Insurance news

• Average cost of motor insurance driven down by £50 over two years

  02-02-2015 19:28
  
  But downward trend in prices could be arrested by falling oil prices, which have led to increased car usageThe average motor insurance premium has fallen by almost £50 over the last two years, according to figures from the Association of British Insurers (ABI).Its data showed the average price paid for comprehensive cover during 2014 was £360 – down from £374 in 2013, and £409 in 2012. However, during the final three months of last year the average crept up to £37
  
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• RSA moves Slingsby to new role

  02-02-2015 18:00
  
  James Verrinder Postonline
  
  
  RSA has appointed Steve Slingsby as operations and change director for global specialty lines UK.
  
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• LV= 2014 GWP shrinks as motor income drops by 10%

  02-02-2015 17:27
  But total in-force policies grow by 4% to £4.6m in ‘challenging year’
  
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• Towergate's future far from resolved, say industry figures

  02-02-2015 16:58 via insuranceage.co.uk
  
  Some think a sell off of parts of the business is likely.
  
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• Gallagher should trade with Towergate, confirms Lyons

  02-02-2015 16:39 via insuranceage.co.uk
  
  Interim chief executive hails “conclusion” of sales process as bringing stability to broker.
  
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• Gallagher international CFO Mark Mugge resigns

  02-02-2015 16:12
  Broker to announce new interim CFO shortly
  
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• Towergate chairman defends takeover deal structure

  02-02-2015 15:33
  Alastair Lyons to leave broking group this year after hiring new chief executive
  
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• Novae hires new casualty boss from Aspen

  02-02-2015 14:51
  Rober Patten will also join the insurer’s executive committee
  
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• RSA makes internal promotion in global specialty business

  02-02-2015 14:38
  Steve Slingsby will take on the tole of operations and change director
  
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• Other offers undervalued Towergate, claims interim boss

  02-02-2015 14:11
  
  Francesca Nyman Postonline
  
  
  Rival bids for Towergate were lodged but all undervalued the business, according to interim CEO Alistair Lyons.
  
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• Motor premiums fall by 4% in 2014 - ABI

  02-02-2015 14:05
  But in last quarter of 2014 the average premium was up 1% when compared to same period in 2013
  
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• IFED confirms Angie Rogers as Dave Wood's successor for unit head

  02-02-2015 13:23
  Wood had been head of the unit for three years
  
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• ABI index shows average motor premium is down by 4% in 2014

  02-02-2015 12:29
  
  Francesca Nyman Postonline
  
  
  The average price paid by motorists for private comprehensive motor insurance during 2014 fell by 4% compared to 2013, according to figures published by the Association of British Insurers today.
  
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• ABI index shows average motor premium as down by 4% in 2014

  02-02-2015 12:29
  
  Francesca Nyman Postonline
  
  
  The average price paid by motorists for private comprehensive motor insurance during 2014 fell by 4% compared to 2013, according to figures published by the Association of British Insurers today.
  
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• ERS recruits Innovation Group to manage repair and engineering network

  02-02-2015 12:19
  
  Mark Sands Postonline
  
  
  Motor Insurer ERS has inked a three year deal with Innovation Group that will see the claims specialist manage its repair and engineering network for cars, light and heavy commercial vehicles.
  
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• Ifed welcomes DCI Angie Rogers to anti-fraud hotseat

  02-02-2015 12:15
  
  Callum Brodie Postonline
  
  
  The Insurance Fraud Enforcement Department has confirmed the appointment of Detective Chief Inspector Angie Rogers as DCI Dave Wood’s successor as head of the City of London Police unit.
  
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• Allianz selected as Verex motor insurance partner

  02-02-2015 12:06
  Insurer will provide claims and underwriting services for vehcile manufacturers and dealers
  
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• Ageas to review motor wording after Jesus car sticker row

  02-02-2015 11:51
  Insurer argued religious car stickers are modifications that need to be declared
  
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• Towergate planning for up to £85m mis-selling bill for financial division

  02-02-2015 11:46 via insuranceage.co.uk
  
  Potential payments relates to past advice given to customers on ETV and UCIS.
  
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• LV concentrating on profitability as GWP dips by £60m in 2014

  02-02-2015 11:32
  
  Callum Brodie Postonline
  
  
  LV group CEO Mike Rogers has insisted the firm is focusing on “profitability rather than top line income” after the business recorded a reduction in annual general insurance gross written premium to £1.39bn last year from £1.45bn in 2013.
  
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• LV focusing on profitability

  02-02-2015 11:32
  
  Callum Brodie Postonline
  
  
  LV group CEO Mike Rogers has insisted the firm is focusing on “profitability rather than top line income” after the business recorded a reduction in annual general insurance gross written premium to £1.39bn last year from £1.45bn in 2013.
  
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• Towergate Ebitda drops 24% for 2014

  02-02-2015 11:30 via insuranceage.co.uk
  
  Broking division posts 32% fall in Ebitda results.
  
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• Octo and SAS in telematics partnership

  02-02-2015 11:19
  Combined research and development will lead to new products and services
  
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• CMA motor probe sparks Keoghs and Innovation Group claims partnership

  02-02-2015 11:07
  Captivate will capture non-fault claims and provide a full claims service
  
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• Age UK denies discriminating against reverend with threat to void policy

  02-02-2015 10:47
  
  Callum Brodie Postonline
  
  
  Age UK has denied accusations it discriminated against a Christian minister by threatening to void her motor insurance policy after she put religious slogans on her car.
  
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• Age UK offers 'goodwill gesture' to reverend after discrimination dispute

  02-02-2015 10:47
  
  Callum Brodie Postonline
  
  
  Age UK has denied accusations it discriminated against a Christian minister by threatening to void her motor insurance policy after she put religious slogans on her car.
  
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• Towergate secured creditors win race for consolidator

  02-02-2015 10:39 via insuranceage.co.uk
  
  Deal will see debt cut by 60%.
  
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• Towergate faces £85m compensation bill for mis-selling financial products

  02-02-2015 10:27
  Broker could recover £12m of the compensation payments from its insurers
  
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• Towergate profit drops 24% in 2014

  02-02-2015 09:15
  Revenue falls 4% as  deals delayed by uncertainty surrounding troubled broker
  
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• Secured creditors win control of Towergate

  02-02-2015 08:50
  Deal will cut debt by more than 60% and provide £75m of new funding
  
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• Is it time to invest in a dashcam?

  02-02-2015 08:01
  
  With insurance fraud on the increase, an onboard video could prove who’s to blame in an accident – and lower your premiumsWhen Samantha Dunne’s car was hit at a roundabout, she struggled to prove she was not at fault. As a result, she ended up “thousands of pounds out of pocket” while the claim was being settled.“I had to pay the excess on the policy, buy a new car as my own was written off in the accident and I lost my nine-year no-claims bonus, which meant a hike in premiums,�
  
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• CMA under fire for no claims bonus changes

  02-02-2015 07:30
  Insurers and brokers have criticised the Competition and Markets Authority at a hearing consulting on the implementation of the new rules
  
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• Gresham Underwriting to launch tradesman liability cover

  02-02-2015 07:29
  MGA seeking new capacity providers and underwriters as it expands offering
  
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• General insurers best-placed to benefit from growing UK economy

  02-02-2015 07:18
  But EY forecasting group warns that competition and overcapacity will put pressure on rates
  
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• Anbang's Waldorf approval agreed

  02-02-2015 04:12
  
  Andrew Tjaardstra Postonline
  
  
  Anbang's $1.95bn (£1.3bn) proposed deal to buy the iconic New York hotel the Waldorf Astoria has been approved.
  
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• Anbang Insurance's New York Waldorf acquisition approved

  02-02-2015 04:12
  
  Andrew Tjaardstra Postonline
  
  
  Chinese insurer Anbang Insurance's $1.95bn (£1.3bn) proposed deal to buy the iconic New York hotel the Waldorf Astoria has been approved.
  
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