Broker only motor insurer Highway is to cut premiums to brokers using its electronic trading system for commercial vehicles in order to boost e-trading. The company said that from 1 August, the 600 brokers who have signed up to CV Choice will benefit from a 2.5% cut in premiums.
Lloyd's broker snub
Lloyd's is failing to win over regional brokers to the market, according to the managing director of Hill House Hammond. Eric Galbraith has criticised Lloyd's for failing to allow non-Lloyd's brokers to complete transactions business with syndicates. Under plans announced two years ago, regional brokers were to gain access to the market but only with a single syndicate.
Kwik-Fit Insurance Services (KFIS) online quotation service has generated 5000 quotes per month since its launch in April, the company claimed. Customers can make online enquiries for products including motor, home and travel cover as well as personal loans. The service does not offer live online quotes.
More US war cover
The US government's war risk insurance scheme for airlines is to be extended. The programme is now set to run until the end of March 2008, subject to final approval. The scheme limits the liability of airlines to $100m of third-party damages following a terrorist attack. The new agreement would also extend the scheme to aircraft manufacturers and vendors, and reimburse airports and airlines for the cost of security-screening.
Small firms fraud
One in four small businesses, including many brokers, have been hit by staff fraud, according to a survey by the Bank of Scotland. Many of these acts were in the 'petty' category and losses of more than £5,000 were rare but 11% of firms said they have lost up to £1,000 and 4% have lost between £1,000 and £5,000.