the coast of Japan yesterday (4 August) but there was no reports of damage.
Huge reinsurance growth potential in Asia, says Fitch
Global ratings agency Fitch believes there is significant room for the reinsurance market in Asia to grow given relatively low insurance penetration in Asian markets.
CIRC confirms end to life insurance interest rate cap
China's Insurance Regulatory Commission has confirmed the end to the 2.5% cap on interest rate for standard life policies.
DLG wants commercial book COR to break even in 2014
Direct Line Group is aiming to improve its commercial book combined ratio to 100% in 2014, chief executive Paul Geddes told Post today.
ABI backs Home Office calls for regulation of private investigators
The Association of British Insurers has thrown its weight behind a Home Office initiative that intends to bring about the regulation of the private investigation industry.
Motor insurers overestimating Laspo benefits says Dye
Insurers are overestimating the savings likely to be achieved following the introduction of Legal Aid, Sentencing and Punishment of Offenders Act, Allianz UK chief executive Jon Dye said today.
Ageas UK boss Watson optimistic despite limited H1 profit growth
Ageas UK chief executive Andy Watson has told Post the insurer’s H1 results are in line with expectations, in spite of net profit growth almost entirely driven by the integration of Groupama.
S&P casts doubt on 2016 Solvency II implementation
An examination of the European Insurance and Occupational Pensions Authority’s assessment of the future of Solvency II by Standard & Poor’s has led to claims that “numerous hurdles remain” ahead of a planned 2016 implementation.