News
Efra report calls for further funding for flood defences
The government has been urged to further increase spending on flood defences by £20m per year for the next 25 years in order to keep pace with escalating risks caused by severe weather patterns.
Lloyd’s CEO Ward stepping down by 2014
Lloyd’s chief executive Richard Ward is to depart his role at the London market before the end of this year.
FCA focused on insurance sector with phone fine, says lawyer
The fine handed out by The Financial Conduct Authority to Policy Administration Services, illustrates the regulator’s interest in the insurance industry, a legal specialist has said.
Dual appoints Doyle as global CEO
Dual, the underwriting arm of Hyperion Insurance Group, has appointed Shane Doyle (pictured) as CEO and group chief underwriting officer of its global operations.
Triton Global reveals auditing division
Triton Global has launched an auditing arm, Triton Audit.
Xuber releases report on analytics use for insurers
Xuber has released a report highlighting the benefits of using analytics tools for insurers.
US could freeze foreign insurer assets new Iran sanction rules
US authorities could freeze any local assets of foreign insurers if they contravene new sanctions on Iran which came into force at the start of this week.
Insurers risk US asset freezing under new Iran sanction rules
Insurers could be subject to freezing of any US assets if they contravene new US sanctions on Iran which came into force at the start of this week.
Phones 4 U insurance administrator PAS fined £2.8m by regulator
The Financial Conduct Authority has fined Phones 4 U’s insurance administrator Policy Administration Services £2.83m for poor complaints handling.
Courts take tough stance on deadlines post-Jackson
Claimants have been warned that an entire defence or claim could be struck out due to the failure to meet court deadlines after two recent High Court decisions reiterated a lack of procedural compliance will no longer be tolerated.
German floods to cost industry €2bn
Claims from last month's flooding in Germany alone are expected to cost insurers nearly €2bn, German trade association GDV said on Tuesday.
Rocket crash likely to hit launch underwriters
A Russian rocket which exploded over Kazakhstan is unlikely to have been insured, but may still have implications for satellite underwriters.
Covéa appoints ex-Brit distribution boss Tim Grant
Covéa Insurance has appointed Tim Grant to the newly created position of micro SME leader.
Markel recruits Aspen adjuster for senior claims role
Specialist insurer Markel has swooped for a former Aspen and QBE adjuster to bolster its claims team.
Insurers welcome Flood Re but call for clarity over liability
Insurers’ agreement to the terms of the Statement of Principles for another two years will provide the Association of British Insurers and government enough time to resolve outstanding issues around the implementation of Flood Re, according to the trade…
Law Society’s motive behind new PI scheme called into question
Brokers doubtful scheme will mitigate threat posed by unrated insurers.
DAS and Broker Network launch commercial legal expenses scheme
Legal expenses insurer DAS and Broker Network have launched a new commercial legal expenses scheme for Broker Network and Countrywide ‘Complete’ members.
Ageas goes live with Quindell system
Ageas has implemented and gone live with Quindell’s rating and underwriting engine Napier.
China’s insurance industry needs reform, says regulator
China’s insurance industry would benefit from reforms which could see the rate of growth increase, the head of the China Regulatory Commission has said.
Analysts warn Direct Line is playing "catch up" on costs base despite 2000 job cuts
Liverpool, London and Croydon offices due to close in expanded cuts programme.
Hong Kong insurers criticised over fee calculation
Household insurers in Hong Kong have been accused of inflating premiums by using a discredited measure already banned in the new-homes market, the Legislative Council's housing panel has heard.
Swinton launches £60m business plan revamp after FCA intervention
Swinton is investing £60m in modernising its multi-channel operation after falling foul of a regulatory inquiry into some of its sales practices.
Expertise-in-Action: Q&A with Richard Smith
In recent years the insurance industry has made a concerted effort to improve its record on professionalism.
Indian employers' insurance inadequate, claims ICICI survey
One in every four employers in India believe that the existing sum insured taken for their employees is inadequate, according to an online survey by ICICI Lombard General Insurance.