Claims – Page 242
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NewsStorms drive up Lloyds Bank general insurance COR by 16 points
Lloyds Banking Group’s general insurance business experienced a 16 percentage point deterioration to 89% in its combined operating ratio (COR) in the first half of 2016 (2015: 73%), partly driven by adverse weather in the first half of 2016. The bank said it helped more than ...
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NewsCourt finds insurers can recoup payments on exaggerated claims
Insurers can claw back claims payments after settlement if the claimant has deliberately exaggerated a claim, the Supreme Court has ruled. In a judgement handed down today, Supreme Court judges ruled that injured worker Colin Hayward should only be paid a settlement of £14,720 even though ...
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NewsCourt exposes father and son’s attempt to defraud AXA
A father has been found guilty of providing false information to obtain insurance and been sentenced to 100 hours of community service after a failed attempt to defraud AXA. Mohammed Rustam Khan told AXA that no one in his home had any criminal convictions when he ...
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NewsCyber startup launches ransomware protection guarantee
Cybersecurity startup SentinelOne has launched a new protection guarantee that pays up to $1m (£760.840) if SentinelOne’s software fails to detect a ransomware cyber-attack on a company’s system. The software, which learns the user’s behaviour on devices such as mobiles and computers, will alert the user ...
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NewsTelematics data defends policyholder in court
A judge has ruled in favour of a policyholder in a car crash liability case as telematics data from telematics underwriting agency Insurethebox showed “overwhelming” evidence that he was telling the truth. The third party had blamed a policyholder for the collision he said happened late ...
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NewsInnovation blog: InsTech 2016 - when the rubber hit the road?
It’s difficult to say what the future holds for InsTech. But insurers must get involved in order to keep up, says COO of Charles Taylor Managing Agency, Paolo Cuomo
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NewsCharles Taylor buys travel claims firm CEGA for £29.8m
Insurance services firm Charles Taylor has bought medical assistance and travel claims management firm CEGA Group for £29.8m. CEGA will continue to be run by its current management team. CEGA chief executive Alistair Hardie will report to Charles Taylor chief executive David Marock (pictured) and will ...
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NewsAviva defends quoting teenager £11,500 for telematics policy
Aviva has defended giving a 19-year-old driver a telematics based car insurance quote of £11,500 a year. Naomi Bowler who has only been driving since December told the Daily Mail that the quote was almost six times as much as what she paid for her car. ...
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NewsFour 'cash for crash' fraudsters jailed in scam against Allianz
Four fraudsters have been jailed for six months each for their part in a ‘cash for crash’ scam against Allianz. Igor Kartel, Dianna Kartel, Valentina Kartel and Piotr Kartel had claimed over £30,000 for whiplash compensation following a rear-end collision in 2012, involving a lorry driven ...
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NewsIrish insurance firms to fund 35% of 3rd party motor claims if insurer fails
The Irish government is planning to extend the Insurance Compensation Fund to cover in full third-party motor claims arising out of the liquidation of an insurance company, with insurers paying 35% of the cost. But an insurance lobby group has criticised the move, saying it posed ...
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NewsHiscox UK and Europe profits up 42.4%, appetite for larger risks grows
Lloyd’s insurer Hiscox’s UK and Europe division made a profit before tax of £65.2m in the first half of 2016, up 42.4% on the £45.8m in the same period last year. The division’s combine ratio improved by 6.9 percentage points to 79.9% (2015: 86.8%). Gross premium ...
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NewsZurich’s Tim Holliday joins Trak Global board
Former Zurich UK general insurance personal lines managing director Tim Holliday has joined the board of telematics technology firm Trak Global as a non-executive director. Holliday, who left Zurich last year, will work with Trak Global chief executive Nick Corrie to develop the company’s insurer proposition. ...
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NewsExpert view: Technology - Make the change, bite the bullet
Michael Lawrence, personal lines director LV= broker, looks at using technology for growth.
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NewsUse of big data risks making some people uninsurable - CII
The increasingly sophisticated use of data could create an “underclass” of people who cannot afford insurance, a report from the Chartered Institute of Insurance (CII) has warned. And as a result consumers could miss out on some types of cover altogether if insurers deemed them too ...
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NewsPen Underwriting creates cyber lead role as it plots to expand offering
Pen Underwriting has appointed Adrian Scott to the newly created role of head of cyber liability. In his new role Scott will be responsible for developing Pen Underwriting’s capabilities in cyber risk management and insurance. He joins Pen from Ridge Global, a cybersecurity firm founded and ...
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NewsAnalysis: Cost cutting hits motor claims satisfaction scores
Cost cutting is taking its toll on claims satisfaction as motor insurers fight to stay afloat in a highly competitive market. That’s the latest findings of research from Consumer Intelligence, published exclusively by Insurance Times, that revealed the industry’s claims satisfaction score has fallen to 8.1 ...
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NewsSupreme Court ruling is setback in fight against fraudulent claims - ABI
The ABI has warned that a Supreme Court decision which ruled that insurers can no longer avoid paying a claim if there are so-called collateral lies in the claim will push up the cost of insurance. Earlier today judges voted four to one to change the ...
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NewsSupreme Court: Insurers cannot avoid claims over 'collateral lies'
Insurers can no longer avoid paying a claim if there are so-called collateral lies in the claim, the Supreme Court has ruled today. A collateral lie is one that does not affect the validity of the claim. The Supreme Court judges voted four to one to ...
