Category Archives: Insurance & Reinsurance
Update: Marsh UK flood cover has insurer backing
Global broking group Marsh said its affordable flood insurance plan has “critical mass”, despite pessimism from one commentator today.
Marsh and its sister company Guy Carpenter announced ‘Project Noah’ which they claim can secure affordable flood insurance for at risk properties in the UK, only to have the idea chastised following a tweet from an Insurance Edge reader.
Is “Project Noah” the solution to the UK’s flood insurance crisis? businessmediaroundup.com/2012/04/03/mar… via @RalphSavage
3 April 2012 · Leave a Comment
Lloyd’s CEO in rate discipline call after $800m loss
Following the second costliest year for catastrophes on record for the insurance industry, Lloyd’s today announced a loss of £516 million (US$800 million) for 2011. Lloyd’s incurred total net claims … Continue reading
Could the police outsource to insurers?
THE HEAD OF one of the UK’s largest police forces has invited insurers to help and invest in combating fraud and other criminal activity.
In a speech to the Insurance Institute of Manchester, Peter Fahy, chief constable of Greater Manchester Police indicated his support for the idea of law enforcement working more closely with the private sector and ‘outsourcing’ certain services.
“We’ve got to save £138m from our budget,” said Mr Fahy. “We are saving insurance industry money [through our investigations of crash for cash, fraud etc] is there no way we can’t work together more?”
Insurers to lead unwanted elderly customers towards correct aisle
INSURERS UNABLE TO offer cover because of age restrictions will have to direct the applicant towards an appropriate provider, according to new rules announced today. In a speech to the … Continue reading
Lloyd’s promises sanction against Bribery Act failures
Lloyd’s has issued a further reminder to members that it will punish those who ignore the risks posed by the UK Bribery Act 2010. According to law firm CMS Cameron … Continue reading
No threat of ‘Russian Spring’ says JLT Analyst
Elizabeth Stephens, Head of Credit and Political Risk Analysis for insurance broking group JLT, explores what the fractious political atmosphere holds in store for Russia following the Presidential elections on … Continue reading
Insurer lobbying power should force Law Society rethink
If the six-point plan designed to to tackle rising motor insurance premiums outlined by Prime Minister David Cameron yesterday proves anything, it’s that lobbying this coalition just got tougher.
Before the meeting Downing Street had already made its intentions abundantly clear, by cold shouldering any representatives of the claimant personal injury market and briefing the national, trade and broadcast media that it would be the insurance industry itself who would be trusted to decide what changes are necessary in order to pass on savings to consumers.
My top five headaches for the UK insurance industry
FOR THOSE RUNNING brokers and insurance companies in the UK non-life market, 2012 promises to be a challenging year with reputation topping my list of worries for the industry.
Issues ranging from closure of a £500m tax loophole to how major property exposures can be managed once a decades-old pact to insure buildings at risk of flooding comes to an end; these and more will all vie for directors’ attention alongside the day to day running of businesses typically located at the grudge purchase end of the high street.
With concerns both legislative and market-driven requiring considerable thought, here’s my top five insurance industry headscratchers.
H1 2011 Results and repetition
The first half financial reporting season is upon us and as always it will be a challenge for reporters to make the story behind each firm’s numbers sound different. This … Continue reading
Referral fees – cash in while you can
Understandably the insurance industry reacted negatively to the news, but in the end cold, hard cash did the talking some days later. on 31st May, stock market analyst Collins Stewart was bullish about the prospects of FTSE 100 darling Admiral Insurance precisely because of the LSB’s protectionist stance. Referral fees are to continue and Admiral will carry on earning a tidy sum from them; a fact that won’t have gone unnoticed by the many pension funds with holdings in the motor insurer.
