Regulation
Making flood prevention cost effective
Flooding now affects more people than any other natural catastrophe. Jens Mehlhorn explains how tried and tested methodologies for determining the cost effectiveness of measures show that prevention is better than cure.
Escott quits Capita
Capita's general insurance managing director, Brent Escott, pictured, has left the business by "mutual agreement" after seven months in the job.
Indie FSCS bill hits £404m in advance of scheme of arrangement
The Financial Services Authority has revealed that, since Independent Insurance went into liquidation in 2001, £500m of assets have been realised for the benefit of creditors.
£300m broker levy "affordable", says FSA
The proposal to double the threshold for claims within the Financial Services Compensation Scheme to £300m for the general insurance broking sub-class was based on the "affordability" of the figure rather than on the likelihood of high-value claims.
Home insurance premiums set to rise
Property insurers must ensure they have adequate reserves to cover future claims arising from volatile weather patterns, AA Insurance has warned.
Motor premiums rise and fall as competition hots up
Average car insurance premiums for directly sold policies have risen by 8.5% over the past 12 months, while the average premium on policies sold on aggregators has fallen by 3.3% in the same period.
Single accounting framework is an 'ideal' that would take 'years'
The benefits of a single set of accounting standards have long been debated, but a recent report has revealed a surge in insurer support. Francesca Nyman considers the feasibility of this goal.
Draft rules offer China's insurers more investment scope
Chinese insurers will be able to double their investments in private equity along with trading financial derivatives at home and abroad, according to Reuters.
Rumours of Solvency II M&A greatly exaggerated
Solvency II will not result in market consolidation, at least not in the near term, according to Ovum's senior analyst for insurance technology.
GWP for Chinese insurers up nearly 6% in H1
China's insurance companies posted 5.9% premium growth in the first half of 2012, statistics released by the country's insurance regulator showed.
Councils criticise government for flood insurance failure
The Local Government Association has accused the government and insurance industry of letting down residents in flood-risk areas by failing to reach an agreement over the provision of affordable insurance cover.
Indian regulator rubberstamps aggregator site
An Indian price comparison website has become the first to receive approval from the country's Insurance Regulatory and Development Authority after complying with new guidelines.
70% of insurers see Asia as a 'very important' area for growth
Most CEOs recognise the importance of Asia, but concerns remain about regulation and the macro-economic environment.
Top five European news stories
The top five European stories from www.insuranceinsight.com over the past seven days.
Willis extends Guernsey foothold
Willis has been issued with a full commercial lines licence to conduct insurance intermediary services in Guernsey.
Insurers call for single global accounting framework
A need for increased financial reporting transparency and consistency has led more insurers to call for a single global accounting framework, according to a survey of insurance finance executives.
Eiopa urges insurers to use ORSA guidelines
The European Insurance and Occupational Pensions Authority has published its final report on the draft guidelines for Own Risk and Solvency Assessment.
Magma gets IRDA nod for joint venture in India
Asset financing company Magma Fincorp has gained approval from India's insurance regulator to start a general insurance joint venture.
Solvency II timetable faces more delays after failed talks
Solvency II regulations could face more delays after talks to finalise the legislation ended without conclusion, according to a UK insurers trade body.
Insurers in 'limbo' after Solvency II meeting ends in stalemate
The Association of British Insurers has warned of further Solvency II delays after decision makers in Brussels failed to agree on the final draft of the directive.
Insurers urged to adopt unisex rates ahead of directive deadline
Group risk insurer Ellipse has been swift to set out its response to the EU's gender directive, announcing it will switch to providing rate tables on a unisex basis only from September this year.
Iranian crude finds Asian buyers despite insurance sanctions
Iran is still shipping oil to China, and Japan looks likely to resume imports in August, as Iran continues to circumvent Western sanctions on ship insurance, Reuters reported.
Thailand ceases issuing new insurance licences
Foreign investors wishing to enter Thailand’s insurance market are to be denied new licences for at least five years as the country targets a staggered liberalisation of the financial services sector.
Telematics could deliver an 'Olympic-sized' saving to UK economy
Coverbox has urged the government to encourage take-up of telematics among drivers.