Latest News – Page 756
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NewsAXA nets trio of fraudsters using fundamental dishonesty defence
AXA said it exposed three fraudsters who staged or exaggerated traffic accidents, after proving that their evidence was fundamentally dishonest. The three cases would have cost AXA £60,000. In one case, AXA’s suspicions the accident had been staged seemed to be contradicted by CCTV footage of ...
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NewsFaking injury 'as unacceptable as drink driving' - poll
Faking injury on an insurance claim is worse than buying stolen goods and as unacceptable as drink-driving according to a poll for Aviva. The study shows that 87% say it’s unacceptable to make a false whiplash claim, compared to 88% who say the same about drink-driving. ...
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NewsBrightside appoints Graham Donoghue as non-executive director
Graham Donoghue, formerly chief product officer and director of MoneySuperMarket, has joined Brightside Group as a non-executive director. Donoghue (pictured), who left MoneySuperMarket at the end of 2015 after eight years, joins fellow non-executive Neil Macmillan on Brightside’s board. Donoghue’s appointment is subject to regualtory approval. ...
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NewsNew phone app locks phones while driving
A new phone app that stops you checking your phone while driving could help cut motor insurance premiums. Employee tracking software company Romex already sells a similar app to the fleet sector, and is now developing it for the consumer market. The app uses the phones ...
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News60% say whiplash crackdown unfair - poll
Nearly 60% of people think the government’s crackdown on whiplash claims is unfair, according to a survey commissioned by Access2Justice, which is campaigning against the plans. In November, Chancellor of the Exchequer George Osborne announced plans to move personal injury claims for up to £5,000 into ...
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NewsBroker fee for FSCS levy falls as insurers pay more
General insurance brokers will pay £8m for the Financial Services Compensation Scheme (FSCS) in the 2016/17 year – down £11m on the £19m that was forecasted in January. General insurers will pay £91m – a £3m reduction on the £94m that was expected. However, it is ...
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NewsCullum consolidator GRP backs Lonmar MBO
Peter Cullum’s broking consolidator Global Risk Partners (GRP) has agreed to back the management buy-out (MBO) of Lloyd’s broker Lonmar Global Risks. The deal means GRP now manages gross written premium of more than £350m and Cullum, GRP’s chairman, says the company wants to grow this ...
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NewsBexhill launches peer-to-peer premium finance platform
Premium finance provider Bexhill UK has launched a peer-to-peer lending platform for premium finance called Orchard Lending Club. The platform matches people who want to lend money with brokers that require capital to offer their clients premium financing. Bexhill said that the new platform offers brokers ...
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NewsPRA to sharpen focus on how insurers manage property and liability exposure
The Prudential Regulation Authority (PRA) is planning to increase its focus on how well insurers are managing and measuring their exposure to property or liability risks. The PRA said the move had been driven by the continued rate reductions and widening of terms and conditions in ...
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NewsInvestment in insurance tech start-ups triples to $2.6bn
Investment in insurance tech start-ups more than tripled last year. Investments in insurtech rose from $800m in 2014 to more than $2.6bn in 2015, according to data from management consultancy Accenture. While much of the money has come from traditional sources such as venture capital and ...
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NewsJLT wins lead broker account for Singapore Airlines
JLT has won the account as lead broker for Singapore Airlines (SIA) Group’s aviation insurance programme. Under the terms of the deal the agreement will run for a period of three years for policies beginning 1 July 2016. It is another big win for the national ...
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NewsFSCS announces £337m levy for 2016/17
The Financial Services Compensation Scheme (FSCS) has announced its levy for 2016/17 will be £337m - £26m less than forecasted in its plan and budget for 2016/17. The levy in 2015/16 totalled £319m. The calculation of the FSCS annual levy is made up of several different ...
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NewsJLT expects one-off costs of £34m in 2016
Jardine Lloyd Thompson (JLT) expects that the restructuring of its employee benefits arm and the settlement of its legal dispute with Willis will result in one-off costs of £34m in 2016. The broker has said that the restructuring of its UK and Ireland employee benefits division ...
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NewsJLT Group commercial director James Twining to depart
Jardine Lloyd Thompson (JLT) Group commercial director James Twining is stepping down from his role. Twining joined the broker in January 2011 and has been a member of the board since 2012. His role will not be replaced. The broker has also appointed Bruce Carnegie-Brown as ...
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NewsInnovation & Disruption 2016: live updates
The Insurance Times editorial team gives you a rolling update of events as they happen from The Crystal in London
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Online onlyIDC 2016: British Gas’s Hive can cut claims 25% and up renewals 15%
British Gas’s Hive smart device can cut home insurance claims by 25% and boost renewals by 15%, according to director of connected homes at British Gas, Kassir Hussain. Hussain said British Gas can do this through installing its Hive device in customers’ homes. Hive is a ...
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Online onlyID 2016: Space a big insurance opportunity – Virgin visionary
Insuring spacecraft and objects in space is going to become big business and a huge opportunity for insurers, says former Virgin Galactic President Will Whitehorn. Key Points Ex-Virgin Galactic President says there will be a boom in insurance for space objects Cost of ...
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NewsCompass plotting MBO from Gallagher
Broker network Compass is in talks with owner Arthur J Gallagher about a management buyout to create an independently-owned network, Insurance Times can reveal. Compass managing director John Lincoln (pictured) said that the network had reached a size where the next phase of its growth could ...
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NewsPIB opens Leeds office and hires three
Broking group PIB has opened a new office in Leeds as part of its expansion plans. Michael Eardley has joined the new Leeds branch as director of professional risks and head of the branch. He has specialised in professional indemnity (PI) insurance and risk management for ...
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NewsR&Q returns to full-year profit in 2015
Run-off buyer Randall & Quilter (R&Q) made a profit before tax of £2.8m in 2015 compared with a loss of £1.6m in 2014. An improved performance in the second half of 2015 helped the company cancel out the £4.5m loss it made at the half-year stage. ...
