Actuary rate warning
Insurers may have to increase liability rates due to the impact of periodical payment orders, a leading actuary has warned. A recent court ruling on periodical payments, which provide regular payments to injured claimants rather than a lump sum, has threatened to increase insurers' claims costs. Actuary Lane Clark & Peacock said insurers may not have increased their rates sufficiently. In the case of Thompstone, the court indexed the claimant's periodical payments to wage inflation rather than price inflation.
Clarity property service
Clarity Risk developed an online property rebuilding cost valuation service geared towards non-specialist brokers. StructSure, powered by the Building Cost Information Service (BCIS), allows users to undertake a free property healthcheck without the need for specialist surveying skills.
Crawford bureau launch
Crawford & Co launched a global claims bureau for the Lloyd's market today. Each claim handled will have a dedicated claims supervisor managing the claim from notification to close.
HSBC raises targets
HSBC is to double its efforts in the insurance market with reports that the banking giant is to raise insurance profit targets from £1bn to £2bn per year over the next five years.
Ceta would like to clarify that it only accepts business from FSA authorised and regulated brokers and once its AXA Protector policy is on risk, commission will be paid until the policy cancels regardless of whether the broker ceases to be regulated or retires.