What are the stories hitting the headlines this week?
Lloyd’s insurer Novae’s net claims ratio has improved 39 percentage points to 69% in the first quarter of 2012 (Q1 2011: 98%) after lower catastrophe losses. Figures were also influenced by changes by Novae in 2011, including a share buy-back programme and the closure of two run-off syndicates.
Aviva staff will be called as witnesses over the alleged £93,000 insurance fraud of Scotland and Hibernian striker Garry O’Connor. O’Connor, 28, allegedly told Aviva he was driving the F430 Spider F1 in Gullane on 30 April 2011 when it suffered extensive damage near East Lothian. However, it is alleged his friend Darren Brock crashed the car two weeks earlier.
A Moneysupermarket report shows men are more likely to make a fraudulent insurance claim (10%) compared to women (8%). Those under the age of 35 are more likely to act dishonestly, with 21% making, or likely to make, a false claim compared to just 10% of over-45’s.
Bill Jewett has quit his position as president of Bermuda-based (re)insurer Endurance Speciality. Chief executive David Cash has taken over the role.