Insurance news

• Irish regulator criticised by S&P

  14-01-2016 20:34
  Ireland's Central Bank has come in for some harsh scrutiny by
  Standard & Poor's (S&P) with the agency saying its
  track record "raises questions over its effectiveness".
  In a report published yesterday (13 January) on the Irish
  P&C sector, S&P said examples of ineffectiveness included
  the failure of Quinn Insurance, the irregularities reported at RSA
  Ireland and the recent collapse of Setanta Insurance, as well as
  irregular transactions between Anglo Irish Bank and Irish Life and
  
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• Complexity a barrier to providing capacity for WEF top risks: Reyes

  14-01-2016 20:34
  Insurers must make a concerted effort to better understand the
  complexity of the most pressing risks highlighted in the World
  Economic Forum's (WEF) 2016 global risks report, so to provide
  more meaningful capacity, Zurich CRO Cecilia Reyes has claimed.
  The report highlighted the failure to mitigate and adapt to
  climate change as having the greatest potential impact on the
  global economy, ahead of weapons of mass destruction and water
  crises.
  The top risk in terms of likelihood, however, was larg
  
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• Clinton targets offshore reinsurers

  14-01-2016 20:34
  Hillary Clinton, the Democratic presidential hopeful, has pledged
  to close perceived taxation loopholes in Bermuda as part of her
  election campaign.
  In a factsheet entitled "Investing in America by Restoring
  Basic Fairness to Our Tax Code", Clinton takes aim at the
  hedge fund reinsurance market, saying: "high-income money
  managers have used loopholes related to foreign reinsurance - often
  located in Bermuda - to avoid paying their fair share".
  The document provides scant detail on what measures
  
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• Video: Yacht Club Q&A video

  14-01-2016 17:17
  
  Stacey Georgiou Postonline
  
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• Ace's Chubb acquisition set to close today

  14-01-2016 15:50
  Ace's $29.7bn acquisition of Chubb should close today (14
  January) after the carrier announced yesterday that all of its
  regulatory approvals had been received.
  As previously announced, Ace will adopt the Chubb name and the
  company's stock will begin trading on the New York Stock
  Exchange under the symbol CB on the first trading day following the
  closing.
  "We are pleased to have all of our regulatory approvals and
  we look ahead to the closing of this transaction with great...
  
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• NIG to axe 71 jobs in cost-cutting move

  14-01-2016 15:40
  
  Insurer shifting functions to India from Manchester and Bristol
  
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• Gravity of cyber risk stressed as climate change tops risk list

  14-01-2016 13:44
  
  Peta Fuller Postonline Failure to act on climate change was named the top global risk by the World Economic Forum today (14 January), as a Marsh leader claimed cyber risk is widely underestimated outside the US.
  
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• UK motor premiums in biggest rise since 2011

  14-01-2016 13:16
  Willis Towers Watson's quarterly UK motor premium report found
  that UK motorists paid £78 more on average for comprehensive
  car policies in 2015 - a 13.2 increase year-on-year.
  This also represents a 6.9 percent quarterly increase (or
  £43) and is the biggest annual rise recorded since 2011 on the
  index, which is produced with price comparison website Confused.com
  and is based on price data compiled from almost two million
  customer quotes.
  The rise was blamed on the increases in insur
  
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• Nickelback sues Lloyd's insurers

  14-01-2016 13:16
  Canadian rock band Nickelback have launched legal proceedings
  against Lloyd's insurers over non-payment for a cancelled
  tour.
  Reports surfaced in December that Lloyd's insurers had
  refused to pay a $13mn claim after the band cancelled tour dates
  due to lead singer Chad Kroeger developing a vocal chords cyst,
  saying he failed to disclose it as a pre-existing condition.
  Nickelback's lawyer Howard Weitzman has gone on the attack,
  insisting Kroeger performed almost 40 shows on the No Fixed Address
  T
  
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• Willis’ new network structure up and running

  14-01-2016 12:45
  
  Network services director Anne Hughes says 85% of N2 members have signed up to the new proposition.
  
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• Allianz backs Thatcham stance on fitting AEB as standard

  14-01-2016 11:42
  
  Callum BrodiePostonline Allianz has backed calls by the motor insures’ research facility Thatcham for automated emergency braking technology to be fitted as standard to all new cars sold in the UK.
  
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• Motor premiums see largest hike in five years

  14-01-2016 11:04
  
  Callum BrodiePostonline Motorists were hit with the highest quarterly rate rise in five years for comprehensive car insurance in Q4 which saw prices rise by 7% toan average of £672, according to the latest Confused car insurance price index.
  
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• Google drivers had to stop driverless cars crashing, says report

  14-01-2016 10:52
  
  California watchdog uncovers safety incidents involving autonomous cars
  
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• PacRe to wind down

  14-01-2016 10:48
  Billionaire investor John Paulson's joint venture with Validus
  PacRe has stopped writing new coverage and its existing policies
  have expired according sister title Trading Risk reported
  yesterday (13 January).
  Validus announced the development alongside a note revealing
  that its asset under management at its third-party capital platform
  AlphaCat Managers reached $2.4bn as of 1 January, more than 70
  percent higher than at the same point a year ago.
  The number includes $2.1bn of third-party assets
  
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• NIG to cut 71 jobs across Bristol and Manchester

  14-01-2016 10:18
  
  Jobs will be lost at the insurer's underwriting centres in offshoring move.
  
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• Wide range of risks seen shaping global agenda, says WEF

  14-01-2016 10:17
  
  Ahead of Davos, World Economic Forum’s annual risk report sees widest-ever range of threats to global stability
  
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• Car insurance premiums see biggest annual rise since 2011

  14-01-2016 10:16
  
  Research cites higher repair costs and IPT rise.
  
  Read more

• Thatcham calls for automatic braking as standard in new cars

  14-01-2016 10:00
  
  Safety body says all safety features should be included as standard, rather than charged-for extras
  
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• How insurers are battling to help flood hit customers

  14-01-2016 09:08
  
  AXA says more collaboration needed between government and industry to look at how properties can be made more resilient to floods
  
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• ACE expects Chubb takeover to complete today

  14-01-2016 09:02
  
  Transaction has received all necessary regulatory clearances
  
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• ACE expects Chubb takeover to be completed today

  14-01-2016 09:02
  
  Transaction has received all necessary regulatory clearances
  
  Read more

• Car premiums see biggest rise for four years in fourth quarter

  14-01-2016 08:52
  
  Confused.com survey blames rise in Insurance Premium Tax and higher repair costs
  
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• Pressure building on Hong Kong's CORs, says Swiss Re

  14-01-2016 06:45
  
  Andrew Tjaardstra Postonline Clarence Wong, chief economist Asia at Swiss Re, believes the soft market conditions in Hong Kong are "unsustainable".
  
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• End of marine market cycles, suggests Munich Re's Berg

  14-01-2016 02:44
  
  Andrew Tjaardstra Postonline Dieter Berg, executive general manager at Munich Re, believes the traditional marine market cycle might be over as premiums decline in a prolonged soft market.
  
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