Motor
Thompsons demands MP action for motorists after insurer results statements
Law firm Thompsons Solicitors is demanding cross-party action from MPs after it criticised claims portal costs as being "punitive", "unrealistic" and set for the benefit of insurers.
Higher reserve releases drive 6% increase in Admiral motor profits
Admiral CEO Henry Engelhardt has branded the opening six months of 2015 “a good start to a challenging year” after the insurer delivered a 1% increase in group pre-tax profit to £186.1m (H1 2014: £184.9m).
Tianjin explosions could cost insurers $1.5bn, says Fitch
Fitch Ratings in Hong Kong is estimating that losses from the deadly explosions in Tianjin on 12 August could cost insurers as much as $1.5bn (£957m).
Poor customer service and jargon driving motorists to switch insurer
Problems with understanding motor policies have been highlighted by more than half of the customers that took part in a Consumer Intelligence poll designed to understand what drives behaviour around switching insurer.
Insurers pledge support to intermediated motor market after RSA withdrawal
Large insurers have remained staunch in maintaining their presence in the personal lines broker motor market after RSA announced on 12 August it is to fully withdraw from the channel.
Dishonest motor insurance applications exceeded 4000 weekly in 2014
Insurers uncovered 212,000 attempted dishonest applications for motor insurance in 2014 - up 18% on 2013 and the equivalent to over 4000 every week, according to the Association of British Insurers.
RSA to exit personal lines intermediated motor market in November
RSA has confirmed it is to withdraw fully from the personal lines broker motor market, ceasing to write new and renewal business from 1 November.
Less than 10% of Taiwan's cars insured for storm damage
A director of Taiwan's Non-Life Insurance Association has said that more than 90% of car insurance policies in the country are not covered for storm damage.
Five Uber drivers arrested in Hong Kong
Five Uber taxi drivers were arrested in Hong Kong yesterday for driving unlicensed and without third party insurance.
Dye denies Allianz UK's reinsurance arrangement is for acquisition 'war chest'
Allianz UK's 12% drop in operating profit in the first half of 2015 was impacted by a quota share reinsurance arrangement agreed with sister company Allianz Re, according to CEO Jon Dye.
Claims environment blamed as Esure motor profits tumble by 80% in H1
Esure’s underlying profit before tax plummeted by 21.3% over the course of the past year, with the figure for the first half of 2015 standing at £46.5m (H1 2014: £59.1m).
Allianz cites competitive market conditions as first half profits fall 12%
Allianz's UK pre-tax profits fell 12% in the first half of 2015 to £56.5m compared to £64.2m in the same period last year.
Lewis focused on correcting 113.6% personal motor COR
RSA UK and Western Europe CEO Steve Lewis is "clearly focused" on improving the performance of the company's personal lines motor division after it reported a significantly deteriorated combined operating ratio for the first six months of 2015.
Hiscox completes purchase of classic car specialist
Hiscox has completed its acquisition of specialist UK classic car business, RH Specialist Insurance.
Ageas UK's Watson signals commercial appetite after improved profitability
Ageas UK is to focus on writing schemes business, digital trading and motor in its commercial book after an action plan has led to sustained profitability in the division, CEO Andy Watson has said.
News Editor's Comment: Out of the loop
Most business-minded people like to think of themselves as being ‘in the loop’ when it comes to decisions directly impacting their commercial affairs, which is why the recent disconnect between insurance firms and government is likely to feel like…
Axa boss Evans hails motor rate strengthening but urges 'drastic action' on CMCs
Axa UK and Ireland CEO Paul Evans has hailed the insurer’s performance in the first half, saying the growth achieved in tough market conditions is likely to outstrip many of the firm’s competitors.
Young driver IPT exemption unlikely despite positive government talks
Hopes of securing an exemption from the insurance premium tax hike for young drivers are dwindling, despite “constructive” talks between industry figures and the Department for Transport last week.
DLG operating profits increase £100m as COR drops to 89.4%
Direct Line Group has reported a £100m increase in operating profit for the six months ended 30 June 2015 and a 6.7 percentage point increase in its combined operating ratio.
Top 30 European Insurers: The cream of the crop
Post, in association with AM Best, has compiled a list of the top 30 European non-life insurers. How have the rankings changed since 2013 – and how have currency fluctuations changed the standings of those dealing primarily in US dollars?
DLG's Maddock claims insurers have 'an obligation' to set up ABSs to ensure access to justice
Direct Line Group claims director Steve Maddock has hit back at suggestions alternative business structures fuel claims farming saying they are actually an effective tool in stopping spurious claims progressing.
ABI urges government to tackle CMCs amid rising motor prices
The average price paid by motorists for an annual comprehensive motor insurance policy rose by 2.1% in Q2 compared to the first quarter of 2015.
Sun Life targeting 250,000 customers for new GI arm
Sun Life is aiming to sign-up around a quarter of a million policyholders to its general insurance division inside the next four years and is already setting its sights on the motor market.
Decline in premium prices ‘slowing down', Biba finds
The rate of decline in premiums for individual home and motor insurance is slowing down after three years of reductions, according to the British Insurance Brokers' Association.