Insurer News – Page 202
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NewsAirmic 2016: Insurance ripe for disruption because of 'weak' structures
The insurance industry is open to being disrupted because its structures are inefficient, according to QBE European Operations chief executive Richard Pryce. During a panel debate at Airmic yesterday about innovation Pryce said weak company structures meant that firms were struggling to deliver innovative products. He ...
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NewsAirmic 2016: Insurance Act will bring period of 'chaos and muddle'
The inception of the Insurance Act is going to be followed by a period of chaos and muddle in the insurance market, delegates at the Airmic leadership debate were told. BT Group insurance and risk financing director Tracey Skinner, who sat on the panel yesterday to ...
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NewsAirmic 2016: Insurers must be more efficient to survive low rates
The insurance industry cannot survive indefinitely on flat or shrinking rates, minimal investment income and low levels of natural growth in the market, a panel of leading insurance experts at Airmic have said. During the debate, QBE Euopean Operations chief executive Richard Pryce also questioned how ...
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NewsAirmic 2016: Insurance lack of innovation tops list of concern for risk managers
Lack of innovation in the insurance market tops the list of concerns for risk managers, according to a survey of Airmic members that asked them to assess the insurance industry. Some 59% of risk managers said lack of innovation dominated their list of concerns. Among the areas of growing concerns, ...
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NewsAirmic 2016: Cyber is biggest risk for insurance buyers
Cyber has ranked as the biggest area of concern for risk managers, according to a survey of Airmic members. The three areas of risk that gave members the most worry were cyber causing business interruption - cited by 45.5% of members as a top-three concern, cyber ...
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NewsABI names new chairman to replace Paul Evans
Aviva UK life chief executive Andy Briggs will replace AXA’s Paul Evans as ABI chairman in October. The association has also named Direct Line Group chief executive Paul Geddes as deputy chairman, replacing Briggs. Evans, currently group chief executive of AXA UK and Ireland, has chaired ...
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NewsJLT hires professional indemnity veteran Martin Ellis from Willis
Jardine Lloyd Thompson (JLT) Specialty has hired professional indemnity veteran Martin Ellis as head of UK Professions in its financial lines division. Ellis who has 30 years’ experience in the market joins from Willis where he led the UK professional indemnity practice. He is the co-founder ...
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NewsRSA hires Swiss Re underwriters to risk management team
RSA has hired Kevin Demmon as specialist underwriting leader and Rosie Dalton as property underwriter in its UK risk management team. Both join the insurer from Swiss Re. Demmon was a senior underwriter there, and Dalton was a property underwriter at the reinsurer’s insurance division, Swiss ...
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NewsJLT's Thistle PI team exits for MGA EUNA
Former members of the Towergate Underwriting PI team that left to join JLT-owned managing general agency (MGA) Thistle Insurance have now left the MGA to join underwriting firm EUNA. The team led by Peter Newson and supported by Mark Richardson and Allison Britz had joined Thistle ...
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NewsBrexit poses ‘grave threat’ to London insurance market
Britain leaving the European Union poses “a grave threat” to jobs and business in the London insurance market, according to Lloyd’s, the International Underwriting Association of London (IUA) and insurer Fidelis. UK voters will decide whether or not to leave the EU in a referendum on ...
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NewsEx-AIG chief Hank Greenberg faces New York fraud trial
Former AIG chief executive Maurice ‘Hank’ Greenberg faces a civil fraud trial in New York relating to his tenure at the insurance group. The New York Court of Appeals ruled yesterday that Greenberg, currently chief executive of insurance group CV Starr, must stand trial over 11-year-old ...
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NewsTeenage 'ghost broker' jailed for a year for faking Allianz policies
A 19-year-old ‘ghost broker’ from Walsall has been jailed for a year for selling fake motor insurance to unsuspecting customers, leaving them uninsured and illegally driving on the roads. An investigation by the Insurance Fraud Enforcement Department (IFED) discovered that Azeem Mahmood Hussain was selling false ...
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NewsBroker Service Survey: Have your say about insurer partners
Insurance Times is launching the survey for the 2016/17 Broker Service Survey (BSS), now in its 11th year. Over the next few weeks, more than 1,000 brokers across the UK will be asked to rank the performance of their insurer partners across a wide spectrum of ...
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Online onlyAdmiral adds 'Airbnb' cover to home policies
Admiral has launched home sharing cover as an option on all of its home insurance policies. The cover protects those looking to rent their home through home sharing sites such as Airbnb, Wimdu and Homestay. Policyholders can rent their homes out for up to 90 days ...
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NewsCo-op Insurance finance chief heads back to LV= to replace Steve Castle
Co-op Insurance chief financial officer Kieran O’Keeffe will leave on 14 October this year to join rival insurer LV= as general insurance finance director. He replaces current LV= general insurance finance head Steve Castle, who wil leave LV= towards the end of the year following a ...
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NewsMunich Re insurance arm to axe 1,800 jobs
Munich Re’s ERGO insurance unit is planning to axe 1,800 jobs as part of a cost-cutting drive. The job cuts have been dubbed “ruthless” by a union representative. The job losses will fall in Germany as the insurer tries to lower its gross annual cost base ...
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NewsGable abandons 'inappropriate' £10m sister MGA funding plan
Gable has abandoned plans for sister underwriting agency Hogarth to contribute £10m to the unrated insurer’s regulatory capital after chief executive William Dewsall decided the transaction would be “inappropriate”. According to a stock exchange announcement, Dewsall now intends to use a separate private vehicle, wholly owned ...
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Online onlyJune 2016 issue
Cover story: Gallagher and Marsh plot mergers and acquisitions … but insurers back smaller firms
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NewsLondoners pay double for motorbike insurance compared with rest of UK
Motorcyclists in London pay nearly twice as much in insurance compared with those in the rest of the UK because of the greater risk of theft or accident. Londoners pay £518 a year to insure their motorbikes, against a national average premium of £285, according to ...
