Insurance news

• H1 natural hazard losses at highest since 2011: Aon Benfield

  20-07-2016 20:54
  Aon Benfield's Impact Forecasting unit said insured catastrophe
  losses reached $30bn for the first half of this year - the highest
  level since 2011.
  The losses were slightly below a 10-year average of $31bn but
  were above the longer-term average of $24bn dating to 2000, the
  company said.
  Economic losses reached $98bn for the period.The percentage of economic losses covered by insurance was 30
  percent, slightly above the 10-year average of 28 percent, due to
  the high number of...
  
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• Allied World up by double digits on Q2 results

  20-07-2016 18:03
  Markets have reacted positively after Allied World's second
  quarter earnings beat the analysts' consensus forecast, with
  its share price spiking by over 11 percent.
  As of 15:25 BST today (20 July), the Bermudian carrier's
  share price had strengthened by 11.94 percent after it posted
  operating profits of $82.7mn, or $0.91 a share, to blow the
  forecast of $0.39 per share out of the water.
  Underwriting income jumped from just $5.9mn in the second
  quarter of 2015 to $45.4mn in the...
  
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• Collateral lies ruling 'a blow to honest customers', says ABI

  20-07-2016 17:31
  
  Today’s Supreme Court ruling on the inability of collateral lies to invalidate an insurance claim could come as a blow to honest customers, the Association of British Insurers has warned.
  
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• Supreme Court ruling is setback in fight against fraudulent claims - ABI

  20-07-2016 17:10
  
  The ABI has warned that a Supreme Court decision which ruled that insurers can no longer avoid paying a claim if there are so-called collateral lies in the claim will push up the cost of insurance.
  
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• Collateral lies need not invalidate insurance claims, court rules

  20-07-2016 16:59
  
  Supreme court says lies that do no affect overall value of a claim are irrelevant and cannot be used by insurers as a reason to reject itA supreme court ruling could prompt a wave of fraudulent claims on household and car policies after it ruled it was acceptable to tell a “collateral lie” when making a claim. Until now, insurers could reject any claim in its entirety if they found evidence of lies – such as a motorist claiming to be a librarian rather than a sportsman to keep
  
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• Collateral lies 'irrelevant' to claims: UK court

  20-07-2016 16:50
  The UK Supreme Court has ruled insurers are liable for claims
  involving "collateral lies" by the insured, overturning a
  previous ruling by a majority of four to one.
  In a judgment today (20 July), the court said lies told by the
  insured to bolster claims did not remove the insurer's
  liability of payment if they were irrelevant to the claim
  itself.
  The ruling stemmed from a dispute between a Dutch cargo ship
  that encountered difficulties after her engine room was...
  
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• Marsh hires Carlisle and Newcastle branch manager from Aon

  20-07-2016 15:46
  
  Marsh has hired Chris Milnes to head up its Carlisle and Newcastle offices.
  
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• FCA starts tender process for skilled persons panel

  20-07-2016 15:32
  The UK Financial Conduct Authority (FCA) has launched the tender
  process for its skilled persons panel.
  Along with its sister UK regulator the Prudential Regulation
  Authority (PRA), the FCA has the power to appoint skilled persons
  to carry out reports on a financial company if it has any concerns
  over how the firm is being run.
  In the tender document released today (20 July), the regulator
  said the total value of the contract is between £60mn and
  £120mn ($79mn-$158mn).
  The...
  
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• “Collateral lies” acceptable in claims rules court

  20-07-2016 15:26
  
  Supreme Court decides that “collateral lies” should not invalidate a claim.
  
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• Supreme Court: Insurers cannot avoid claims over 'collateral lies'

  20-07-2016 15:06
  
  Insurers can no longer avoid paying a claim if there are so-called collateral lies in the claim, the Supreme Court has ruled today.
  
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• Collateral lies will not invalidate claims, rules Supreme Court

  20-07-2016 14:55
  
  Telling a “collateral lie" will not invalidate an insurance claim, the Supreme Court ruled today.
  
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• Allianz tackles underinsured SMEs with new data initiative

  20-07-2016 13:28
  
  Allianz has introduced a new data initiative which aims to reduce the number of uninsured SMEs.
  
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• QIC grows top line 44% in Q2

  20-07-2016 12:48
  Qatar Insurance Group (QIC) has reported a 44 percent increase in
  second quarter gross written premiums (GWP) to $1.5bn.
  Net income nudged up by 3.8 percent from $163mn to $169mn in Q2
  2016, with 43 percent of the total attributable to the group's
  Qatar Re reinsurance arm.
  GWP at Qatar Re grew by 41 percent to $654mn, while QIC's
  Lloyd's insurance platform Antares increased its gross writing
  by 16 percent to $233mn.
  However, underwriting performance at the group deteriorated as...
  
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• Insurers begin lobbying ministers following cabinet reshuffle

  20-07-2016 12:08
  
  Insurers and brokers have already begun lobbying the new cabinet following prime minister Theresa May’s reshuffle last week.
  
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• Tokio Marine promotes Sherman to main board

  20-07-2016 11:20
  Donald Sherman has been promoted to an executive officer on Tokio
  Marine Holdings' main board.
  In a statement released yesterday (19 July), the carrier
  confirmed that Sherman, who is president and COO of Tokio
  Marine-owned Delphi Financial Group, will take up his new position
  on 1 August.
  He will continue to serve in his roles at Delphi....
  
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• Suncorp hires new head of investments

  20-07-2016 11:20
  Suncorp has appointed Patrick Farrell as head of investments, the
  Australian carrier announced yesterday (19 July).
  Farrell began in his new role on 18 July.
  He was previously chief investment officer and head of advance
  asset management at BT Financial Group, the wealth management arm
  of Australian bank Westpac.
  Suncorp said Farrell also had experience working with
  investments in the insurance industry.
  He will report to Suncorp deputy chief financial officer Jeremy
  Robson and will be responsib
  
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• No “bonfire of regulation” post Brexit, says FCA chief

  20-07-2016 11:12 via insuranceage.co.uk
  
  Andrew Bailey said he does not foresee a “great bonfire of regulation” as watchdog sets up department to deal with EU exit.
  
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• LV's Steve Treloar: Meet the new boss

  20-07-2016 10:29 via insuranceage.co.uk
  
  LV's new MD tells Insurance Age about going digital, future plans, broker relationships and Brexit.
  
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• Allianz rolls out new initiative to prevent SME underinsurance

  20-07-2016 10:25 via insuranceage.co.uk
  
  Insurer previously confirmed it would no longer apply average to SME claims.
  
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• Chubb launches biogas and solar package

  20-07-2016 10:24 via insuranceage.co.uk
  
  Proposition available in the UK and Ireland as the insurer expands “cleantech” offering.
  
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• The new claims legislation that impacts brokers

  20-07-2016 10:17 via insuranceage.co.uk
  
  Stephen Netherway warns that failure to comply with the Third Parties Act will lead to unwelcome costs.
  
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• Brexit will not lead to ‘bonfire of regulation’, FCA chief says

  20-07-2016 09:40
  
  Brexit will not lead to a “bonfire of regulation” the new head of the Financial Conduct Authority has warned.
  
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• FCA to publish proposed new mission statement in autumn

  20-07-2016 09:13
  
  The FCA is planning to publish proposal for a new mission statement in early autumn.
  
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• FCA’s Bailey: Brexit will not trigger regulatory ‘bonfire’

  20-07-2016 08:54
  
  The UK’s exit from the European Union will not necessarily mean a big clear-out of EU-derived legislation, new FCA chief executive Andrew Bailey said.
  
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• Q&A: Axel Theis, Allianz

  20-07-2016 08:00
  
  As member of the Allianz SE board of management, responsible for global insurance lines, Anglo markets and Russia, Axel Theis is a busy man. Post caught a few moments during a brief trip to London to find out what's in store for this global company.
  
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• RLI profits fall 20% as reserve releases halve

  20-07-2016 01:17
  US specialty insurer RLI saw operating income slide to $27.3mn in
  the second quarter of 2016, down 20 percent on the same period last
  year.
  However, the $0.61 per share result was roughly in line with
  Wall Street's consensus estimate of $0.62.
  The results included a combined ratio of 85.5 percent for the
  quarter, marking a deterioration from the 79.8 percent reported for
  the second quarter of 2015.
  The combined ratio for the carrier's property book improved
  by 7.4 percentage...
  
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