£20m fraud cost
New ABI research has revealed that fraudulent claims on motor and household insurance cost insurers and their honest policyholders £20m per week.
The most common reason given by fraudsters to justify cheating was "most people do it" (23%).
Thousands of homeowners a year may not be able to pay off their mortgages under new FSA proposals to label critical illness cover as "higher risk," warns Legal & General.
ABI figures show annual sales of critical illness policies have increased from 600,000 in 1999 to 1.2 million in 2002. About 60% of figures are to protect mortgages.
DTE Insurance Brokers will increase its premium income to more than £11m in the coming year after its acquisition of commercial brokerage Harden Associates.
DTE managing director Mike McNulty said that the firm has increased staff numbers from 15 to 25 in the past year due to organic growth and the Harden acquisition.
Harden directors Harry Glover and Dennis Humphries have moved to DTE's Manchester office.
Total in Besso swap
Software provider Total Objects has replaced the systems of two Besso Group underwriting agencies.
Front and back office processing for Global Flying Insurance Services and Waterborne Underwriting Agency has been provided.
Stochastic Financial Modelling has entered into a partnership with consultancy Aquilo to develop and promote its risk analysis software.
The S-Hara system designs risk transfer and retention programmes for buyers of insurance and reinsurance.
Aquilo senior consultant Lisa Rix said that the software would be developed to make it more user-friendly and web-based.