Insurance news

• FCA whistleblowing proposals to cost large firms £280,000

  26-02-2015 17:48
  
  Katie Marriner Postonline
  
  
  A Financial Conduct Authority consultation that would require insurers to implement formal whistleblowing procedures has an indicative annual cost of £280,000 for large firms.
  
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• Rea leaves as Towergate confirms new executive team

  26-02-2015 16:59
  
  John Kitson, ex-Aviva sales and marketing director for UK general insurance, joins the broker.
  
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• Operations boss Michael Rea exits Towergate in management shake up

  26-02-2015 16:40
  Ex-Gallagher finance chief Mark Mugge replaces Rea and former Aviva director John Kitson joins team
  
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• RSA chief Lewis admits results "not where I would want"

  26-02-2015 15:19 via insuranceage.co.uk
  
  Insurer's UK and Western Europe chief not currently planning to exit business lines.
  
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• Behind every cold call is a person hating their life | Kate Solomon

  26-02-2015 15:16
  
  Spare a thought for the lost soul on the other end of the line – and let’s hope that the new British legislation will put and end to nuisance phone callsThere used to be an element of magic to receiving a call from an unknown number. Infinite possibilities lay in your landline bleating anonymously or “unknown caller” flashing up on your mobile. A rich benefactor hoping to share their millions with you would obviously have a hidden number, as would all the celebrities who may have been ye
  
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• Rural rolls out cover for hobby farmers

  26-02-2015 14:57
  MGA says cover gives smallholder customers access to insurance more appropriate to their level of risk
  
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• Court of Appeal: Judge ruling could stop 'inflated' credit hire charges

  26-02-2015 14:30
  Appeal by Accident Exchange in a case involving insurer ERS was thrown out today
  
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• Steve Lewis: RSA UK’s 99.5% COR ‘not good enough’

  26-02-2015 14:20
  Company needs to be more outward looking after difficult two years, says new UK chief executive
  
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• Lewis rules out motor market exit for RSA in the current climate

  26-02-2015 14:05
  
  James Verrinder Postonline
  
  
  RSA's UK CEO Steve Lewis has confirmed the insurer's commitment to the motor sector.
  
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• Lewis rules out motor market exit for RSA

  26-02-2015 14:05
  
  James Verrinder Postonline
  
  
  RSA's UK CEO Steve Lewis has confirmed the insurer's commitment to the motor sector.
  
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• Landmark judgment on credit hire sees court adopt “lowest reasonable rate” approach

  26-02-2015 13:44
  
  Stephanie Denton Postonline
  
  
  A Court of Appeal’s judgment today has been hailed as a major breakthrough for insurers, putting a stop to the inflated rates that credit hire organisations have been allowed to charge in recent years.
  
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• Rural Insurance launches online product for smallholders

  26-02-2015 12:29 via insuranceage.co.uk
  
  Insurer says it responded to feedback from rural brokers and plugged gap in the market.
  
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• Allianz sees property and casualty GWP grow 3.7% in 2014

  26-02-2015 12:14
  
  Francesca Nyman Postonline
  
  
  Allianz Group saw gross written premiums for its property and casualty segment increase 3.7% to €48.32bn in 2014, driven by strong growth in its global insurance lines and the UK business segments.
  
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• RSA sees decrease in net UK premiums

  26-02-2015 12:04 via insuranceage.co.uk
  
  Provider’s COR stable at 99.5%.
  
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• JLT confirms involvement in FCA thematic review into ETVs

  26-02-2015 12:04
  But denies it has had to put aside or pay any redress to consumers
  
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• Gallagher and Oval pay £9m to avoid ETV customer compensation bill

  26-02-2015 12:00
  Oval and Gallagher join Towergate in becoming the latest brokers to get caught up in ETV storm
  
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• Allianz UK's P&C profit falls to €178m as GWP rises to €2.68bn

  26-02-2015 11:33 via insuranceage.co.uk
  
  Provider's combined ratio rises to 97.6% in 2014.
  
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• Q&A: Ash Roots, director of digital at Direct Line Group

  26-02-2015 11:31
  
  Mairi MacDonald Postonline
  
  
  Ash Roots has been director of digital at Direct Line Group since joining the insurer from Three UK just over two years ago. Since then, he has built an in-house digital services team and led the successful launches of new apps and consumer websites. He has been driving digital innovation across the media, telecom and finance industries for 15 years.
  
  
  Ahead of his speaking slot at Post’s Digital Insurance St
  
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• Compass hits £585m in member GWP

  26-02-2015 11:24
  
  Gallagher's networks division reports that nine brokers have joined since the start of the year.
  
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• RSA returns to profit after 2013 losses

  26-02-2015 11:21 via insuranceage.co.uk
  
  Provider reveals increased cost-cutting targets.
  
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• CFO Richard Houghton to leave RSA

  26-02-2015 10:50
  
  James Verrinder Postonline
  
  
  RSA's group chief financial officer Richard Houghton will stand down from the board of directors in May the insurer has confirmed.
  
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• Customer satisfaction falling, finds CapGemini report

  26-02-2015 10:37
  
  James Verrinder Postonline
  
  
  The insurance sector must "reinvent" itself to catch up with the demands of modern consumers, specifically those members of the technology savvy Generation Y, according to a new report from CapGemini.
  
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• Insurance sector needs 'reinvention' according to customer survey

  26-02-2015 10:37
  
  James Verrinder Postonline
  
  
  The insurance sector must "reinvent" itself to catch up with the demands of modern consumers, specifically those members of the technology savvy Generation Y, according to a report from Capgemini.
  
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• Xchanging sees flat results for operating profit for 2014

  26-02-2015 10:27
  
  James Verrinder Postonline
  
  
  Xchanging has posted 0.5% rise in operating profit for the full year 2014, according to its latest results.
  
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• RSA UK profit up 4% despite PI reserve strengthening

  26-02-2015 10:16
  Net written premiums drop 15% due to Motability changes and pricing discipline
  
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• Gallagher's Compass to launch training academy for members

  26-02-2015 10:14
  The broker network is also rolling out a marketing portal for members to send newsletters to clients
  
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• Going for growth digital edition: Abbey Legal

  26-02-2015 10:11 via insuranceage.co.uk
  
  Robert Nicholls, director of sales at Abbey Legal analyses opportunities for brokers to grow in the care market.
  
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• Gallagher's Compass on track for £600m GWP

  26-02-2015 10:10
  Nine new members have signed since the beginning of the year
  
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• Charles Taylor agrees deal to buy The Strike Club

  26-02-2015 09:58
  
  James Verrinder Postonline
  
  
  Charles Taylor has announced that it has entered into an agreement to acquire three of the operating companies of SC Management, the independent, dedicated management companies of The Strike Club.
  
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• RSA returns to profit and targets further cost savings

  26-02-2015 09:41
  
  James Verrinder Postonline
  
  
  RSA has posted a pre-tax profit of £275m, compared to the £244m loss it reported in 2013.
  
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• Xchanging reports 23% increase in profit from insurance business

  26-02-2015 09:35
  But group profit climbs just 0.5%
  
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• Allianz reports €5.4m group GI profit

  26-02-2015 09:12
  UK retail business cited as a major driver behind 2.2% growth in profit
  
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• Allianz reports €5.4bn group GI profit

  26-02-2015 09:12
  UK retail business cited as a major driver behind 2.2% growth in profit
  
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• RSA CFO set to leave the insurer

  26-02-2015 08:54
  Richard Houghton will stand down from the board of directors at the beginning of May, but will stay in his role until a replacement is found
  
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• RSA sets new cost-cutting target as it returns to profit

  26-02-2015 08:33
  Insurer now aiming for more than £250m of annual cost savings by 2017
  
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• Asian insurers should invest in market disruption, says Towers Watson

  26-02-2015 08:09
  
  Andrew Tjaardstra Postonline
  
  
  Consultancy Towers Watson is urging insurers in Asia to become a market disruptor before being disrupted.
  
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