Insurance news

• Coface 2014 turnover grows 1.6%

  17-02-2015 23:21
  
  Katie Marriner Postonline
  
  
  Coface has reported a 1.6% increase in its turnover for the year ending 31 December 2014 to €1.4bn (£1bn).
  
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• Personal Injury: One rule for government, one rule for insurers

  17-02-2015 18:25
  
  Chris Wheal Postonline
  
  
  The introduction of the Criminal Injuries Compensation Authority tariff list in 2012 means that insurers are now paying out much more to personal injury claimants than the government
  
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• Editor's comment: It’s time to seize the day

  17-02-2015 17:51
  
  Stephanie Denton Postonline
  
  
  Insurance is traditionally known for being a slow moving market, which takes its time and waits to be issued with regulation and guidelines.
  
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• Government will step in if meso scheme exceeds levy, says ABI

  17-02-2015 17:27
  
  Francesca Nyman Postonline
  
  
  The Association of British Insurers has said it will work to ensure the Diffuse Mesothelioma Payment Scheme remains one of last resort, following the government’s decision to raise the compensation cap from 80% to 100%.
  
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• Insurers quick to implement changes as wave of legislation arrives

  17-02-2015 15:54
  
  James Verrinder Postonline
  
  
  Insurers have been quick off the mark to ensure their businesses comply with the Insurance Act before it comes into effect in August next year.
  
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• Car repair capacity deficit to dent insurers' profitabilty

  17-02-2015 15:44
  
  James Verrinder Postonline
  
  
  A deficit in car repair capacity is likely to have a knock-on effect on insurance company profits, according to a report by research agency Trend Tracker.
  
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• Career Development: BGL graduates complete 18-month in-house marketing programme

  17-02-2015 15:15
  
  James Verrinder Postonline
  
  
  Six marketeers at BGL have completed the firm’s marketing graduate programme.
  
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• Is therapy worth it? Seven personal stories about the price of mental health

  17-02-2015 14:37
  
  Therapy requires trust, but it also money, which can often be in short supply
  As young Americans transition from their parents’ insurance to their own, many find therapy to be too expensive
  Far from offering patients pennies for their thoughts, mental health therapists often end up billing them hundreds of dollars per month.The cost is a growing burden as depression among US adolescents and adults is on the rise. The US is suffering a mental health crisis, with a San Diego State University stu
  
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• The cost of mental health: ‘Why do I need to pay someone to listen?’

  17-02-2015 14:35
  
  Matt, a 23-year-old New Yorker, recently started going to therapy again. Yet if he had to chose between it and smoking, drinking or eating, he would give it upIs therapy worth it? Seven personal tales about the price of mental healthThis is one of seven interviews with young professionals about their experiences with therapy and its costs. Read the rest here.About half a year ago, Matt decided it was time to go back to therapy. Continue reading...
  
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• The price of mental health: 'I'd rather be sad'

  17-02-2015 14:30
  
  After a childhood filled with periods of intense therapy, Alex, a 27-year old New Yorker with a career in theatre, doesn’t expect to go backThis is one of seven interviews with young professionals about their experiences with therapy and its costs. Read the rest here.By the time Alex turned 18, he couldn’t remember a time when he hadn’t been on medication or in therapy. Continue reading...
  
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• Therapy was 'the best chance I had of feeling OK'

  17-02-2015 14:25
  
  JE, a 29-year-old waitress in New York diagnosed with manic depression, says that, thanks to regular therapy, she is “in a really stable place’Is therapy worth it? Seven personal tales about the price of mental healthThis is one of seven interviews with young professionals about their experiences with therapy and its costs. Read the rest here.When JE graduated from college, her parents gave her a graduation present that many young Americans wish for: they promised to pay for her health insur
  
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• The price of mental health: ‘therapy is not a magic wand’

  17-02-2015 14:25
  
  Jenn, a 26-year-old New Yorker who goes to therapy every week, first asked her parents for therapy in high schoolIs therapy worth it? Seven personal stories about the price of mental health
  This is one of seven interviews with young professionals about their experiences with therapy and its costs. Read the rest here.When she was in high school, Jenn asked her parents for something that not many teenagers want: weekly trips to therapy. With a therapist, that conversation is all about you. You get
  
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• Is therapy worth the cost? 'I just can't afford to go'

  17-02-2015 14:25
  
  AK, a 27-year-old who lives in New Jersey, was in therapy on and off until a year ago, when she aged out of her mom’s insuranceIs therapy worth it? Seven personal tales about the price of mental healthThis is one of seven interviews with young professionals about their experiences with therapy and its costs. Read the rest here.AK, a 27-year-old in New Jersey, has been in therapy on and off since she was in high school, when she began seeing her mom’s therapist and was diagnosed with bipolar
  
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• Is therapy worth the cost? 'I got what I needed'

  17-02-2015 14:25
  
  Eve, a 33- year-old New Yorker, spent almost a year in therapy before she got up the courage to leave her job. ‘Mostly she made me talk it out,” she saysIs therapy worth it? Seven personal tales about the price of mental healthThis is one of seven interviews with young professionals about their experiences with therapy and its costs. Read the rest here.All Eve wanted was to leave her job. She was 31, and stuck in a stressful restaurant job that was made her unhappy. But she was afraid to qui
  
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• Is therapy worth the cost? 'At its best, it's paying for a friend'

  17-02-2015 14:25
  
  John, a 27- year old New Yorker, started going to therapy after a painful heartbreak and says he found it ‘vital’ to working through his feelingsIs therapy worth it? Seven personal tales about the price of mental healthThis is one of seven interviews with young professionals about their experiences with therapy and its costs. Read the rest here.In 2007, a breakup left John reeling.I started because I was working through my feelings of abandonment and hopelessness, and then my father died two
  
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• Former director of Gibraltarian insurer Lemma Europe found murdered

  17-02-2015 13:58
  Sergey Chernyshov was found at his home by Ukrainian police
  
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• Towergate's BiBU makes raft of hires to strengthen farm and motor team

  17-02-2015 13:57
  MGA has doubled its GWP over the past four years
  
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• Market Moves - 19 February 2015

  17-02-2015 13:34
  James Verrinder Postonline
  
  
  All the latest job moves in the insurance market.
  
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• RTA Claims Portal supplier tender process extended

  17-02-2015 13:30
  
  Callum Brodie Postonline
  
  
  The tender process for the RTA Claims Portal’s hardware and software supplier has been extended to allow for a higher than anticipated amount of information provided by prospective suppliers to be processed.
  
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• Willis Re confirms UK jobs at risk as it enters consultation process

  17-02-2015 13:13
  
  Francesca Nyman Postonline
  
  
  Willis Re has confirmed that several London-based roles could be cut as part of an efficiency drive within its UK operation.
  
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• Motor: The sharks are circling

  17-02-2015 12:46
  
  Rachel Gordon Postonline
  
  
  A number of threats to the UK motor market are currently occuring – driverless cars, motor manufacturers muscling into the sector, the competitiveness of pricing. But can these challenges be turned into opportunities?
  
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• CMCs to blame for soaring PL and EL claims against SMEs, states Axa boss

  17-02-2015 12:45
  
  Callum Brodie Postonline
  
  
  A significant rise in the number of employers’ liability and public liability claims made against SMEs over the past five years is the result of “opportunistic” claims management companies shifting their focus from motor claims.
  
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• Opportunistic CMCs targeting retailers to blame for surge in liability claims

  17-02-2015 12:33
  Rise in CMC activity encouraging claims coincided with introduction of motor reforms - AXA
  
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• Opportunistic CMCs target retailers amid surge of liability claims

  17-02-2015 12:33
  Rise in CMC activity encouraging claims coincided with introduction of motor reforms - AXA
  
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• Analysts concerned about David Ross’s departure from Gallagher

  17-02-2015 12:25
  Broker runs risk of losing more key staff amid heavy integration work in UK
  
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• Willis Re consulting London staff about possible redundancies

  17-02-2015 12:13
  News reports says more than 150 employees contacted
  
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• Lance Armstrong ordered to pay insurance company £6.5m

  17-02-2015 12:10
  
  Callum Brodie Postonline
  
  
  Disgraced cyclist Lance Armstrong has been ordered to pay insurance company SCA Promotions $10m (£6.5m) in damages, in what is thought to be the largest award of sanctions assessed against an individual in American judicial history.
  
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• Spurs covered by PI insurers for blunders over brain-damaged youth player

  17-02-2015 11:28
  Damages bill could reach £7m as court agrees insurers should meet cost
  
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• Calls for 100% meso compensation to be backdated opposed by insurers

  17-02-2015 11:18
  
  Francesca Nyman Postonline
  
  
  Insurers and defendant lawyers have rejected calls for the 100% compensation level for the diffuse mesothelioma scheme to be backdated and for it to include other asbestos-related cancers, as doing so would be too problematic.
  
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• Calls for backdating of 100% meso compensation opposed by insurers

  17-02-2015 11:18
  
  Francesca Nyman Postonline
  
  
  Insurers and defendant lawyers have rejected calls for the 100% compensation level for the diffuse mesothelioma scheme to be backdated and for it to include other asbestos-related cancers, as doing so would be too problematic.
  
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• Fairfax to buy Brit for £1.22bn

  17-02-2015 11:13
  
  Boards of both companies have reached agreement on the cash for shares deal.
  
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• Fraud costs UK SMEs £8bn

  17-02-2015 11:08
  13% of UK SMEs have fallen victim to fraud
  
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• Q&A Theo Duchen and David McDonald: From Nairobi to Nottingham

  17-02-2015 10:55
  
  Mairi MacDonald Postonline
  
  
  Co-founders of Acturis Theo Duchen and David McDonald reveal how their recent acquisitions tie into their wider plan for international expansion
  
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• Insurance CEOs see growth in business opportunities

  17-02-2015 10:50
  
  James Verrinder Postonline
  
  
  Half of insurance company CEOs responding to PwC's Annual Global CEO Survey believe that there are more business opportunities now than there were three years ago.
  
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• C-Suite - Insurer: Offering true customer service

  17-02-2015 10:20
  
  Andy Watson, CEO, Ageas UK Postonline
  
  
  Companies sometimes forget that they need to fulfill a claimant’s needs rather than their own
  
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• AXA joins Keychoice home insurance panel

  17-02-2015 10:16
  Insurer creates exclusive home product for network’s members
  
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• Penny Black’s Insurance Week - 19 February

  17-02-2015 10:14
  
  Penny Black Postonline
  
  
  Despite being a woman of traditional tastes, Penny is aware the threat of cyber-attacks is very real, as reflected in the ominous words of various speakers at an event in London on the subject.
  
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• Video: RSA's Kenny Leitch on driverless cars

  17-02-2015 10:00
  
  Stephanie Denton Postonline
  
  
  Last week government ministers launched the UK’s driverless car trials in the Royal Borough of Greenwich - the location of one of the government backed projects which RSA is the insurance partner for.
  
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• Flood Re’s go-live date still in flux

  17-02-2015 08:56
  ‘Significant’ testing will be required once the scheme is set up this summer, says chief executive Brendan McCafferty
  
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• Canadian insurer Fairfax to buy Brit for £1.22bn in cash

  17-02-2015 08:41
  Offer is 1.73 times Brit’s net tangible assets
  
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• The Knowledge Live: In Pictures

  17-02-2015 07:30
  View our gallery from the first Knowledge Live event of the year in London
  
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• Brit to operate on "decentralised basis", says Fairfax CEO

  17-02-2015 04:35
  
  Andrew Tjaardstra Postonline
  
  
  Following 305p a share offer, Prem Watsa, CEO and chairman, Fairfax Financial has hailed Brit's "outstanding" 10 year track record.
  
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• Apollo and CVC accept Fairfax's £1.22bn Brit bid

  17-02-2015 04:00
  
  Andrew Tjaardstra Postonline
  
  
  Toronto-based Fairfax Financial has made an all cash offer for all the shares of specialist insurer Brit Insurance.
  
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