Claims survey revisited
A survey of London market claims brokers, first taken in 2005, is being repeated in an effort to re-address claims issues. A “significant percentage” of the Lloyd’s market capacity has signed up to revisit the issues of service quality, reputation, and current issues such as electronic claims files and Xchanging Claims Services. The 2005 study, undertaken by insurance research specialist Gracechurch Consulting, contacted 100 leading claims brokers and found that just under 50% said that they had stopped placing business with an insurer because of its claims service.
Fortis pricing head
Fortis has appointed Steven Ward as head of pricing. Ward will be responsible for Fortis’ household account and the technical pricing of motor and household as well as reviewing portfolio performance and maximising market opportunities. Most recently Ward was the household pricing and underwriting manager at Allianz.
FSCS review urged
In its response to the Treasury discussion paper, Banking Reform Protecting Depositors, the IIB has called for a complete review of the Financial Services Compensation Scheme (FSCS).
Brit launches reinsurer
Brit Insurance has signed contracts for the launch of Norton Re II Insurance, a specialist Bermuda-based reinsurance company with $118.2m (£57.3m) of capital.
Norton Re II has received its licence from the Bermuda Monetary Authority and completion took place on 30 November.