Insurance news

• Xchanging renews WorkSafe contract

  04-04-2016 20:34
  Insurance outsourcing and software firm Xchanging has renewed its
  contract with workers' compensation specialist WorkSafe in
  Australia, the company announced today (4 April).
  The five-year deal extends a contract to provide workers'
  compensation policy and claims management services in the state of
  Victoria.
  As a result Xchanging will increase its share of the market from
  around 13 percent to an estimated 19 percent.
  WorkSafe is a statutory body founded by the Victorian WorkCover
  Authority, whic
  
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• Study uncovers cities most at risk of wildfire damage

  04-04-2016 20:34
  Catalonia, Madrid and Valencia are among the locations that are
  most at risk of catastrophic damage from wildfires in Europe,
  according to a study by the University of Leicester.
  An international research team working for the university's
  Centre for Landscape and Climate Research has put together a map
  using satellite data that details the countries in Europe with the
  highest likelihood of experiencing wildfire damage.
  The study noted that large fires occurred more frequently near
  Wildland Urban
  
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• Qatar introduces insurance regulations

  04-04-2016 20:34
  The Qatar Central Bank has issued the first set of comprehensive
  regulations for the country's insurance industry.
  Governor Sheikh Abdullah bin Saud Al-Thani issued the
  instructions last week.
  They introduce rules that define a broad range of regulatory and
  prudential requirements relating to licensing, regulation and
  controls, risk management, accounting and actuarial reports, and
  capital requirements.
  The regulations stipulate that listed insurance companies must
  retain capital of more than 10
  
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• Pro returns to profit in 2015

  04-04-2016 20:34
  Pro Global Insurance Solutions (Pro) posted operating profits of
  £0.9mn for 2015, recovering from an operating loss of
  £1.3mn the previous year, the industry outsourcer and
  consultancy announced today (4 April).
  Results at the company improved across the board as it posted
  profit before tax of £1.6mn, improving from a £0.8mn loss
  in 2014, while revenues increased by £0.8mn to £26.6mn
  for the year.
  New business revenues increased by 35 percent to £11.5mn,
  
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• Oman to pre-approve investment-linked products

  04-04-2016 20:34
  Oman's Capital Market Authority (CMA) has told insurers that
  they must obtain its approval before marketing any
  investment-linked product or creating any linked funds.
  In a circular distributed to insurers last week, the regulator
  also said that insurers which had already commenced such business
  must renew their approvals within six months.
  The CMA's new rules for marketing investment-linked
  insurance products in the Sultanate include minimum standards and
  disclosure requirements.
  The regulator
  
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• Korean Re chairman dies aged 90

  04-04-2016 20:34
  Korean Re chairman Hyuk Hee Won passed away last week (29 March)
  at the age of 90.
  He is survived by three sons and two daughters. Two of his sons
  hold key position within the company. Eldest son Jong Ik Won is an
  adviser to Korean Re, while youngest son Jon Gyu Won is CEO.
  The company said in a statement that Won had become the largest
  shareholder of Korean Re in 1998, and was instrumental in growing
  the company...
  
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• Hamilton confirms property D&F hire

  04-04-2016 20:34
  Hamilton Underwriting (Hamilton) has appointed Miles Osorio head of
  property direct and facultative (D&F), the Lloyd's managing
  agent confirmed today (4 April).
  Osorio will report to active underwriter for the syndicate
  Trevor Carvey.
  He was previously senior underwriter for D&F property at CNA
  Hardy, prior to which Osorio served as senior underwriter for
  Montpelier Syndicate 5151, where he was head of individual risk,
  international property.
  Sister publication Inside FAC revealed
  in Aug
  
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• Flood Re launches

  04-04-2016 20:34
  UK floods minister Rory Stewart has called Flood Re a
  "fantastic step forward" as the government-backed flood
  reinsurance pool launches nationwide today (4 April).
  Under the scheme, some 350,000 homes in flood-prone areas will
  benefit from affordable home insurance.
  In a statement, the minister said: "Flooding is
  devastating. Nothing can take away the distress it causes.
  "But affordable flood insurance will help people get back
  on their feet more quickly and secure their futures, so the
  governme
  
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• Brexit would damage Lloyd's: market survey

  04-04-2016 20:34
  Almost 70 percent of the London (re)insurance market believes a
  UK exit from the European Union would be bad for business,
  according to a survey from Haggie Partners.
  The research, which surveyed 259 active participants in the
  London market, found that 68.7 percent of market practitioners
  believed a Brexit would hurt or severely damage Lloyd's.
  Slightly more than a quarter, some 25.1 percent, believed it
  would have no impact, while only 6.2 percent said a Brexit would
  benefit Lloyd's.
  Some...
  
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• John Blundell to leave deputy CEO role at Covéa

  04-04-2016 16:55 via insuranceage.co.uk
  
  Former managing director of Sterling came on board in 2006.
  
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• Former Sterling MD Blundell steps down as deputy CEO of Covea Insurance

  04-04-2016 16:49
  
  Covéa Insurance has announced that John Blundell, the company’s deputy chief executive, will be leaving the business at the end of May.
  
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• John Blundell to leave Covéa Insurance

  04-04-2016 16:45
  
  Former Sterling boss will depart at the end of May
  
  Read more

• Commercial vehicle MGA launches with £30m capacity

  04-04-2016 15:55
  
  A £30m-capacity managing general agency targeting van and commercial vehicle business will be launched in the UK market by the founder of a claims management company.
  
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• Cherish Insurance Brokers enabling Flood Re for intermediaries

  04-04-2016 15:01 via insuranceage.co.uk
  
  Managing director Neil Bresler says brokers are pushing back already.
  
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• Biba demands Flood Re is made widely available via brokers

  04-04-2016 12:59 via insuranceage.co.uk
  
  Trade body urges insurers and software houses to act fast.
  
  Read more

• How drones can support insurance

  04-04-2016 12:52 via insuranceage.co.uk
  
  Dr Monica Rivas Casaldo urges the insurance sector to develop awareness of how they can use drones.
  
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• THB partners with Unicorn Underwriting on motor fleet

  04-04-2016 12:24 via insuranceage.co.uk
  
  Broker taps into capacity from Berkshire Hathaway International.
  
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• Research says Brexit would “damage” insurance

  04-04-2016 12:23 via insuranceage.co.uk
  
  Study claims that two thirds in the insurance market think exiting the EU would be bad for business.
  
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• MIB recruits former West Midlands police head to liaise with the UK's forces

  04-04-2016 12:07
  
  The Motor Insurers' Bureau has recruited a former West Midlands Police Inspector to liaise with the UK's 45 police forces.
  
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• #Insagepeople: 4 - 10 April 2016

  04-04-2016 11:49 via insuranceage.co.uk
  
  Get your fix of the market movers each week in one place with our new way of bringing you the latest recruitment changes.
  
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• Video: Power hour - risk management

  04-04-2016 11:40 via insuranceage.co.uk
  
  What additional services do insurance brokers need to consider?
  
  Read more

• CFC launches transaction liability suite

  04-04-2016 11:23 via insuranceage.co.uk
  
  The capacity is backed by a number of Lloyd’s syndicates.
  
  Read more

• Axa steers customers to Flood Re-backed policies as scheme launches

  04-04-2016 11:19
  
  Axa Insurance will contact its direct customers who would benefit from a Flood Re-backed policy to encourage them to cancel their existing policy for one backed by the new scheme.
  
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• Aviva joins Flood Re for direct business with homeowners

  04-04-2016 10:57 via insuranceage.co.uk
  
  Insurer received over 2,000 claims during the recent floods.
  
  Read more

• AXA's flood-risk homeowners encouraged to switch to Flood Re cover

  04-04-2016 10:47
  
  AXA Direct customers will be able to secure Flood Re-backed insurance from 20 April
  
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• Review: Under one roof

  04-04-2016 10:30 via insuranceage.co.uk
  
  Arag Commercial Property Owners' Legal Solutions. This product has been reviewed by brokers and rated from one to five stars, based on the policy’s key benefits. * = Poor ** = Average *** = Good **** = Very good ***** = Excellent
  
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• Regional relationships matter

  04-04-2016 10:30 via insuranceage.co.uk
  
  RSA head of UK commercial Jon Hancock explains why the insurer remains committed to the regions
  
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• Products round-up: Setting the market in motion

  04-04-2016 10:30 via insuranceage.co.uk
  
  If summer isn’t quite in the air yet it is definitely on the minds of insurers as cars seem to be the flavour of the month.
  
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• Power hour: Running the risk

  04-04-2016 10:30 via insuranceage.co.uk
  
  Adding risk management services to their offering could help brokers differentiate themselves from their competitors. Our expert panel discuss outsourcing, regulation and how insurers can help
  
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• Broker Network hails new independence

  04-04-2016 10:30 via insuranceage.co.uk
  
  Market welcomes Towergate selling its majority stake, but some have questioned aspects of the deal
  
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• Cooper Gay completes sale of North American business

  04-04-2016 10:25
  
  Sale will enable CGSC to push forward with strategy – Group chief exec Hearn
  
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• Lloyd’s insurers told to provide figures on exposure to cyber claims

  04-04-2016 09:30
  
  Lloyd’s central management division wants to assess whether syndicates can meet cyber claims
  
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• Willis Networks names replacement for insurer relations director

  04-04-2016 09:02
  
  Richard Fullerton has been promoted to role of Willis Commercial Network market development director
  
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• Flood Re goes live

  04-04-2016 07:30
  
  Chief executive urges consumers to opt for the best rather than the cheapest policy
  
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• Flood Re scheme brings affordable insurance to homes in high-risk areas

  04-04-2016 07:00
  
  New scheme expected to make insurance cover more affordable for owners of 350,000 UK homes at high risk of floodingA controversial new scheme designed to let home insurers offer affordable cover to the 350,000 UK homes at high risk of flooding is to be launched. Flood Re, which claims to be a world first, received the final go ahead from financial regulators last week, and on Monday will start accepting the first premiums and offering cover to householders.Related: England's flood-hit towns and
  
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• South East, Yorkshire and Humber named among Flood Re hotspots

  04-04-2016 01:15
  
  Flood Re expects policyholders in the South East of England, East England, North West England, Yorkshire and Humber, and London to be the biggest beneficiaries of the scheme that went live today (4 April).
  
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