Insurance news

• Earthquake strikes Japan

  14-04-2016 21:27
  A magnitude 6.2 earthquake struck the southern Japanese island
  of Kyushu, 11 km (7 miles) east of the city of Kumamoto, on
  Thursday night (14 April) local time.
  The quake originated at a depth of around 10 km, according to US
  Geological Survey data. Tremors lasting about 30 seconds have since
  been followed by aftershocks.
  It was the strongest earthquake to hit Japan since the Tohoku
  event in 2011, which measured 8.9 on the Richter scale and
  triggered a subsequent...
  
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• XL Catlin appoints insurance strategic client and broker management head

  14-04-2016 17:28
  
  XL Catlin has named Philippe Gouraud as its head of strategic client and broker management for its insurance division.
  
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• XL Catlin appoints head of insurance strategic client and broker management

  14-04-2016 17:28
  
  XL Catlin has named Philippe Gouraud as its head of strategic client and broker management for its insurance division.
  
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• Briefing: How did Allianz get it so wrong in direct home and motor?

  14-04-2016 17:20
  
  This is a shock development in UK insurance. Allianz, which built a rock solid reputation on consistency and prudence, is pulling out of all direct home and motor.
  
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• 170 roles at risk at Allianz as direct motor and home exit proposed

  14-04-2016 16:59
  
  Allianz UK could withdraw from the direct home and motor markets and has entered union discussions due to approximately 170 roles that would be impacted by the move.
  
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• Panama Papers leak could expose insurers to wider claims

  14-04-2016 16:56
  
  Insurers could be hit hard as a result of the fallout from the Panama Papers data leak, according to lawyers.
  
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• Allianz restructure puts 170 jobs at risk

  14-04-2016 16:56 via insuranceage.co.uk
  
  Insurer set to withdraw from direct home and motor markets in the UK.
  
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• QBE inks British and Irish Lions sponsorship deal

  14-04-2016 16:52
  
  QBE has announced a sponsorship agreement with the British and Irish Lions for its 2017 tour of New Zealand.
  
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• Allianz puts 170 jobs at risk as it plots direct home and motor exit

  14-04-2016 16:14
  
  Allianz UK is planning to withdraw from direct home and motor and as a result, is putting 170 jobs at risk.
  
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• Ecclesiastical and Watson Laurie team up for carers scheme

  14-04-2016 15:30
  
  Insurer and broker join forces on launch of new office risk scheme for Carers Trust.
  
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• Government being “hoodwinked” by insurance industry, says new lobbying group

  14-04-2016 15:16
  
  New group of personal injury lawyers formed to fight changes to whiplash compensation.
  
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• RSA-owned insurer overcharged 8,000 motor customers

  14-04-2016 14:58
  
  RSA-owned Irish personal lines insurer 123.ie is refunding 8,000 motor insurance customers that it had overcharged over a period of two years.
  
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• Ex-broker MP backs Brexit

  14-04-2016 13:06
  
  Craig Tracey urges people to consider the options and make their own decision ahead of the EU Referendum.
  
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• United takes $15mn Q1 storm losses

  14-04-2016 12:52
  Florida insurer United Insurance Holdings (UPC Insurance) said
  it had taken $15mn of pre-tax catastrophe losses in the first
  quarter, putting it on track to begin making claims under its $20mn
  winter storm aggregate reinsurance programme.
  The carrier placed the $20mn excess $15mn aggregate cover in
  January to protect itself against claims from tornado, hail and
  other perils excluding windstorm.
  The company said it had received more than 800 claims from a
  series of storm events primarily in Flori
  
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• Trust Re approved as Lloyd's coverholder

  14-04-2016 12:52
  Trust Insurance Management (TIM), a subsidiary of Bahrain-based
  life and non-life carrier Trust Re, has been approved as a
  Lloyd's coverholder, the company announced yesterday (13
  April).
  Additionally, TIM has entered into an agreement with Novae
  Syndicate 2007 at Lloyd's to write property, energy, liability
  and political violence business, with a view to developing further
  lines in the future, the firm said.
  The business will be led by former Trust Re chief underwriting
  officer Kamal Tabaja as
  
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• TigerRisk in first secondary trade on Xchanging platform

  14-04-2016 12:52
  TigerRisk has transacted the first ever electronic secondary
  reinsurance trade using Xchanging's new placement platform
  XgRM.
  TigerRisk signed up as the platform's first client last year
  and since its release last March more than 750 users from 130
  reinsurance carriers have joined the multi-broker initiative.
  In a statement, the reinsurance broker and advisory firm's
  CEO Rod Fox said executing secondary reinsurance trades in a live
  market environment provided a "host of benefits".
  "It adds liqui
  
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• RSA-owned Irish motor carrier overcharged customers

  14-04-2016 12:52
  RSA-owned Irish motor insurer 123.ie has refunded around 8,000
  customers whom it overcharged for motor policies over a period of
  two years, the company announced today (14 April).
  The company has informed affected customers of the error,
  including those who are no longer policyholders.
  123.ie said the average refund would be approximately EUR80
  ($90), and that it would pay an extra 5 percent to customers as
  compensation for the errors.
  A spokesperson told The Irish Examiner that the error
  was...
  
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• MP suggests broadening Pool Re to include cyber

  14-04-2016 12:52
  The UK's Pool Re scheme could be expanded to include cyber
  cover, according to the MP for the cities of London and
  Westminster.
  Writing in City AM this morning (14 April), Mark Field
  MP said that UK businesses and infrastructure remained exposed to
  cyber attacks and highlighted that no product had yet been designed
  to insure against the risk.
  However, rather than creating a standalone Cyber Re, industry
  and government could instead look at a broader catastrophe pool
  that could...
  
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• Brillante Virtuoso owner arrested on suspicion of fraud

  14-04-2016 12:52
  A Greek ship-owner was arrested after giving evidence in a case
  against 10 Lloyd's insurers in connection with the loss of the
  Brillante Virtuoso in 2012.
  Marios Iliopoulos was arrested by the City of London Police this
  week (12 April) on the steps of London's Commercial Court after
  testifying in a civil trial brought by his former company against
  its insurers following a claims dispute.
  After months of legal wrangling, Iliopoulos had eventually
  agreed to travel from his base in...
  
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• Beazley expands Singapore hub

  14-04-2016 12:52
  Beazley has added four new underwriters to its Singapore
  operations to bolster its marine, cargo, political risks and
  specialty lines product areas.
  Kwang Hoon Song joins Beazley from XL Catlin as head of its
  marine hull, war and builders' risks business in Asia
  Pacific.
  Meanwhile, Said Khan has been named as Beazley's Asia
  regional head of cargo. He was previously head of cargo for Asia at
  Amlin Singapore.
  Teck Siong Ng, previously senior underwriter for casualty and
  financial lines at...
  
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• Lobby group: Insurers ‘hoodwinked’ government on whiplash reforms

  14-04-2016 12:50
  
  Lobby group Access to Justice (A2J) has launched a campaign attacking the government’s planned whiplash reforms.
  
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• FCA and PRA to strengthen decision-making processes

  14-04-2016 12:43 via insuranceage.co.uk
  
  Regulators have published consultation paper to address transparency and effectiveness.
  
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• UK Broker Awards win feedback from clients was “incredible”, says Centor CEO

  14-04-2016 11:01
  
  Neil Walton reveals straightforward submission process helped consolidate his views on the business.
  
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• Europe: Join the caravan

  14-04-2016 10:30
  
  Caravans and motorhomes are increasingly popular and many vacationers are choosing to take them to Europe. What insurance challenges does this pose?
  
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• Industry Voice: The Glorious Twelfth

  14-04-2016 09:45
  
  Is it a coincidence that The Insurance Act 2015 (which is described as the biggest reform to insurance contract law since 1906) is coming into effect on the start of the Grouse shooting season this year? Are insurers and insurance brokers all looking to take shots at each other?
  
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• UN chief urges insurers to ‘green’ investments to manage climate risk

  14-04-2016 09:39
  
  United Nations secretary-general Ban Ki-Moon has urged the insurance industry to "green" its investment portfolios and double its investment in clean energy to help manage the impact of climate change.
  
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• Cyber cover may be worthless if employees hack data

  14-04-2016 08:24
  
  Cyber insurance policies may be worthless if company data is hacked by disgruntled employees, according to lawyers.
  
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• Insurance fraud in Australia rises above A$2bn a year

  14-04-2016 04:38
  
  According to the Insurance Fraud Bureau of Australia, insurance fraud is costing Australians more than A$2bn (£1.1bn) a year.
  
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• Beazley hires three for Asia-Pacific marine division

  14-04-2016 04:12
  
  Specialist insurer Beazley has hired three marine underwriters to be based in its Singapore office.
  
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