Insurance Edge

News, reports and opinion from the UK and Global insurance marketplaces

ABI calls for overhaul of riot compensation scheme

The Association of British Insurers has called for an overhaul in the law that provides for compensation to be paid to the victims of riots. In its review of the … Continue reading →

22 May 2012 · Leave a Comment

Father of the Web warns insurers against data profligacy

Sir Tim Berners-Lee has urged insurers to avoid the temptation of using increasing amounts of publicly available data about consumers on the web to price their products.

The inventor of the World Wide Web made a plea to the industry at the British Insurance Brokers’s Association conference in Manchester yesterday, requesting that information we share about ourselves on line – particularly by young people through social networks – should not be gathered for the purposes of pricing risk.

18 May 2012 · Leave a Comment

Lloyd’s emerging market expansion given thumbs up

The Lloyd’s insurance market’s planned expansion into emerging markets is a net positive, even though writing insurance outside of established markets carries additional risks, according to Fitch Ratings.

Fitch said it expects the economic development of emerging market economies to boost demand for insurance and reinsurance. Lloyd’s already writes 25% of its business outside of Europe and North America, with the growth of insurance premiums outpacing that of developed markets.

17 May 2012 · Leave a Comment

#BIBA2012 Insurers enjoying clear path down corridors of power

When Andrew Marr told delegates at the British Insurance Brokers’ Association 2012 conference that insurers have historically been mistrusted around Westminster, I wondered if he might be about to quote former PM Harold Macmillan by adding; ‘but you’ve never had it so good’.

The BBC political commentator opened his speech to a packed Manchester Central Auditorium with the suggestion that general insurers might have been unfairly lumped in with the life insurance market in gaining this poor reputation amongst the political class.

16 May 2012 · Leave a Comment

BIBA to tell brokers commission disclosure is inevitable

The British Insurance Brokers’ Association (BIBA) is warning brokers that the revision of the Insurance Mediation Directive (IMD) could result in both mandatory disclosure of commission for the insurance industry … Continue reading →

11 May 2012 · Leave a Comment

CBI warns against class action proposals

The CBI has argued that proposals to enable group actions against companies will damage business in the UK. Responding to the launch of a Department for Business, Innovation and Skills consultation … Continue reading →

25 April 2012 · Leave a Comment

Risk manager prominence rising across boardrooms

Risk managers in financial institutions across Europe, the Middle East and Africa (EMEA) are seizing the opportunity created by the financial crisis to demonstrate how they create value and are … Continue reading →

25 April 2012 · Leave a Comment

Property catastrophe rates up 10% says Marsh Q1 report

Global property insurance rates continued to firm in the first quarter of 2012, according to a report published today by Marsh. Despite the absence of major natural catastrophes during the … Continue reading →

11 April 2012 · Leave a Comment

Micro-insurance expanding rapidly says Munich Re & ILO

The number of microinsurance schemes worldwide has increased substantially over the past five years and now reaches an estimated 500 million worldwide, according to the Microinsurance Innovation Facility of the … Continue reading →

10 April 2012 · Leave a Comment

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