Post Magazine – 17 March 2011


The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.

This week the Post team reports on the impact of the 9.0 magnitude earthquake that struck Japan on 11 March. The global reinsurance industry is in a position to absorb the impact of the Japanese earthquake - even if the insured losses reach $35bn (£21.7bn).

Early estimates from catastrophe modelling firm AIR Worldwide have put the insured losses from the quake alone at $15bn to $35bn - without accounting for the tsunami effects.

Significant losses are expected to flow to the global reinsurance industry with Japan considered a large market for both commercial and residential risks.

In other news, motor insurers have hit back at government proposals forcing the industry to disclose details of their referral fee arrangements; 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; 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; and Biba has reiterated its call for a change to the FSCS funding rules before April 2012, after an MP warned the final figure for payment protection insurance mis-selling compensation could hit $4bn.

Also in this issue, LV managing director John O'Roarke talks to Post senior reporter Daniel Dunkley about his journey to LV and his plans for the next stage in the firm's development.

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 in the first of an 'In Series' of articles on fraud; while Nick Wood and Angela Gibson of Grant Thornton, explain the various routes to fraud recovery and added advantages this can bring.
With Axa set to offer no claims discounts to household customer, Post reporter Amy Ellis reports on market reaction and whether other will follow suit.

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