Latest News – Page 680
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NewsLancashire names Barnes in lead property underwriting role
Lancashire Holdings said Jon Barnes will join Cathedral Underwriting to lead the underwriting of property treaty reinsurance business for Syndicate 2010. Barnes has over 25 years’ experience in the Lloyd’s market, most recently as deputy active underwriter at Syndicate 2121 where he has been an underwriter ...
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NewsGovt calls for evidence on non-compete employee clauses
The government has asked for evidence on whether non-compete clauses in employment contracts unfairly hinder people moving between jobs and stops them starting their own businesses. The Department for Business, Innovation & Skills has opened up a consultation period for evidence to see whether restrictive covenants ...
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NewsMarkerstudy boss urges staff to vote for staying in EU
Markerstudy Group chief executive Kevin Spencer has emailed his staff urging them to vote to remain in the EU. In his letter to 4,000 employees, Spencer said that their decision would affect the business and them as an employee, Kent Online reports. The note said: “I’m ...
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NewsGocompare accused of pushing more expensive phone numbers
Esure-owned price comparison site Gocompare has been accused of advertising more expensive phone numbers for insurance companies on its website where cheaper or free ones were available. The website has uses dozens of 084 numbers which charge up to 52p a minute to call – of ...
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NewsNew head for Zurich Municipal as Anne Torry shifts to life unit
Zurich has named Zurich Municipal managing director Anne Torry (pictured) as its new permanent UK life chief executive. Torry’s deputy and director of public sector, Andrew Jepp, will replace her as head of Zurich Municipal. Jepp has been at Zurich for 22 years, Torry will take ...
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NewsPRA approves Direct Line Group’s Solvency II model
The PRA has approved Direct Line Group’s Solvency II partial internal model. It means the insurer will be able to use the model to calculate its capital requirements under Solvency II from 1 July this year. The company plans to publish more details about its Solvency ...
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Online onlyUK homeowners throw £37m a year into auto-renewal black hole
UK homeowners are “tricked” into collectively wasting £37m annually by allowing their home insurance provider to automatically renew their policy, according to MoneySuperMarket research. The analysis says one-quarter (26%) of homeowners with buildings and/or contents cover automatically renewed their policy with their existing provider and almost ...
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Online onlyCustomers should push industry to reinvent itself – KPMG
Customers should be the “inspiration” for insurers to reinvent themselves, after KMPG research found insurers focus more on complying with new regulations instead. The report says insurers are failing to adapt to changing customer needs and technology, with 57% of executives admitting that efforts to transform ...
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NewsPwC and Z/Yen launch global study into benefits of blockchain
PwC and blockchain consultancy Z/Yen are collaborating on research to identify the potential benefits of mutually distributed ledger (MDL) technology for wholesale insurance. The global research report will be published in July alongside a prototype proof of concept being developed by PwC at its blockchain research ...
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NewsCopying Norway's EU model will exclude us from big decisions – ABI
The ABI has given its support to the prime minister’s campaign to remain in the EU. During an interview on BBC’s Andrew Marr show yesterday, David Cameron said that even if the UK replicated the Norway model of being outside the EU with access to the ...
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NewsSurvey: FCA's TCF agenda overloading brokers
The FCA’s drive for better behaviour in the insurance broking sector is overloading firms and customers with information, according to the first Insurance Times Broker Regulation Survey. According to RWA Business Consultancy founder and compliance expert Robin Wood this overload could hinder the FCA’s Treating Customers ...
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AgendaInsurance force Lord Leach dies
Lord Leach, former deputy chairman and non-executive director of JLT Group, has died aged 82. Lord Leach was chairman of Jardine Insurance Brokers, latterly JIB Group, between 1988 and 1997. He was appointed deputy chairman of the company in February 1997. He was awarded a life ...
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NewsRSA extends telematics deal with Trak Global
Trak Global has extended its contract with RSA to continue providing telematics, policy administration and business information for the insurer’s More Than Smart Wheels offering for young drivers. The two-year extension follows a three-year partnership between RSA and Trak Global. RSA Global Telematics director Kenny Leitch ...
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NewsHalf of insurers fear 20% of business will be lost to tech start-ups - PwC
Almost half (48%) of insurers fear that up to one-fifth of their business could be lost to standalone fintech companies within the next five years. According a new research by PwC, this fear has been driven by annual investments in insurtech start-ups that have increased fivefold ...
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NewsEuropean regulator insurer stress test is ‘half cooked’ – Allianz
Allianz has criticised plans by the EU’s pensions and insurance regulator Eiopa for EU-wide stress tests, calling them “half cooked”. The insurer is also worried that the test results could be used by the European Systemic Risk Board, which looks for risks to the financial system ...
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NewsTelematics data helps uncover £500,000 fraud – Insurethebox
Insurance fraud cases worth £500,000 have been uncovered by telematics underwriting agency Insurethebox using data collected from black boxes inside cars. The firm said it had used the data to disprove 31 claims, involving seven accidents over five months, and taken the drivers to court. In one example, the claimant ...
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Online onlyFSB presses government to contribute more in cyber crime fight
The Federation of Small Businesses (FSB) is urging the government to make cyber insurance compulsory for small businesses. The FSB said that the government must consider making cyber insurance compulsory for businesses above a certain size or in high-risk sectors after internal research found only 6% ...
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NewsIGO4 names Sandy Dunn as board adviser
Personal lines and telematics broker iGO4 has appointed Sandy Dunn as a board advisor. Formerly holding senior roles at Markerstudy, Capita, Swinton, BDML, Supercover and Wunelli, Dunn stepped down from a number of non-executive and chairman positions at the end of 2015, iGO4 said. “Sandy … ...
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Online onlyDAC Beachcroft launches hub to boost insurance innovation
DAC Beachcroft has set up Innovations Lab to promote technology processes and products to a reluctant insurance industry. Speaking at the launch event, DAC Beachcroft Claims Solutions Group chief executive Craig Dickson (pictured) said that there are daily calls for the insurance industry to be more ...
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NewsZurich unveils major company shake-up
Zurich today unveiled a new reporting structure and management shake-up. New boss Mario Greco has decided to combine Zurich’s non-life and life management business under the control of one management team. Under the shake-up, regional heads will report into the group chief executive Mario Greco. Meanwhile, ...
