Insurance news

• Biba calls for return of dropped clause to UK Insurance bill

  09-12-2014 19:17
  The British Insurance Brokers' Association (Biba) has called
  for a clause requiring insurers to pay a claim when a breached term
  is irrelevant to the loss to be reintroduced into the insurance
  contracts bill, which is currently at the committee stage in the UK
  legislature.
  Clause 11 would restrict insurers' ability to avoid
  liability if the insured breached a policy warranty not relevant to
  the actual loss.
  Speaking earlier today (9 December) at a House of Lords Special
  Public Bill...
  
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• Insurers lose $22.5mn Venezuelan drug boat trial

  09-12-2014 18:52
  Fourteen insurers have lost a $22.5mn court battle over a claim
  for a ship that was impounded by the Venezuelan authorities after
  three large bundles of cocaine were found strapped to its hull.
  In a dispute that was plagued with allegations of
  state-sponsored corruption, conspiracy theories and fraud the
  insurers argued that they were not liable for the seven-year-old
  loss.
  The Venezuelan authorities impounded the B Atlantic in
  2007 after 132kg of cocaine was found strapped to the vessel's
  h
  
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• Editor's comment: Technology makes the world go around

  09-12-2014 18:29
  
  Stephanie Denton Postonline
  
  
  It’s hard to think of a part of the modern world that isn’t driven by technology – and with this comes the risk of downtime and hacking.
  
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• Allianz-owned ABSL joins Willis Networks and buys broker's small business unit

  09-12-2014 18:15
  Buying Businesscare is natural next step to align business to meet changing demands of micro and SME market - Allianz
  
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• Premierline joins Willis Commercial Network

  09-12-2014 17:55
  The Allianz owned business buys Willis's Businesscare as part of the deal.
  
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• Fraud taskforce encouraged to broaden scope beyond motor insurance

  09-12-2014 17:20
  
  Katie Marriner Postonline
  
  
  Hertzell will invite industry experts to contribute to the work Industrial deafness, household claims and the regulation of solicitors have been highlighted by industry players as being among the key areas the newly launched government fraud taskforce should focus on.
  
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• HSB promotes Stephen Worrall to managing director

  09-12-2014 17:13
  Stephanie Watkins to remain chief executive in reshuffle at Munich Re-owned engineering insurer
  
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• Xchanging gets all-clear for Total Objects acquisition

  09-12-2014 16:57
  Insurance services and technology group Xchanging has announced
  that the UK Competition and Markets Authority (CMA) has cleared its
  acquisition of insurance software provider Total Objects.
  The deal can now proceed and is expected to complete on 23
  December 2014.
  Xchanging CEO Ken Lever commented: "I am delighted we can
  now move forward and complete the acquisition. Total Objects has a
  strong and highly complementary product set that fits well with
  Xchanging's existing insurance softwar
  
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• CMA clears Xchanging’s purchase of Total Objects

  09-12-2014 16:52
  Acquisition of insurance software house to complete on 23 December
  
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• Jason Eatock is the new head of SME at Zurich UK

  09-12-2014 16:40
  He takes over role within the commercial broker business and replaces Richard Coleman.
  
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• Sabre signs on to SSP Verify

  09-12-2014 16:11 via insuranceage.co.uk
  The insurer is the first to use the anti-fraud application.
  
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• Louisiana Citizens exposure down 50% from 2008 high

  09-12-2014 16:07
  Louisiana's insurer of last resort Citizens has reduced its
  total of personal and commercial policies to below 88,000, the firm
  announced last week (4 December).
  Following its eighth round of depopulation, Citizens said it had
  cut its policy count by 50 percent from an all-time high of 174,000
  policies in 2008.
  Citizens' market share is expected to fall to around 1.8
  percent, down from 9.8 percent in 2008.
  Louisiana insurance commissioner Jim Donelon said that many
  policyholders who left
  
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• JLT Re boosts US presence with Benson

  09-12-2014 16:07
  JLT Re North America has appointed Judy Benson as senior vice
  president, the broker said today (9 December).
  She will be part of JLT Re's team for the southeast region
  of the US, led by David Johnson and JJ Johnson. The role will focus
  on account management and new business development.
  Previously, Benson worked at Gallagher Re and Axiom Re.
  She also has experience in workers' compensation and medical
  malpractice, and specialises in alternative risk self-insurance
  pools and captives.
  JLT
  
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• Jason Eatock replaces Richard Coleman as Zurich SME boss

  09-12-2014 15:53
  Coleman was promoted to managing director of the insurer’s UK commercial broker business in October
  
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• Zurich names Eatock as new SME lead

  09-12-2014 15:50
  
  Mark Sands Postonline
  
  
  Zurich has handed a promotion to SME transformation head Jason Eatock, who will now lead the SME unit.
  
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• Supply chain communications issues threaten insurers' reputation

  09-12-2014 15:41
  
  Mark Sands Postonline
  
  
  Differing methods of communication compares poorly to other sectors Insurers risk further sullying their reputation with claimants by failing to address communication inefficiencies within their supply chains, according to a cross-sector survey.
  
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• Pool Re-style cyber terrorism facility could stimulate the market for insurance

  09-12-2014 15:23
  
  Katie Marriner Postonline
  
  
  Cyber insurance concept raised at CFC Cyber Symposium The mooted creation of a government-backed risk-pooled arrangement for cyber crime would likely take the form of a market facility to provide reinsurance against systemic risk, according to market insiders.
  
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• C-Suite Insurer: Vive la revolution

  09-12-2014 14:53
  
  Angela Morrison, chief information officer, Direct Line Group Postonline
  
  
  Technological advances mean the insurance industry is on the cusp of something new and exciting
  
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• Fraud Focus: What will the taskforce do?

  09-12-2014 14:10
  
  Jamie Taylor, counter fraud director, DWF Postonline
  
  
  A new taskforce has been announced by the government, specifically looking at insurance fraud
  
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• Trade bodies fight for re-worded clauses to be restored to Insurance Bill

  09-12-2014 14:06
  
  Mark Sands Postonline
  
  
  Biba and Airmic address House of Lords' committee in attempt to restore axed clauses Broking and risk management representative bodies have launched a last-ditch attempt to restore axed clauses to the Insurance Bill, following the re-wording of two disputed clauses by the Law Commissioner.
  
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• Review of the Year: Health

  09-12-2014 13:10
  
  Rachael Adams Postonline
  
  
  Health insurance personalities reflect on the past year and look forward to 2015, with high hopes for improving the profile of health insurance through technology – as well as addressing issues surrounding costs and implementing a more holistic approach to wellbeing
  
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• Hertzell's fraud role coincides with Law Commission exit

  09-12-2014 12:31
  
  Katie Marriner Postonline
  
  
  David Hertzell's term as law commissioner is to end on 31 December, coinciding with his appointment as head of a taskforce to tackle insurance fraud.
  
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• Penny Black’s Insurance Week - 11 December

  09-12-2014 12:30
  
  Penny Black Postonline
  
  
  It was a case of Heaven Knows I’m Miserable Now for Kate Syred, Direct Line’s commercial director of home insurance, when she attended Morrissey’s recent concert at the O2.
  
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• Career development: Hiscox teams up with the CII to promote profession to pupils

  09-12-2014 11:44
  
  Mark Sands Postonline
  
  
  Hiscox and the Chartered Insurance Institute have jointly hosted a series of events in London to promote the insurance profession to schoolchildren.
  
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• IUA appoints market modernisation director

  09-12-2014 11:34
  The International Underwriting Association (IUA) has today (9
  December) appointed Louise Day as programme director to lead its
  involvement in London market modernisation.
  Day will represent the IUA in modernisation initiatives
  including electronic placing, electronic claims and the central
  services refresh programme.
  She will also be responsible for managing the participation of
  the IUA's member companies on several project boards and
  steering groups aiming to improve business processing in
  
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• Canopius strengthens UK accident and health team

  09-12-2014 11:34
  Lloyd's (re)insurer Canopius has appointed Kieran Morrin as
  divisional underwriter for accident and health (A&H) at its UK
  specialty business unit, the company announced today (9
  December).
  In his new role, Morrin will report to Paul Dilley, head of
  underwriting for UK specialty.
  He joins from Zurich Insurance, where he was UK head of A&H.
  His remit included leading the transformation of the A&H
  division, developing multi-national programmes and devising
  products for small and me
  
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• 20% of (re)insurers rely on investments for profit

  09-12-2014 11:34
  New data from PricewaterhouseCoopers (PwC) has revealed that one in
  five (re)insurers rely on producing decent investment returns in
  order to make a profit.
  The abundance of capacity and the lack of major cat events in
  the insurance sector has dampened the possibility for rate
  increases, meaning that top-line growth has become increasingly
  reliant on squeezing as much as possible from carriers'
  assets.
  Significant softening is anticipated across most other classes
  in 2015, in particular prop
  
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• Market Moves - 11 December 2014

  09-12-2014 11:31
  
  Mark Sands Postonline
  
  
  All the latest job moves in the insurance market.
  
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• Canopius takes two from Zurich

  09-12-2014 11:21
  Insurer appoints three to its UK accident and health division.
  
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• Motor premiums to drop by £15 following My Licence launch, claims MIB boss

  09-12-2014 11:16
  
  Callum Brodie Postonline
  
  
  Motor Insurers’ Bureau CEO Ashton West has set his sights on the “the holy grail” of delivering claims data at the point of quote by 2016, following the launch of the My Licence initiative.
  
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• Average policy savings of £15 predicted following My Licence launch

  09-12-2014 11:16
  
  Callum Brodie Postonline
  
  
  Motor Insurers’ Bureau CEO Ashton West has set his sights on the “the holy grail” of delivering claims data at the point of quote by 2016, following the launch of the My Licence initiative, which is expected to spark customer savings.
  
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• GCube appoints chief underwriting officer

  09-12-2014 11:07
  GCube has appointed Stuart Burchell to the new role of chief
  underwriting officer, the renewable energy specialist announced
  yesterday (8 December).
  Burchell will take overall responsibility for underwriting.
  GCube said that the appointment would enable it to place greater
  emphasis on its core underwriting offering.
  CEO Fraser McLachlan added that the firm's book of
  construction and operation of renewable energy assets had become
  increasingly international over the past two years, moving int
  
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• Ace hires regional environmental risk underwriter

  09-12-2014 11:07
  Global insurer Ace has appointed Robert Latimer as environmental
  risk underwriter for the UK and Ireland, the carrier announced
  today (9 December).
  Chiefly working with brokers outside London, Ace said Latimer
  would be responsible for growing its regional environmental
  liability book and programmes.
  Based in Manchester and reporting to Emma Bartolo, Ace's
  environmental risk manager for the UK and Ireland, Latimer's
  appointment begins with immediate effect, the carrier said.
  Latimer has b
  
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• Canopius takes Zurich’s UK A&H head

  09-12-2014 11:01
  Kieran Morrin joins Lloyd’s insurer as A&H divisional underwriter
  
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• HSB Engineering appoints managing director

  09-12-2014 11:00
  Stephen Worrall promoted from role as finance director.
  
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• IUA appoints new programme director

  09-12-2014 10:51
  Louise Day to replace John Hobbs
  
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• FCA executives to lose bonuses, reports say

  09-12-2014 10:47 via insuranceage.co.uk
  Senior management set to loses bonuses as Davis Report criticism expected.
  
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• Day one policy issuance should be industry standard: Airmic

  09-12-2014 10:44
  UK risk managers' association Airmic has called on the
  insurance industry to make sure written contracts take effect as
  soon as policies go live.
  According to Airmic, achieving day one policy issuance is only
  possible if insurers, brokers and risk managers work together to
  change market practice and start the renewal process earlier.
  Currently, the Financial Conduct Authority's guidance aims
  for policy issuance within 30 days of inception, but Airmic said
  that this did not go far enough.
  
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• Airmic calls for policies to be issued one day after coverage starts

  09-12-2014 10:39
  Current recommendations allow for 30 days between coverage inception and contract issuance
  
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• Ex-Amlin and QBE project leader Day replaces Hobbs as IUA programme director

  09-12-2014 09:49
  
  Callum Brodie Postonline
  
  
  The International Underwriting Association has appointed Louise Day as programme director to lead company involvement in the London Market’s modernisation programme.
  
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• Airmic calls for one-day policy issuance to become industry norm

  09-12-2014 09:38
  
  Callum Brodie Postonline
  
  
  Airmic has called on, insurers, brokers and risk managers to work together to start the renewal process earlier and change market practice, in a bid to achieve day-one policy issuance.
  
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• MIB and DVLA launch MyLicence

  09-12-2014 09:30 via insuranceage.co.uk
  Service will give insurers access to customers' driving history data.
  
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• FCA to cancel executive bonuses

  09-12-2014 09:24
  The Davis report, out tomorrow, is expected to criticise the regulator for an incident earlier this year
  
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• One in five insurers reliant on investment returns for 2015 profit - PwC

  09-12-2014 08:59
  London insurers are assuming an average COR of 97%
  
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• Chasing the Asian SME vote

  09-12-2014 08:08
  
  Nicky Burridge Postonline
  
  
  Insurers in Asia are turning their attention to providing cover to SMEs as they wake up to the potential of the sector, writes Nicky Burridge.
  
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• Insurance Times investigates collapse of unrated insurer Millburn

  09-12-2014 08:00
  Revealed: the remarkable story of the first insurer to fall under the watch of the PRA
  
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• More than 100 companies live on MyLicence

  09-12-2014 07:32
  But aggregators are still to sign up for the initiative despite ongoing talks
  
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• Jelf backs Towergate Underwriting

  09-12-2014 07:30
  ‘Business as usual’ with MGA says group chief executive Alex Alway
  
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• Jelf beats national brokers to win corporate clients

  09-12-2014 07:00
  Consolidator picked up BBC Orchestra in ‘fierce’ tender
  
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• Berkshire Hathaway wins Singapore license

  09-12-2014 04:06
  
  Andrew Tjaardstra Postonline
  
  
  US specialty insurer Berkshire Hathaway has obtained a non-life license in Singapore.
  
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