Post - 2011-03-17
Articles in this issue
Post Magazine – 17 March 2011
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Deadline fears raised over Solvency II implementation
Concerns over increasingly tight deadlines in the run-up to the implementation of Solvency II have been raised on behalf of the insurance industry following publication of the European regulator's fifth quantitative impact study.
Biba stands firm on call for FSCS funding changes
The British Insurance Brokers' Association has reiterated its call for a change to the Financial Services Compensation Scheme funding rules before April 2012, after an MP warned the final figure for payment protection insurance mis-selling compensation…
Post history - five years ago: Imminent IFB looks to save £200m
Looking through Post's back catalogue paints a unique picture of more than 150 years of insurance news, as this article from five years ago reveals.
Ageas toughens stance on household insurance rates
Ageas chief executive Barry Smith has said the insurer "needs to do more" to improve its household insurance offering and encourage preventative action following losses amassed during the winter freeze.
Gorman joins Inter Resolve to expand model
Inter Resolve has appointed a former Equity claims operations manager to the newly created role of head of claims as part of plans to expand its business model.
In series: tackling the problem of fraud
Fraud is no longer the elephant in the room for the industry — but insurers still need to go on the offensive to tackle the issues, says Rachel Gordon.
Munich Re to revisit earnings target statement
Munich Re's stated objective to earn €2.4bn (£2.1bn) in 2011 may have to be revisited following the devastating earthquake in Japan.
Editor's comment: Out of step with reality?
Just before the devastating events began to unfold in Japan last week, the UK insurance market found itself vexed by the Transport Select Committee's report into the rising cost of motor insurance.
Strategic Technology Forum: portable device threat to sensitive data must be stopped
Insurers must do more to encrypt portable devices to ensure that sensitive data is kept safe. According to Amy Norcup, an analyst at Promontory Financial Group, even businesses with a strong data protection framework can face sanctions if they fail to…
Major loss: meeting the challenges of major loss
With the global nature of modern business exposing insurers to a variety of major loss challenges, Trevor Latimer assesses the consequences.
Strategic Technology Forum: simplicity is key for data
Markel International has recommended its fellow insurers simplify their use of data as it prepares to move to a single underwriting system itself.
Court dismisses Towergate application
A high court judge has dismissed an application from Towergate Underwriting for a pre-action disclosure against Lorica Insurance Brokers and ordered it to pay costs amounting to £17 000.
Strategic Technology Forum: data management security policy is a must
Insurance firms must have an accurate data management security policy in place to avoid falling foul of the Information Commissioner's Office, a solicitor from law firm Field Fisher Waterhouse claimed.
Career development & CSR: Searchlight ups specialist training courses to London market players
Insurance industry training provider Searchlight has begun offering specialist courses to London market practitioners.
Household: can no claims discounts be applied to household insurance?
With Axa set to offer no claims discounts to household customers, Amy Ellis reports on market reaction and whether others will follow suit.
Quality data essential to avoid banking problem repeat
Insurers must use top quality data when preparing for Solvency II to avoid the problems suffered by banks during their implementation of Basel II, technology firm CSC claimed.
Select committee under fire over referral disclosure plans
Motor insurers have hit back at government proposals forcing the industry to disclose details of their referral fee arrangements.
Canopius boss: massive quake will be tipping point
Canopius chairman Michael Watson believes the Japanese earthquake could serve as the tipping point on market rates, after lamenting the commercial lines market for its "folly" on low pricing.
Interview - John O'Roarke: taking LV to the next stage
John O'Roarke has seen the highs and lows of a career in insurance. He talks to Daniel Dunkley about his journey to LV and his plans for the next stage in the firm's development.
In series - fraud: the routes to recovery
With fraud now costing the industry £2.1bn a year, Nick Wood and Angela Gibson explain the various routes to recovery and added advantages this can bring.
Co-op targets young drivers with telematics
Co-operative Insurance has launched a telematics-based motor policy aimed at reducing young driver premiums in the wake of the European Court of Justice ruling, which outlawed gender as a rating factor.
Besso wins Ecuador hydro-electric dam broker contract
Besso has been named as the broker on a $2bn (£1.2bn) project to construct a hydro-electric dam in Ecuador.
Sports cover in spotlight as footballer retires
The London insurance market has highlighted the importance of comprehensive sports insurance, after Reading FC footballer Chris Armstrong was forced to retire due to multiple sclerosis.
Crawford trials data mining plan with three suppliers
Crawford & Company is trialling three potential suppliers to support its plans to launch data mining and matching capabilities within its counter-fraud unit.
Axa prepares to scrutinise customer claim behaviour
Axa is looking into using the Claims and Underwriting Exchange to check prospective household customers' claims experience before it quotes for business, as part of its plan to manage claims costs within this portfolio.
Post history - 10 years ago: RSA allays India job move fears
Looking through Post's back catalogue paints a unique picture of more than 150 years of insurance news, as this article from 10 years ago reveals.
View from the top: embrace update challenge
Sometimes, if you want to look forward, it helps to have a look back first. This seems particularly true for the upcoming Continuous Insurance Enforcement legislation.
Career development & CSR: Jelf receives plaudits for outstanding customer service
Jelf's customer service has been awarded 'outstanding' status by independent assessment firm Investor in Customers for the third consecutive year.
Strategic Technology Forum: clarity needed on internet data collection legislation
More clarity on forthcoming European legislation surrounding internet data collection is essential, if insurers are to implement it properly. This was the view shared by consulting firm Promontory Financial Group with Post's Strategic Technology Forum…
Penny Black's insurance week
Allianz almost shot itself in the foot last week when it encouraged management trainee Stephanie Ogden to take part in a TV debate in which she passionately defended the university degree system.
Postbox: Time to revisit underwriting essentials
I have worked in underwriting for more than 20 years and, while technology has massively increased the array of tools we have available to underwrite risk, it's frightening to realise how few improvements have been made to the professionalism of our…
Councils face prospect of speculative asbestos claims
A local authority has failed in its bid to secure clarity over what constitutes a 'material increase' in risk where a mesothelioma claimant's exposure to asbestos is relatively low, arguably leaving councils vulnerable to higher numbers of speculative…
Reinsurance sector braced for huge losses in Japan
The global reinsurance industry is positioned to absorb the impact of the Japanese earthquake — even if the insured losses reach $35bn (£21.7bn).
Strategic technology Forum: data breach notification law is imminent for insurance industry
The insurance industry has been urged to prepare for potential new regulation, which will make it mandatory for companies to report any breaches of data management regulation.
Career development & CSR: ask the expert
I've heard that, later on this year, a new employment law will be passed, resulting in temporary workers having the same benefits and rights as permanent workers. Is this true?
Broker launches weather-related cover scheme
An insurance scheme has been launched that offers to compensate companies when the "wrong" kind of weather hits.
Post history - 15 years ago: Claims Direct launch sets off PI alarm
Looking through Post's back catalogue paints a unique picture of more than 150 years of insurance news, as this article from 15 years ago reveals.
Risk report attacks industry failures
The insurance industry's failure to make significant changes to the "deficient" commercial lines sector has been "wholly unacceptable", according to research firm Mactavish.
Japan quake: one of the costliest catastrophes in modern history
The devastating earthquake that struck Japan on 11 March is set to become one of the costliest catastrophes in modern history.