Property
Household to become 'new motor' as insurers warn of price hikes to come
Insurers have issued a stark warning that home insurance could become the 'new motor', with years of unprofitability followed by unpopular price hikes, prompting a government and consumer backlash.
BCIS launches Risk Check
The Building Cost Information Service has launched Risk Check, an online tool to instantly check the sum insured of a commercial building.
Stable outlook for Chinese P&C sector
The outlook for the Chinese property and casualty insurance industry is stable, according to the latest Moody's market update.
Money Supermarket dominates Google search rankings a second time
Money Supermarket came top of the natural search rankings on Google searches for car, home and travel insurance for the second quarter running, online marketing solutions provider Gravytrain has revealed.
Minister Spelman hints at flood deal with ABI, rejecting pure risk-based pricing
Environment minister Caroline Spelman, pictured, has told the Association of British Insurers’ property conference that the idea of flooded households being left to fend for themselves is unacceptable.
HDI Gerling opens Singapore branch
HDI Gerling is opening a Singapore branch after obtaining a licence from the Monetary Authority of Singapore.
Ace promotes Homan to executive VP, casualty
Ace Group has appointed Mark Homan as executive vice president, casualty, for Ace's international insurance operations.
Ombudsman reports 51% increase in PPI complaints
Complaints to the Financial Ombudsman Service about payment protection insurance increased year on year by 51%, and accounted for 60% of all new cases in 2011/2012.
Lorega backs policyholder legal battle with Davies
A Welsh policyholder's four-year dispute with Davies Group over its alleged mis-management of his property claim represents "the tip of the iceberg", according to Lorega chairman Malcolm Harvey, who has agreed to take up the case free of charge.
Commercial lines hurt Allianz's Q1 COR
Allianz has reported UK Q1 gross written premiums up 6.8% over same period in 2011 and a marginally worse combined operating ratio of 97.1% giving the firm its 37th consecutive quarter with a sub-100% COR.
Hardy gets tough on property treaty with 19.1% rate rises
Hardy Underwriting has reported that gross written premiums for its syndicate have decreased by 21.5% year on year, primarily as a result of discontinuing certain underperforming lines of business and a reduction in catastrophe risk appetite.
Benign weather and rate rises result in record reported profits for insurers
Insurers have reaped the rewards of benign weather and rate rises in catastrophe hit regions, but analysts warn the worst could be yet to come.
Ascot Asia takes on RSA boss as head of property
Ascot Underwriting has appointed Jon Gilliott, RSA Singapore's head of property, reinsurance and speciality, as head of underwriting for its Asian operation.
Allianz posts 57.9% increase in net income for Q1
Allianz recorded strong performance in the first three months of 2012, with quarterly revenues, operating profit and net income all exceeding first-quarter 2011 levels.
Powerplace launches Aviva commercial property owners product
Powerplace has launched Aviva Commercial Property Owners, the second product from the insurer to go live on the online marketplace.
Ageas braced for further household rate rise
Ageas UK boss Barry Smith has warned of further rate rises on household premiums after admitting to a rate hike of 16% for buildings cover last year.
Turkey cracks down on homeowners without quake insurance
Turkey is tightening the rules for mandatory earthquake insurance, making the government decree a law and limiting services to homeowners without protection, according to Hurriyet Daily News.
Ageas posts net profit of €155m in Q1
Ageas Insurance's net profit grew by 15% in the first quarter to €155m.
Allianz hunts P&C acquisition targets
German insurer Allianz is considering property and casualty acquisitions, having a better grasp of future capital requirements for the business under Solvency II, according to reports.
July reinsurance rate increases likely to be muted
Price increases in the July reinsurance renewal period are likely to be restricted to loss-affected sectors unless there is a further significant insured loss for the industry, according to Fitch.
One in 10 homeowners do not have right insurance, research finds
Nearly 3.5 million UK homeowners do not have adequate home contents and buildings insurance, according to Money Supermarket.
'Benign catastrophe experience' helps Swiss Re to $1.1bn profit
Swiss Re reported first-quarter net income of $1.1bn for 2012, compared with a $665m loss in the prior year period.
AIG reports $3.2bn Q1 net income
American International Group reported net income attributable of $3.2bn for the quarter ended 31 March 2012, compared to net income attributable to AIG of $1.3bn for the first quarter of 2011.
RSA ties-up £375m worth of Gallagher subsidiary OIM deals
RSA has this morning confirmed the completion of two new five-year household deals and a commercial combined deal with Gallagher subsidiary OIM Underwriting.