All Insurance Times articles in On-Line Archive – Page 753
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Fraud costing insurers £1.6bn per year, says ABI
Insurance companies are being hit by up to £4m per day as a result of fraudulent claims, according to the latest research conducted by the Association of British Insurers. The ABI study reveals that fraud is costing the insurance industry a massive £1.6bn per year, resulting in an increase of ...
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Carvill adds AIR to hurricane index
Carvill, has reached an agreement with AIR Worldwide Corporation, to provide modelled support for the Carvill Hurricane Index...
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Hibernian appoints group strategic marketing director
Hibernian group has appointed Paul Kelly to the new role of group strategic marketing director...
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Snowball leaves Aviva board
Aviva confirms that Patrick Snowball has resigned as a director of Aviva as of 8 May...
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Munich Re buys Bell & Clements Group
Munich Reinsurance has bought the Bell & Clements Group for an undisclosed amount...
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Emerging risks impeding business development says Lloyd's
Increased concerns at board level regarding terrorism and political violence risk is causing businesses to avoid investing in politically sensitive areas or locating offices in large cities, according to Lloyd's.In a new report Lloyd's reveals that over a third of companies avoid investing in overseas markets for fear of political ...
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Heritage considering syndicate merger
Heritage Managing Agency is considering a potential merger of Syndicate 1200 (Worldwide property) and 3245 (non US liability), both of which are managed by Heritage. Syndicate 1200 has capacity for 2007 of £260m which is owned 48% by Heritage and 3245 has capacity for 2007 of £55m 27% owned by ...
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FSA must hit hard to ensure TCF standards
Which? magazine has urged the Financial Services Authority to come down hard on those companies failing to implement adequate Treating Customers Fairly provisions, following the release of the FSA's report into the progress made by financial companies in implementing processes for TCF. Dominic Lindley, personal finance campaigner, Which?, said: “The ...
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NU targets top 10 with HSBC venture
HSBC Bank and Aviva have announced plans for the creation of a joint venture, under the "HSBC Insurance" brand, that aims to be a top-10 player in the UK general insurance industry. Under the terms of the planned joint venture, HSBC Bank and Norwich Union Insurance, the UK general ...
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Provident sells motor business for £170m
Provident Financial has confirmed the sale of its motor insurance business to a subsidiary of GMAC Insurance...
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Agreement reached on medical agency fees
Medical reporting organisations and insurers have reached an agreement that should put an end to disagreements about the recoverability of medial agency fees...
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Brokers may need authorisation, warns DAS
Brokers who refer personal injury claims to local solicitors must now be authorised by the Ministry of Justice (formerly the Department of Constitutional Affairs), according to DAS. From 23 April it became an offence to offer claims management services without prior authorisation, exemption or waiver. Those found operating without ...
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Miller boosts reinsurance team
Glyn Hall has joined Miller as director of its reinsurance team. Hall joins from JLT Re.James Geffen, board director at Miller commented: "We are delighted to welcome Glyn to our growing reinsurance team. Glyn's breadth of expertise in sectors such as retrocession, onshore energy and construction and engineering for both ...
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Munich Re, UniCredit cooperation extended to CEE region
Munich Re, ERGO Insurance Group and Italian UniCredit have agreed to extend the existing cooperation in Germany, Austria and Poland to further growth markets in the Central and Eastern Europe (CEE) region. The focus of the cooperation is on developing the distribution of ERGO's life and non-life insurance products through ...
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New measures to enhance London's global competitiveness
The Chancellor of the Exchequer, Gordon Brown, and the City Minister, Ed Balls, met yesterday with members of the High-Level Group on Financial Services to discuss new measures to enhance the global competitiveness of London and the UK-based financial sector. The group considered a number of proposals including plans to ...
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Converium welcomes SCOR's revised offer
Converium's board has unanimously welcomed a revised offer from French reinsurer SCOR, and has encouraged all shareholders to accept the offer. Under the new terms, each Converium share may be exchanged for 0.5 new SCOR shares plus CHF 5.5 in cash and further foresees that the consideration will not be ...
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Insurers must invest in fraud detection technology
Aron Thompson, head of insurance at uSwitch.com, has urged insurers to invest heavily in new technology to investigate fraud effectively...
