News
China outlines risk based regime
The China Insurance Regulatory Commission has provided an overall framework for China Risk-Oriented Solvency System bringing the market towards international standards.
India to change broking placement regulations
New proposals from the Insurance Regulatory and Development Authority wants to place greater caps on where brokers place their business with insurers.
Towergate sees slight GWP improvement as network division takes a hit
Towergate has seen its gross written premium increase 2% on the first quarter of last year to £757m, but blamed changes in partner insurer relationships for a 50% slump in operating earnings within its network division.
Aegon to complete Santander deal in Q2
Aegon’s acquisition of Santander’s Spanish insurance business is expected to close in the second quarter of 2013, a spokesman confirmed to Insurance Insight.
Coface "not a strategic asset" says Natixis chief
French bank Natixis does not expect to put Coface up for sale but would consider reducing its stake in the credit insurer, chief executive Laurent Mignon reportedly told a shareholders meeting on Tuesday.
Ex-Brit director joins Prosight board
Lloyd's coverholder Prosight Specialty Underwriters has appointed former Brit board member Peter Goddard as a non-executive director.
ABI responds to Scottish criticism of 'disproportionate' Flood Re
The Association of British Insurers has denied accusations that the introduction of its ‘Flood Re’ model would be “bad news for Scotland”.
Gibraltar's insurers reap benefits of UK's growing motor market
Gibraltar’s motor insurance market is projected to achieve a compound annual growth rate of 14.1% towards 2017, according to research firm Timetric.
Moody’s: Solvency II volatility may deter investors
Potential investors in the insurance industry may be turned off by expected volatility in European insurer’s solvency ratios according to rating agency Moody’s.
CFC calls industry to tackle cyber crime
Underwriting agency CFC has called for the insurance industry to be aware of the regularity of cyber-attacks suffered by SMEs.
XL appoints Daucourt as head of international P&C
XL has appointed Thierry Daucourt as chief operating officer of its international property and casualty business.
Solvency II could increase cost of capital for insurers says Moody’s
The increased volatility of Solvency ratios under the new Solvency II guidelines may reduce investor appetite and increase the cost of capital for insurers, according to Moody’s
Hill Dickinson fraud model attracts new insurer subscribers following Q1 success
Hill Dickinson fraud unit bosses claim they have delivered a 122% increase in suspect claim identification to insurer clients in the opening quarter of the year, as a result of the firm’s fraud risk profiling model.
UK motor COR improves but premiums expected to fall in 2013
The UK motor market saw its collective combined ratio improve slightly to 105% over the course of last year, but Deloitte has warned the market is only likely to become more competitive.
Bennetts unveils classic bike cover
Bike insurer Bennetts is to expand its offering to include cover for classic motorcycles online.
Clements creates insurance marketplace for UN staff
Clements Worldwide has launched a web-based marketplace, to provide insurance protection to the United Nations Federal Credit Union’s 100 000 members.
London P&I Club reports boosted reserves after “mixed” year
The London P&I Club saw reserves increase after generating a surplus of $9.4m across all classes in the financial year 2012/13.
Biba conference 2013: News round-up
This year’s British Insurance Brokers’ Association conference attracted more than 4750 brokers and 168 exhibitors to the Excel Centre in London’s Docklands.
ProSight Specialty Underwriters appoints non-exec director
Lloyd's coverholder ProSight Specialty Underwriters has appointed Peter Goddard as a non-executive director with immediate effect.
P&I Club anticipates "most expensive year" for International Group pool
The London P&I Club’s result for the 2012/2013 financial year was a surplus across all classes of $9.4m, increasing the free reserve to $154m.
£683bn share protection gap at UK businesses: L&G
One million UK businesses are at risk of a shortfall due to a lack of share protection cover according to Legal and General.
Capita shares recipe for successful MGAs
Capita Insurance Services’ executive director, John Holm, shared the lessons learnt with existing and would-be MGA management about the most effective structural components and the financing methods for new and evolving MGAs.
Over $2bn of property damage from Oklahoma tornado
The devastating tornado which struck the Oklahoma suburb of Moore on Monday (22 May) in the US has damaged property to a total replacement value of up to $6bn within a two mile radius of the storm’s path.
Flood clauses to be added to Water Bill as minister hints at ABI agreement
Environment minister Richard Benyon has suggested that additional clauses will be inserted into the government’s upcoming Water Bill, in order to serve as a legislative vehicle for the implementation of the Association of British Insurers’ ‘Flood Re’…