A review of the week on insurancetimes.co.uk
The Burma campaign heated up again this week with the news that two insurers, XL and Chubb, had pulled their operations out of the country. The story, broken on Insurancetimes.co.uk, was the most popular online story of the week.
The withdrawals from Burma come three weeks after the Burma Campaign UK published its report, Insuring Repression, which highlighted how insurance companies have facilitated the flow of billions of dollars to the Burmese regime.
XL Capital said that the company now has a policy that it will no longer “seek to insure Burmese companies or operations of companies in Burma”.
American insurer Chubb has barred its member companies from maintaining an office in Burma, and from directly writing insurance in Burma or providing insurance into Burma from outside the country.
Aon and Willis have pulled out of the country already.
The campaign is now turning its attention to Lloyd’s activities in the region as it targets companies on its “dirty list”.
Followers of the RBS Insurance sale continued to drive online traffic, with news that the bank was set to scrap the auction for RBSI proving a close second to the Burma story. Reports said the bank had raised close to £6bn through the sale of risky loans, and could therefore call off the sale of the division, which includes Direct Line and Churchill.
As predicted by Insurance Times, RBS is standing firm on the £7bn price tag it originally placed on the business.
Speculation now surrounds the bidding, with American insurer Allstate believed to be the only serious contender left in the auction. However, its bid is thought to have fallen at least £1bn short of the asking price.
The third most read story of the week was an exclusive Insurancetimes.co.uk analysis, “A tale of two insurers”.
It compared the half-year results of Norwich Union and RSA, pointing out that despite a lack of significant weather-related losses in the first six months of the year, the UK market continues to be a tough business environment.
Manchester broker Bridge Insurance made the top five this week after its appointment of Willis heavyweight Roger Potts as its new chairman.
Potts held a similar position as chairman of the Corporate Risks Business and is set to start his new role in November. The appointment could prove to be a great coup for the regional broker.
Finally, a story posted by Insurance Times’ sister publication Strategic Risk crept into the Most Read list. It told of a Californian insurance broker arrested for selling fake insurance policies. IT
1. XL Capital and Chubb pull out of Burma
Pressure mounts on Lloyds as XL and Chubb withdraws.
2. RBS to scrap insurance arm auction
Bank set to keep RBSI, according to the Sunday Times.
3. A tale of two insurers
How RSAs and NUs first half results compare.
4. Ex-Willis boss appointed chairman at Manchester broker
Bridge Insurance Brokers unveils Roger Potts.
5. Broker arrested for selling fake policies
Victims were sold commercial general liability insurance without having a policy in place.