Insurance news

• Insurers lose $64mn battle over bomb-blast hull loss

  15-01-2015 18:46
  A number of Lloyd's insurers have lost a $64.4mn UK
  Commercial Court battle over a shipping loss that has been linked
  to the murder of a British loss adjuster.
  The four-week trial in the UK court related to the loss of the
  Liberia-registered MV Brillante Virtuoso in 2011,
  following an apparent boarding and attack by pirates off the
  Somalian coast.
  Its then owner, Marshall Island-registered Suez Fortune
  Investments, claims a fire started by the pirates led to a total
  constructive...
  
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• Cunningham Lindsey makes internal promotion to lead global TPA

  15-01-2015 17:51
  Bobby White will be responsible for wider global development under new brand name inTrust
  
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• AM Best revises QBE’s rating outlook to stable from negative

  15-01-2015 17:32
  Insurer’s capital  level has been restored to ‘a strong level’, says ratings agency
  
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• International Group: 'favourable' renewal terms obtained

  15-01-2015 17:26
  The International Group (IG) of protection and indemnity clubs
  has told its members that it was able to "achieve favourable
  reinsurance renewal terms", according to a circular seen by
  The Insurance Insider.
  This publication revealed yesterday (14 January) that the
  premium-heavy bottom layer of the IG's reinsurance programme
  was set to renew with a rate reduction.
  The reduction could be seen as anywhere between low
  single-digits and 15 percent depending on the way that the
  restructu
  
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• AM Best revises QBE outlook to stable

  15-01-2015 17:26
  Ratings agency AM Best has today (15 January) revised its
  outlook for QBE from negative to stable.
  It also affirmed the A financial strength rating (FSR) and
  'a' issuer credit rating for QBE's key operating
  subsidiaries, including QBE Insurance (Europe), QBE Re (Europe) and
  QBE Insurance (International).
  The outlook was also revised to stable for pooled and
  reinsurance members of QBE North America.
  AM Best said that the revision reflected QBE's return to a
  strong level of consoli
  
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• Geopolitical risks return to top Davos list

  15-01-2015 15:48
  Interstate conflict is the most likely threat to global
  stability over the next decade, according to the World Economic
  Forum (WEF)'s annual Global Risks report.
  Released ahead of the WEF conference in Davos, Switzerland later
  this month, the report ranked weather events in second place,
  followed by the failure of national governance, state collapse and
  the economic risk of high unemployment.
  Ranked in terms of the impact they would have, economic risks
  were entirely absent from the top five
  
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• Zurich, Swiss Re shares dive on Swiss currency move

  15-01-2015 15:16
  The share prices of Zurich and Swiss Re fell sharply today (15
  January) following the central bank of Switzerland's surprise
  decision to abandon the cap on the Swiss franc's value against
  the euro.
  As of 13:30 UK time, Zurich's share price had fallen by 7.8
  percent to SwF294.30, with Swiss Re down 5.63 percent at
  SwF80.60.
  The mass sell-off came after the Swiss National Bank announced
  plans to remove the currency's cap against the euro, which has
  been in place...
  
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• Zurich CRO calls on regulators to boost innovation

  15-01-2015 14:57
  
  Katie Marriner Postonline
  
  
  Financial regulators need to encourage innovation, rather than stifle it, in order for companies to respond to high-level global risks, according to Zurich's chief risk officer.
  
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• Alan & Thomas buys fellow Brokerbility member

  15-01-2015 13:51
  Bennetts Commercial’s existing team will all be retained and led by director Carole Lowe
  
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• Capsicum lures head of GC Fac London

  15-01-2015 13:47
  Capsicum Re is poised to enter the facultative reinsurance market
  with the hire of GC Fac's London head Malcolm Payton, sister
  title Inside FAC revealed earlier today.
  Sources said that Payton, who tendered his resignation on Monday
  (12 January), will take charge of a new limited liability
  partnership (LLP) or "cell" within Grahame
  "Chily" Chilton's start-up broker later in the
  year.
  No details of further hires have yet emerged, but it seems
  likely that other GC Fac b
  
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• Insurers urged to look beyond underwriting when assessing telematics benefits

  15-01-2015 13:07
  
  Francesca Nyman Postonline
  
  
  Insurers are squandering the benefits of greater data access by failing to recognise benefits beyond underwriting, according to Wunelli director Sandy Dunn.
  
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• Europe: Q&A with German risk managers

  15-01-2015 12:34
  
  Rachael Adams Postonline
  
  
  Walter Minnik speaks to German risk managers Christian Boehm of Freudenberg Group and Lutz Kalkofen of Hochtief, about current issues surrounding the European market
  
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• QBE Europe appoints Platten to retail division

  15-01-2015 12:22
  QBE's European operation has recruited Mark Platten as director
  of property and real estate for its retail division.
  Platten joined the carrier at the beginning of the week (12
  January), after previously working for Zurich Financial
  Services.
  With more than 36 years' of experience, QBE said Platten had
  a "proven track record" of managing profitable
  multi-class property portfolios.
  Platten will report to David Hall, managing director of
  retail.
  Hall said: "Mark's extens
  
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• International conflicts biggest threat to global stability

  15-01-2015 12:14
  
  Mark Sands Postonline
  
  
  The biggest threat to the stability of the world in the next 10 years comes from the risk of international conflict, according to the 10th edition of the Global Risks report published by the World Economic Forum.
  
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• ABI reaffirms two-thirds of industrial deafness claims are rejected

  15-01-2015 12:14
  
  Mark Sands Postonline
  
  
  The Association of British Insurers has backed analyst claims that the industry is repudiating roughly two-thirds of industrial deafness claims, despite some firms suggesting rates north of 80%.
  
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• Alan & Thomas buys Bennetts Commercial

  15-01-2015 12:14 via insuranceage.co.uk
  Broker buys fellow Brokerbility member, Basingstoke-based Bennetts Commercial as it seeks to grow in south west.
  
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• Brisbane hailstorm losses hit A$1bn

  15-01-2015 11:31
  Over 100,000 claims have now been lodged by insureds affected by
  November's Brisbane hailstorm, bringing total insured losses to
  A$1.04bn ($846mn), according to an update from the Insurance
  Council of Australia (ICA) today (15 January).
  The new estimate is 29.4 percent higher than the trade
  body's previous figure of A$804mn, released on 11 December.
  If insured losses continue to rise, the 27 November storm - the
  worst to hit Brisbane in over 30 years - could become more costly
  than...
  
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• Blog: Five emerging trend to watch out for this year

  15-01-2015 11:17
  
  Francesca Nyman Postonline
  
  
  This week Post gazed into its crystal ball to discover what 2015 held for the insurance market. Below are five of the most exciting (but also sobering) discoveries about the year ahead.
  
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• Blog: Five emerging trends to watch out for this year

  15-01-2015 11:17
  
  Francesca Nyman Postonline
  
  
  This week Post gazed into its crystal ball to discover what 2015 held for the insurance market. Below are five of the most exciting (but also sobering) discoveries about the year ahead.
  
  Read more

• Biba launches young broker steering group

  15-01-2015 11:13
  Group chaired by Bluefin account broker James Nattrass
  
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• Bruno promoted in Global Aerospace leadership change

  15-01-2015 11:04
  Global Aerospace president and chief operating officer Jeffrey
  Cassidy is to step down after 13 years in management, the
  specialist aerospace MGA announced yesterday (14 January).
  The company said that Cassidy will be succeeded by Jeffrey
  Bruno, currently chief underwriting officer for the US. Bruno will
  also continue in his US underwriting role.
  The firm added that Cassidy will remain at the company on a
  part-time basis as director of space risk and executive adviser
  reporting to the new presid
  
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• QBE hires Zurich’s Mark Platten as UK property director

  15-01-2015 11:01
  New recruit reports to retail MD David Hall
  
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• 16% of Britons ‘horrified’ by driverless cars

  15-01-2015 10:49
  
  Mark Sands Postonline
  
  
  Almost half of British adults would be unwilling to be a passenger in a driverless car while 16% are “horrified” by the idea, according to research from Uswitch.
  
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• Saga to launch motor panel

  15-01-2015 10:26
  
  Mark Sands Postonline
  
  
  Saga has created a new panel of motor insurers to build out its client base, while also plotting to double takings from its travel business.
  
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• Saga launching motor panel to expand customer base

  15-01-2015 10:26
  
  Mark Sands Postonline
  
  
  Saga has created a new panel of motor insurers to build out its client base, while also plotting to double takings from its travel business.
  
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• Aviva appoints Owen Morris for HNW business

  15-01-2015 10:24 via insuranceage.co.uk
  Insurer states newly created role marks “commitment” to brokers.
  
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• 57 flood warnings issued across UK

  15-01-2015 09:52
  
  Mark Sands Postonline
  
  
  Environment agencies for the UK have issued a barrage of flood warnings as the country continues to suffer the impact of Storm Rachel.
  
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• Aviva appoints high net worth commercial director

  15-01-2015 09:16
  Insurer’s head of retail underwriting and pricing Own Morris steps into new role
  
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• Saga to launch insurer panel for motor business

  15-01-2015 09:00
  Panel to write business that falls outside Saga’s underwriting appetite
  
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• Whistleblower accuses council insurers of suppressing sex abuse facts

  15-01-2015 08:07
  Retired local authority chief he was instructed not to apologise to victims
  
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• Is it worth buying a house that has evidence of subsidence?

  15-01-2015 08:00
  
  I love the property but am worried that insurance may prove to be very expensiveQ I am interested in a property which has been underpinned at the bottom of the driveway, due to the drains collapsing. The estate agents say they have all of the documentation associated with the underpinning work, which I can look at. The side wall of the house has been pointed where the wall must have slipped just above the underpinned area. The patio has a manhole in it and the slabs look a bit wonky.I would love
  
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• Anything … or nothing … happens when claiming on Currys care plan

  15-01-2015 08:00
  
  I dropped our television but it said the damage was ‘inconsistent’ and wouldn’t pay outMy husband took out Currys Anything Happens policy when he bought his TV in 2011 and has been paying £5.99 a month ever since. When we moved house in October he asked me to help carry the TV downstairs. I managed to drop my end so that it tumbled downstairs. We took it to Currys and claimed under the policy but were told the damage was “inconsistent” with the event. CT-W, Stowmarket, SuffolkAny
  
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• Nexus wins backing from Amlin and Beazley

  15-01-2015 07:30
  Speciality MGA’s underwriting capacity increases to £109m
  
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• MGA reveals insurer plans for former Towergate run-off firm Folgate

  15-01-2015 07:30
  New owner APC Underwriting says Folgate will underwrite niche commercial and liability products
  
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• Home-based firms failing to secure enough cover

  15-01-2015 07:26
  Direct Line research shows growing home-business sector relying on household policies
  
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• Home businesses call for insurer partners to offer advice

  15-01-2015 01:05
  
  Katie Marriner Postonline
  
  
  Around 145,000 home-based business owners do not have business insurance because they believe their commercial activities are covered under their home insurance policy, according to Direct Line for Business.
  
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