Insurance news

• World Bank and European Commission back CCRIF

  15-04-2016 23:31
  The World Bank and European Commission have agreed a EUR14mn
  ($15.8mn) deal to back the Caribbean Catastrophe Risk Insurance
  Facility (CCRIF).
  The scheme provides affordable catastrophe protection to weaker
  economies in Latin America and the Caribbean that may otherwise not
  secure open-market coverage.
  The European Union is just the latest donor to the scheme. So
  far, the US and Canadian governments have donated around $24mn.
  The money will be used to support the countries' ascension
  to become p
  
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• Japan suffers second earthquake in 2 days

  15-04-2016 21:23
  Southern Japan has been struck by a second significant earthquake
  this week, with a magnitude 7.1 tremor, according to the Japan
  Meteorological Agency (JMA).
  The earthquake hit at 5.25pm London time today (15 April), or
  1.25am local time in Japan, at a depth of 10km in the Kumamoto-ken
  region.
  The JMA has issued tsunami advisories covering the Ariake Sea
  and Yatsushiro Sea regions, although any waves are only expected to
  be 0.2-1 metre high.
  Southern Japan was hit by a...
  
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• Simply Business, Gallagher, Allianz, FCA, IFED, compliance careers, thunderstorms, caravans and 80s cars

  15-04-2016 17:22
  
  The best of Post the last week in case you missed it
  
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• Court victory for insurer in £236,724 Ferrari credit hire dispute

  15-04-2016 16:39
  
  A businessman has lost his legal battle to force Direct Line Group (DLG) to pay £236,724 for the hire of two Ferraris following a car accident.
  
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• Footballer sentenced for contempt of court over tweets

  15-04-2016 15:56
  
  A footballer, who tweeted about playing a game just a day after making a fraudulent insurance claim, was given a suspended jail sentence today.
  
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• Allianz UK direct home and motor exit a ‘good sign’ for brokers

  15-04-2016 15:56
  
  Allianz UK’s proposed withdrawal from the direct home and motor markets was welcomed by brokers as it will go towards reducing competition in an overcrowded market.
  
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• Streamlining the focus of Allianz UK restructure: Dye

  15-04-2016 14:57
  Allianz UK will combine its commercial and retail segments and
  explore an exit from the direct home and motor space as part of
  attempts to streamline the business.
  Speaking on a conference call this morning (15 April), Allianz
  UK CEO Jon Dye said it had decided to downsize from two trading
  divisions to one to make it easier for brokers to do business with
  the company.
  He said the reorganisation would mean brokers would have one
  interface between Allianz and...
  
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• P&I clubs increase Iran fall-back limit to EUR100mn

  15-04-2016 14:57
  The International Group (IG) of protection and indemnity clubs
  has obtained an increased limit of EUR100mn ($112mn) for its Iran
  "fall-back" cover, the group announced yesterday (14
  April).
  The new limit is an increase of EUR30mn from the initial figure.
  The group also secured underwriters' agreement to a second full
  reinstatement of cover.
  The IG has been negotiating with the US Treasury's Office of
  Foreign Asset Control (OFAC) to allow US-domiciled (re)insurers to
  participate in an interim "fa
  
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• Newman hands Cooper Gay London reins to Hearn

  15-04-2016 14:57
  Gordon Newman, the chief executive of Cooper Gay's London
  market business, is to retire from the role, which will be filled
  on a permanent basis by group CEO Steve Hearn, The
  Insurance Insider can reveal.
  Newman will relinquish the position on 20 April, and will
  subsequently be appointed chairman of the broker's energy and
  reinsurance divisions.
  Sources said that Newman will continue to work with clients in
  his new roles.
  It is understood that Hearn's decision to take on the...
  
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• HSB receives US permission to use drones

  15-04-2016 14:57
  Munich Re subsidiary the Hartford Steam Boiler Inspection and
  Insurance Company (HSB) has received US permission to use drones to
  support its claims and underwriting activities, the engineering and
  technical risk insurer announced yesterday (14 April).
  The company received an exemption from the US Federal Aviation
  Administration (FAA) to use drones for commercial operations.
  HSB said it would use drones to inspect locations that may be
  inaccessible or unsafe for a personal inspection.
  The techno
  
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• Man sentenced for submitting false injury claims to Allianz

  15-04-2016 14:17
  
  A Southend factory worker has been sentenced for submitting three false personal injury claims to Allianz.
  
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• Ecclesiastical renews charity scheme and appeals for more brokers

  15-04-2016 14:09
  
  Ecclesiastical is keen to strike more scheme partnerhsips withi brokers after its latest successful partnership. 
  
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• Editor's comment: Do you have our loyalty card?

  15-04-2016 13:34
  I got a ‘call’ from my mum the other day. I mean I speak to her every day and she only lives half a mile away but this was one of those ‘could you please do something for me?’ calls.
  
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• ABI seeks better engagement with young insurers

  15-04-2016 13:24
  
  The Association of British Insurers has acknowledged it needs to “do more” to engage young insurers, as Post research found that a majority hadn’t heard of the leading trade body.
  
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• New Allianz structure is about making brokers’ lives better, says Jon Dye

  15-04-2016 11:59 via insuranceage.co.uk
  
  UK CEO confirms insurer will do everything it can to find roles for 170 staff affected by proposal to withdraw from direct home and motor.
  
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• Bristol contact centre to be hit by majority of Allianz job cuts

  15-04-2016 11:52
  
  The majority of the 170 Allianz roles put at risk due to its proposal to exit direct home and motor insurance are Bristol contact centre jobs, Allianz UK CEO Jon Dye said, with the potential withdrawal impacting 187,000 policies.
  
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• Quizzical questions: 15 April 2016

  15-04-2016 11:32
  
  Test your knowledge of the week’s events in our topical news quiz.
  
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• Smarter consumer communications for brokers

  15-04-2016 11:31
  
  Abacus director Richard Burgess sets out what effective communication should mean.
  
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• InsurTech Futures: Start-ups ready to disrupt the market

  15-04-2016 11:30 via insuranceage.co.uk
  
  LV, Allianz and Admiral among backers of Startupbootcamp's 2016 InsurTech program.
  
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• Direct home and motor exit to punch £84m hole in Allianz GWP

  15-04-2016 11:30
  
  Allianz UK’s planned exit from direct home and motor business will punch a £84m hole in the insurer’s gross written premium (GWP), according to chief executive Jon Dye.
  
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• LMA unveils second competitive board election in two years

  15-04-2016 10:55
  The Lloyd's Market Association (LMA) has revealed that there
  are six candidates competing for four vacancies on its board, with
  the election due to take place later this month.
  The development marks the LMA's second competitive election
  in two years, after eight candidates vied for six places in
  2015.
  The candidates in contention for the four vacancies this year
  are: Novae Syndicates CEO Jonathan Butcher; Aegis managing director
  David Croom-Johnson; Tokio Marine Kiln Syndicates group CFO James
  D
  
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• Allianz UK home and motor exit to put 170 jobs at risk

  15-04-2016 10:55
  Allianz UK has confirmed it is exploring an exit from its direct UK
  home and motor markets, with 170 jobs at risk in the company's
  Bristol and Guildford offices.
  The insurer confirmed it is in talks with trade union Unite
  regarding the proposed job losses.
  A spokesperson said the proposals were currently in the early
  stages, and was unable to give a precise breakdown of the cuts or a
  timeline for next steps as the company still needed to go...
  
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• Mike Rogers to step down as CEO of LV

  15-04-2016 10:28 via insuranceage.co.uk
  
  Rogers will continue to lead the business for the rest of 2016.
  
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• Blog: 1980s classic car revival creates hot targets

  15-04-2016 10:04
  
  From the Vauxhall Nova to the Ford Escort MkII, the 1980s classic car market is booming.
  
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• Storms: Tackling increasingly severe events

  15-04-2016 10:00
  
  With rising temperatures and an increase in ever more costly incidents, how is the insurance industry coping with the hail of bad news?
  
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• Research: State of the Young Insurer Nation Part 2: Life inside insurance

  15-04-2016 10:00
  
  In the second section of the research, Michèle Bacchus asks more than 50 young insurer employees about their lives in the insurance industry itself
  
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• LV= group boss Rogers steps down

  15-04-2016 09:39
  
  LV= group chief executive Mike Rogers will step down. 
  
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• LV chief Rogers to step down

  15-04-2016 09:25
  
  LV CEO Mike Rogers is to step down after 10 years in the role.
  
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• Brokers rally behind Allianz despite home and motor blow

  15-04-2016 08:30
  
  Allianz’s planned exit from direct home and motor business could give brokers a greater opportunity to show their worth to the company.
  
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• Endurance reveals Q1 mark-to-market investment losses

  15-04-2016 07:56
  Equity analysts lowered their first quarter earnings forecasts for
  Endurance after the Bermudian warned that its net investment income
  for the period had been impacted by mark-to-market losses.
  In a statement, the (re)insurer said it expects its first
  quarter 2016 investment portfolio total return to be around 98
  basis points and its net investment income to be around $11mn.
  Net investment income was hit by approximately $28mn of
  mark-to-market losses in its other investment portfolio as a resul
  
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• CSU forecast calls for near-normal hurricane season

  15-04-2016 07:56
  Colorado State University (CSU) scientists Philip Klotzbach and
  William Gray have predicted the 2016 Atlantic basin hurricane
  season will see near-average activity, after two years of calling
  for below-average forecasts.
  The CSU long-range forecast called for 13 named storms, 6
  hurricanes and 2 major hurricanes this year, including hurricane
  Alex that formed in January, outside the June-November season.
  The median for the period from 1981-2010 has been 6.5 hurricanes
  and 2 major hurricanes.
  Howe
  
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• Gallagher puts graduate scheme on hold

  15-04-2016 07:30
  
  Arthur J Gallagher has put its graduate recruitment scheme on hold following a review which found that graduates on a formal programme were less likely to remain long-term with the company where they received their initial training.
  
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• ABI: lawyer lobby group ‘simply wrong’ on whiplash reform

  15-04-2016 07:26
  
  ABI general insurance policy director James Dalton has hit back at lawyer lobby group Access to Justice (A2J)’s criticism of proposed government whiplash reforms, calling the group’s position “simply wrong”.
  
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• United Nations secretary-general asks for industry's help on climate change

  15-04-2016 04:50
  
  United Nations secretary-general Ban Ki-moon has urged the insurance industry to work with the organisation in a meeting at the UN's headquarters in New York this week.
  
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