Insurance news

• Underwriters have lost pioneering spirit: Watson

  24-05-2016 20:44
  Hiscox chief underwriting officer Richard Watson bemoaned the
  lack of innovation coming from Lloyd's underwriters during a
  speech at the Association of Lloyd's Members conference
  yesterday (23 May).
  Watson criticised the underwriting culture in Lloyd's,
  blaming underwriters for not pushing for more change in the market
  and arguing that they "have been guardians, not
  pioneers".
  He went on to say there had been "too little pioneering,
  and too little new and innovative action in Lloyd's",
  before ad
  
  Read more

• Everest Re launches risk management unit

  24-05-2016 20:44
  Bermudian (re)insurer Everest Re has launched a risk management
  unit within its US insurance division, the company announced today
  (24 May).
  The unit, led by David Sandler, will offer policies covering
  workers' compensation, general and auto liability and foreign
  casualty, as well as casualty risk financing and servicing.
  Sandler will assume responsibility for existing Everest
  Insurance teams dedicated to the segment.
  The executive joined Everest Insurance from American
  International Group, wher
  
  Read more

• Archaic Names capital structures must evolve: Nelson

  24-05-2016 20:44
  Names capital represents a diminishing element of the total
  funds available at Lloyd's and must modernise if it is to
  endure, according to the Corporation's chairman John
  Nelson.
  Speaking at the Association of Lloyd's Members (ALM)
  national conference yesterday (23 May), Nelson said that the
  Corporation had been successful in attracting new capital as part
  of its Vision 2025 strategy.
  "But when it comes to Names capital, we have to face up to
  the fact that the percentage share is...
  
  Read more

• IBIS 2016: Days of human intervention in low value motor claims could be numbered

  24-05-2016 19:12
  
  The use of technology will dramatically change the way motor claims are handled, delegates were told at the IBIS Global Summit 2016 in Barcelona today.
  
  Read more

• Advertisement

• Sri Lanka flood economic losses could hit $2bn

  24-05-2016 14:35
  Global reinsurers and the London market will pay out for damages
  arising from recent severe flooding and landslides in Sri Lanka,
  with economic loss estimates from the event pitched at a minimum of
  $1.5bn-$2bn.
  Finance Minister Ravi Karunanayake said more than 125,000 houses
  and more than 300,000 small-and medium-sized businesses were
  destroyed or damaged, according to a Reuters report.
  Local media outlet Lanka Business Online reported that the Sri
  Lankan government has bought catastrophe reinsu
  
  Read more

• Price Forbes hires real estate team from Marsh

  24-05-2016 14:35
  Highbridge-backed broker Price Forbes has hired Audrey Corfield
  and her team from Marsh, the company said yesterday (23 May).
  Corfield headed up the London real estate practice at Marsh and
  will join Price Forbes as director for European retail.
  The incoming executive will be joined by former Marsh colleagues
  Richard Grimshaw, Helen Morrison and Jason Ellis.
  Corfield's previous roles include regional director of Marsh
  Scotland, Northern Ireland and the Isle of Man....
  
  Read more

• Novae makes two senior marine hires

  24-05-2016 14:35
  Novae has hired two underwriters from Mitsui Sumitomo at
  Lloyd's to expand its marine team, it announced today (24
  May).
  Richard Bridges and Ross Deering have joined the carrier as unit
  head and class underwriter respectively for the marine hull and war
  unit.
  Both join from Mitsui's Syndicate 3210, where Bridges was
  most recently class underwriter for marine hull and war. Prior to
  this he was deputy class underwriter for marine hull at Chubb
  Managing Agent Limited and held senior...
  
  Read more

• Insurers pay $1.1bn Kumamoto quake bill

  24-05-2016 14:35
  Foreign and Japanese domestic insurance companies have paid out
  123bn yen ($1.1bn) in claims related to the Kumamoto earthquake
  that struck the country in April.
  Figures from the General Insurance Association of Japan (GIAJ)
  showed that insurers had paid 76,580 claims as of 16 May.
  The Kumamoto earthquake, which struck the country on 15 April,
  has surpassed the 1995 Hyogoken-Nanbu earthquake to become the
  second largest cause of claim payments for "earthquake
  insurance on dwelling risks", the GI
  
  Read more

• Advertisement

• Dalgarno to tackle Towergate legacy issues

  24-05-2016 14:35
  UK broker Towergate has placed chief risk officer Sarah Dalgarno
  in charge of addressing the company's legacy challenges, as the
  firm continues its turnaround.
  Dalgarno will head up the newly created legacy resolution unit,
  which will house the broker's unregulated collective investment
  schemes (Ucis) and enhanced transfer value (ETV) businesses.
  She will also oversee the ongoing simplification of the
  broker's legal entity structure.
  Towergate has been subject to investigation by the UK regulato
  
  Read more

• Citizens slashes reinsurance limit

  24-05-2016 14:35
  Florida Citizens Property Insurance plans to reduce its
  reinsurance cover in place for the 2016 hurricane season by more
  than a third from last year, sapping demand in the Sunshine
  State.
  The state-backed carrier plans to place just $221mn of new
  reinsurance limit, confirming expectations that it would
  significantly reduce its reinsurance spend after shrinking its
  portfolio.
  It has achieved this by negotiating to reallocate aggregate
  cover placed in prior years as a single-year per-occurrence co
  
  Read more

• Chubb reveals European SME push

  24-05-2016 14:35
  Chubb has unveiled a new proposition for brokers and their small
  and medium-sized clients in Europe, it announced yesterday (23
  May).
  The carrier said that the launch of Chubb Easy Solutions
  reflected its strategy to provide speedy and efficient service to
  small and medium-sized enterprises (SMEs), one of its core customer
  segments in Europe.
  The proposition is currently available in France, Spain and
  Portugal and will be rolled out to other key European markets
  including Germany, Italy and the
  
  Read more

• China Mobile to invest $305mn in insurer

  24-05-2016 14:35
  State-owned telecoms company China Mobile is set to inject 2bn
  yuan ($305mn) into two Chinese insurance companies, according to
  local media reports.
  Financial magazine Caixin said that China Mobile is set
  to invest 1bn yuan into CMG Renhe Life, with a further 1bn yuan
  going to the group's life insurance arm.
  Both insurance businesses belong to state-owned conglomerate
  China Merchants.
  Chinese companies from outside the insurance industry are
  increasingly looking to buy into the sector, which is
  
  Read more

• Number of deafness claims falls after ‘unsustainable’ peak

  24-05-2016 13:34
  The number of deafness claims tumbled sharply in the latter half of last year, reversing a growing trend that many viewed as unsustainable.
  
  Read more

• Vienna Insurance Group reports 97.8% COR but profits down

  24-05-2016 12:59
  
  A low interest rate environment put pressure on the financials at Vienna Insurance Group, with profit before tax in Q1 2016down 22.5% to €101.5m (£77.6m 3M 2015: €130.9m).
  
  Read more

• Chubb appoints Joe Fernandez to key role for Eurasia and Africa

  24-05-2016 12:49
  
  Joe Fernandez will run financial lines underwriting strategies in Eurasia and Africa as the new financial lines product manager for the region.
  
  Read more

• Lyndon Willshire joins Temple Legal Protection

  24-05-2016 10:47
  
  Willshire appointment follows the exit Phil Bellamy who left earlier this year.
  
  Read more

• Video: A broking minute with Paul Samways

  24-05-2016 10:30
  
  Paul Samways, managing director of Miles Smith Insurance Solutions, tackles the questions this month.
  
  Read more

• How to make your fortune in insurance

  24-05-2016 10:30
  
  If you want to make real money from insurance then motor is the route to go down, or you could just try your hand at online gambling, argues Tony Cornell
  
  Read more

• RSA launches risk management service for mid market

  24-05-2016 09:42
  
  RSA has launched a risk management service designed for mid-market companies in the regions to help them mitigate losses.
  
  Read more

• Allianz launches online marine cargo proposition

  24-05-2016 09:35
  
  Allianz Global Corporate & Specialty also enhances its cargo product.
  
  Read more

• Former Windsor MD to head Towergate London unit - reports

  24-05-2016 09:24
  
  Towergate is about to hire former Windsor managing director Neil Pearce as head of its London market operations, according to reports.
  
  Read more

• RSA launches new regions risk management service

  24-05-2016 09:21
  
  New offering targeted at mid-market business.
  
  Read more

• Corporations ‘unlikely to support database on cyber attacks’

  24-05-2016 09:06
  
  Establishing a database of cyber attacks on UK corporations for insurers to better assess risks, could be “fraught with practical challenges” experts have warned.
  
  Read more

• HomeServe UK unit reports revenue growth but flat profit

  24-05-2016 08:56
  
  HomeServe’s UK business made an operating profit of £57.4m in the year to 31 March 2016, almost unchanged from the £57.7m it reported in its previous financial year.
  
  Read more

• C-Suite Insurer: Lloyds Banking Group's Bill Cooper on securing better returns on investments

  24-05-2016 08:00
  
  The current environment for insurers and brokers remains challenging as they continue to wrestle with the cost of regulatory change, shifting consumer habits and very low interest rates
  
  Read more

Follow @Insurance_UKnws on Twitter!