The FSA has been given until tomorrow to comment on the industry's proposals for a standard agency agreement.
According to the ABI the details of the standard wording w …
FSA deadlineThe FSA has been given until tomorrow to comment on the industry's proposals for a standard agency agreement. According to the ABI the details of the standard wording will be announced next week. The standard agreement is understood to address areas such as late payments and changing commission arrangements and other contractual terms.
TT profits slipProfits at TT Club fell in 2003 with the shipping mutual reporting an after tax profit of $7.1m (£3.9m) for the year ended 31 December 2003.This compared to a profit of $10.7m (£5.9m) in 2002.Gross premiums earned dipped slightly to $148.8m (£81.9m), against $152m (£83.6m) in 2002.
Omega profitOmega Underwriting Syndicate 958 reported a 6.2% profit on capacity for the 2001 year of account. The syndicate's 2001 capacity stood at £58m.
Hannover GWP fallHannover Re said gross written premiums for the group fell slightly in the 12 months ended 31 December 2003, down 9% from ¤12,463m to ¤11,342m.Profit for the year increased by a third, up 32% to ¤354.8m for the year from ¤267.2m for 2002.For the group's property and casualty reinsurance operations gross written premiums fell by 20% from E6,020m to E4,787. The combined ratio for the sector improved slightly from 96.3% in 2002 to 96.0% in 2003.
Gender DirectiveMEPs have voted in support of a Directive which will impact on the ability of insurers to use gender as a basis for determining premiums.The Directive introduces equality between women and men in the provision of goods and services.Norwich Union said it was disappointed that MEPs had not voted in support of an amendment to the Directive.