Web hits motor insurers

Price comparison sites have hit motor insurers’ profit margins and are forcing them to rethink their pricing, distribution, marketing and brand strategies, according to research by EMB, the actuarial and business consultant.

The study found that the websites account for about 40% of new motor policies in the UK.

Lockton opens in China

Lockton has opened its Shanghai office. The broker is only the second foreign enterprise to be granted a wholly owned insurance broking licence by the Chinese authorities.

Willis does rain research

Willis is working with scientists to pinpoint when heavy downpours might occur. The company has linked up with academics at Durham University to study historical rain patterns and create a prediction model. The model could help Willis change its risk management structure for flooding.

Beazley GWP

Beazley’s gross written premium rose 1% year-on-year in the first nine months of 2008, not as reported in last week’s magazine.