Insurance news

• Quindell shareholders agree to name change

  26-11-2015 23:58
  Outsourcing specialist Quindell will change its name to Watchstone
  Group from today (26 November) after its shareholders voted in
  favour of the switch.
  The rebrand follows a series of fundamental changes to the
  company that have seen it bring in a new CEO, sell off most of its
  businesses and pay out more than £414mn ($625mn) to
  shareholders.
  The alterations follow a sustained period of turmoil for the
  firm that has caused its share price to fall by more than...
  
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• IAIS begins consultations on G-SIIs and NTNI

  26-11-2015 23:58
  The International Association of Insurance Supervisors (IAIS)
  has launched public consultations on proposed revisions to the
  assessment methodology for global systemically important insurers
  (G-SIIs) and on Non-traditional Non-insurance (NTNI) activities and
  products.
  The IAIS said yesterday (25 November) that the G-SII
  consultation document was the result of an initial assessment of
  insurance entities whose failure would cause disruption of the
  global financial system and economic activity.
  The
  
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• Bermuda secures Solvency II equivalence

  26-11-2015 23:58
  The European Commission has awarded Bermuda and Japan full
  Solvency II equivalence, ensuring that the continent's insurers
  will be able to trade easily in these jurisdictions when the new
  regulatory framework comes into force next year.
  Insurance associations have praised today's (26 November)
  decision to award Bermuda and the Bermuda Monetary Authority (BMA)
  equivalence, with Solvency II set to go live from 1 January.
  David Matcham, CEO of the International Underwriting
  Association, said that t
  
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• Fraud 2015: Collaboration is sharing knowledge not just data

  26-11-2015 19:35
  
  Michèle Bacchus Postonline There are too many databases and not enough pressure on the Claims and Underwriting Exchange to tackle fraud Covéa Insurance’s head of financial crime told delegates at the Fraud Summit.
  
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• Fraud 2015: Banking v Insurance analytical resource is 'chalk and chesse'

  26-11-2015 18:54
  
  Jonathan Swift Postonline Comparing the insurance industry’s analytical capabilities to those in the banking sector is like comparing “chalk and cheese”.
  
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• Fraud 2015: Banking v Insurance analytical resource is 'chalk and cheese'

  26-11-2015 18:54
  
  Jonathan Swift Postonline Comparing the insurance industry’s analytical capabilities to those in the banking sector is like comparing “chalk and cheese”.
  
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• Fraud 2015: Fraud 'mountain' too much for Ifed to handle

  26-11-2015 18:49
  
  Stephanie Denton Postonline The Insurance Fraud Enforcement Department is currently seeing just the “snowy bit” of the insurance fraud mountain and there is too much fraud for the 28-strong department, according to its deputy head.
  
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• Enterprise Bill amendments under consideration following London market efforts

  26-11-2015 18:00
  
  Callum BrodiePostonline A London market deal to support changes enabling companies to secure damages for late payment of insurance claims for up to a year has been heralded as an example of “unprecedented amalgamation” of the insurance sector to aid reform.
  
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• Fraud 2015: Publicising anti-fraud measures key to tackling opportunistic fraud

  26-11-2015 17:57
  
  Stephanie Denton Postonline Insurers need to do more to publicise the anti-fraud measures they have in place as it can act as a deterrent to opportunistic fraudsters, according to criminologist Janice Goldstraw-White.
  
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• South Australian bushfires declared catastrophe

  26-11-2015 17:46
  The Insurance Council of Australia (ICA) has issued a statement
  this morning (26 November) declaring the bushfires around Adelaide
  as a catastrophe.
  The fires have claimed at least two lives so far and left 13 in
  hospital, the body said, with at least 16 homes destroyed and
  significant losses to livestock, fencing, crops and farming
  machinery recorded.
  In addition, the fires, which have been fanned by high winds,
  are feared to be heading towards Australia's Barossa Valley
  wine-producing region.
  
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• Sompo-Canopius Swiss platform rated A

  26-11-2015 17:46
  The new Swiss company that will write business on behalf of Sompo
  Canopius Re has secured an A rating from AM Best and an A+ rating
  from Standard & Poor's, Canopius said today (26 November).
  Sompo Japan Canopius Reinsurance AG has been formally approved
  by Swiss regulator Finma and will commence underwriting on 1
  January.
  The separately capitalised entity will write reinsurance
  alongside Canopius Syndicate 4444 and form part of the brand Sompo
  Canopius Re, which will now act as...
  
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• Munich Re receives Solvency II nod

  26-11-2015 17:46
  Munich Re has become the latest carrier to secure approval for its
  Solvency II internal model.
  The world's biggest reinsurer said in a statement yesterday
  (25 November) that German regulator the Federal Financial
  Supervisory Authority (Bafin) had granted full approval for it to
  calculate its solvency capital requirements both at group level and
  operating company level.
  Munich Re said that it had been working on its internal model
  for around 10 years, adding that it would provide further detail t
  
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• Maidment takes LMA reins from Atkin

  26-11-2015 17:46
  Beazley's most senior underwriter Neil Maidment has been
  elected chairman of the Lloyd's Market Association (LMA), the
  trade body said this morning (26 November).
  Maidment will take up the position at the start of 2016.
  The Beazley executive will succeed Talbot CEO Rupert Atkin, who
  is due to step down at the end of the year.
  Commenting on his appointment, Maidment said: "I am
  honoured to have been appointed chairman of the LMA and look
  forward to the opportunity to...
  
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• LMG and Deloitte launch skills gap survey

  26-11-2015 17:46
  The London Market Group (LMG) has launched the first ever survey to
  identify the existing skills gaps in the market, it announced today
  (26 November).
  Launched in association with professional services firm
  Deloitte, the electronic survey aims to gain a better insight into
  future talent requirements.
  The survey will be distributed via the Lloyd's Market
  Association, the London & International Insurance Brokers'
  Association, and the International Underwriting Association to
  CEOs, executives a
  
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• Amendments to damages for late payment proposed by industry group

  26-11-2015 17:14
  
  Stephanie Denton Postonline Insurance governance firm Mactavish and risk management association Airmic have been instrumental in getting industry-wide agreement on amendments to the damages to late payment proposals in the Enterprise Bill.
  
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• Quindell to suspend shares on AIM as name change approved

  26-11-2015 16:46
  
  Shares will be suspended for three days from 16 December as firm awaits court decision on share merger plan
  
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• First Chinese broker joins Lloyd’s

  26-11-2015 16:05
  
  Shanghai Asian Insurance Brokers has formally registered with Lloyd’s.
  
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• Slater & Gordon loses half its stock value over proposed cuts to whiplash claims

  26-11-2015 15:53
  
  Share price of insurance firm plunges by 51 % after George Osborne announces plan to cut cash compensation for whiplash injuresAn Australian law firm which operates in the UK personal injury claims business has lost more than half its stock market value after George Osborne proposed curbs on claims for whiplash injuries.Shares in Slater & Gordon fell 51% to A$0.94 (£0.44) in Sydney after Wednesday’s spending review. The chancellor said the government would consult on ending the r
  
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• BGL on recruitment drive as it sets up digital hub in London

  26-11-2015 15:15
  
  The office in Shoreditch will be involved in research and development and development of data and analytics
  
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• FCA unable to estimate future PPI cost to banks

  26-11-2015 15:12
  
  Regulator admitted costs could not be predicted, as it sets out plans for a time limit on claims despite opposition from consumer groupsThe Financial Conduct Authority has admitted it cannot estimate the future costs of compensation faced by banks for payment protection insurance, as it set out its plans to impose a time limit on claims in 2018.While consumer groups are opposed to the limit on making PPI claims – which has already cost the industry £27bn in compensation and administr
  
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• BGL opens digital, tech and media hub in Shoreditch

  26-11-2015 14:58
  
  Callum BrodiePostonline The BGL Group has opened a new office hub in London in the form of its Shoreditch digital, data, technology and media hub.
  
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• London Market Group to survey insurance skills gaps

  26-11-2015 14:55
  
  Survey to identify talents needed in future insurance market
  
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• Broker bites video part 4: The Great Debate

  26-11-2015 13:45 via insuranceage.co.uk
  
  What can the insurance sector learn from other sectors in terms of improving its customer centricity?
  
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• FSCS CEO says its funding should reflect risks

  26-11-2015 13:21
  
  Mark Neale says funding is an area next year's FCA review should look at.
  
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• Blog: £700m earmarked for court efficiency reforms in the Spending Review

  26-11-2015 13:15
  
  Alistair Kinley Postonline Chancellor George Osborne yesterday brought to an end speculation about whether funds for radical technology-driven reform to the court service would be made available.
  
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• LMG tackles skills gap with market-wide survey

  26-11-2015 13:11
  
  Stephanie Denton Postonline The London Market Group is aiming to tackle the skills gap with a market-wide survey designed to identify existing skill gaps and gain better insight into the talent requirements of the market of the future.
  
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• Tokio Marine Kiln creates head of innovation role

  26-11-2015 13:03
  
  The role has been created to match the insurer’s focus on innovative lines of business
  
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• Allianz Retail technical director Tom Moss to depart

  26-11-2015 12:48
  
  Peta Fuller Postonline Allianz Retail’s technical director Tom Moss will leave the business with director broker and corporate partner Simon Brimicombe to fill the role in the interim.
  
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• LMA elects Beazley underwriting boss Maidment as chairman

  26-11-2015 12:30
  
  Callum BrodiePostonline Beazley chief underwriting officer Neil Maidment has been elected chairman of the Lloyd’s Market Association.
  
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• Insurance debate: Give customers what they want when they want it

  26-11-2015 12:25
  
  Michèle Bacchus Postonline Manjit Rana, CEO of Ingenin, believes the industry needs to do more to demonstrate it is open-minded and be prepared to change its thinking to suit the times.
  
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• The Insurance Debate: Encourage innovation to attract talent

  26-11-2015 12:20
  
  Ingenin's Majit Rana says that the sector must be open minded to hire top thinkers and prevent disruption from the outside.
  
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• Allianz personal lines underwriting boss Tom Moss departs

  26-11-2015 11:52
  
  Allianz broking director Simon Brimicombe will assume Moss’s role until replacement is found
  
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• UK commercial rates among fastest falling globally in Q3

  26-11-2015 11:45
  
  Rates fell by more than 7.5%, Marsh quarterly study finds
  
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• Cyber is only commercial line to enjoy big rate increases

  26-11-2015 11:33
  
  Average cyber coverage limit broke through $20m barrier in Q3, says Marsh
  
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• Are you a young insurance professional interested in taking part in some research?

  26-11-2015 11:32
  
  Michèle Bacchus Postonline What is the industry doing right in terms of attracting new talent? What is it doing wrong?
  
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• Beazley underwriting head Neil Maidment elected LMA chair

  26-11-2015 11:17
  
  Maidment replaces Talbot chief executive Rupert Atkin
  
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• Post Office launches motor cover for over-50s

  26-11-2015 11:16
  
  Product is part of its commitment to become leading financial services provider
  
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• Climate change core to Allianz business model

  26-11-2015 10:45
  
  Peta Fuller Postonline Allianz will make climate change a core part of its entire business portfolio, with investments to be analysed using 37 criteria including greenhouse gas emissions and energy efficiency.
  
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• Europe: The explosive risks of mis-declared cargo

  26-11-2015 10:30
  
  Francesca Nyman Postonline The explosions at China's Tianjin Port on 12 August brought home the fatal consequences of improperly storing dangerous cargo.
  
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• Analysis: The explosive risks of mis-declared cargo

  26-11-2015 10:30
  Francesca Nyman Postonline The explosions at China's Tianjin Port on 12 August brought home the fatal consequences of improperly storing dangerous cargo.
  
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• FCA confirms PPI claims deadline consultation

  26-11-2015 10:26 via insuranceage.co.uk
  
  Eighteen firms face cost of funding £42.2m communications campaign.
  
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• The Insurance Debate: Be transparent to gain trust

  26-11-2015 10:21 via insuranceage.co.uk
  
  Axa CEO of UK and Ireland GI Amanda Blanc says openness across the industry is the only way to go.
  
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• Insurance Debate: Be more transparent, says Axa

  26-11-2015 10:10
  
  Michèle Bacchus Postonline Joining the debate this morning is AXA UK and Ireland's CEO, Amanda Blanc, who is a strong advocate for transparency in the sector and believes this is vital to gain the public's trust.
  
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• Axa makes agricultural deal with Towergate-owned BiBU

  26-11-2015 10:08 via insuranceage.co.uk
  
  Insurer says existing business with brokers will not be affected.
  
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• Allianz teams up with Chinese internet giant for digital venture

  26-11-2015 09:51
  
  Peta Fuller Postonline Allianz will create a digital insurance company for the Chinese market, a joint venture with local internet giant Baidu and Asian investor Hillhouse Capital Group.
  
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• FCA to consider deadline for PPI complaints

  26-11-2015 09:44
  
  PPI mis-selling has become the most complained about financial product of all time
  
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• FCA starts consultation period on PPI complaints deadline

  26-11-2015 09:44
  
  PPI mis-selling has become the most complained about financial product of all time
  
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• Allianz overhauls entire portfolio with climate change focus

  26-11-2015 09:30
  
  The changes will focus on 37 environmental, social, and corporate governance criteria.
  
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• Allianz and 'Chinese Google' launch online insurance firm

  26-11-2015 09:13
  
  Allianz aims to grab a big slice of China’s customers going direct 
  
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• Willis-Towers Watson in 'limbo' despite higher dividend: ISS

  26-11-2015 00:15
  Proxy advisory firm Institutional Shareholder Services (ISS) has
  questioned whether the increased $10 per share special dividend
  promised to Towers Watson shareholders is sufficient to win their
  support for the proposed merger-of-equals (MoE) with Willis.
  The firm said Towers Watson shareholders may see the improved
  terms as a "wouldja take it" rather than a
  "well-thought-out" response, describing the MoE as in
  "limbo".
  The deal appeared to hit the rocks earlier this month as a
  shareholder vote
  
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