This week's other stories
Terrorism fund meeting
Insurers had their first meeting with the Government to discuss plans for a compensation fund for victims of terrorism abroad. The Humanities Assistance Unit and ten insurers from the ABI – including AXA, RSA and Aviva – met in the week before Christmas. An ABI spokesman said travel insurers were against the scheme as terrorism insurance was widely available and insurers should not have to provide ongoing medical treatment when victims returned home.
Hardy Underwriting Bermuda has announced that this year’s underwriting capacity of syndicate 382 has been increased from £185m to £250m. Hardy said the increase would cover the extra business expected as major currencies strengthened against sterling.
Claims for burst pipes have increased 15%, says Lloyds TSB Insurance, and will rise further as freezing temperatures continue. The insurer said claims cost an average of £1,400.
Brit joins Ournetwork
OurNetwork has launched an enhanced comparative Directors & Officers product. It has also confirmed that Brit Insurance has joined its panel of insurers. Simon Cooter, Brit’s distribution director, said the network shared its view that electronic trading was the way forward for small business insurance.
SSP's golden addition
SSP has signed up Bradford-based Congregational & General as the 50th business to join its Sirius for Insurance (S4I) system. SSP said the system would offer full-cycle e-business trading facilities for its brokers and customers.