Insurance news

• Former Travelers CEO Fishman dies

  19-08-2016 23:36
  Travelers executive chairman and former CEO Jay Fishman has died
  after battling a neuromuscular condition that forced him to step
  down as head of the US-listed insurer last year.
  In a statement released after markets closed, the insurance
  giant announced "with great sorrow" that Fishman had
  passed, crediting him with transforming the company.
  Alan Schnitzer, who succeeded Fishman as CEO, said: "Jay
  led Travelers with an eye towards more than just success as it is
  traditionally measured.
  "In part
  
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• Broker and partner jailed for defrauding Willis

  19-08-2016 18:08 via insuranceage.co.uk
  
  Simon Higginson and Lee Willis were convicted of defrauding Willis of £1.7m over more than a decade.
  
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• Global insurtech attracts £1bn of venture investment in the first half of 2016

  19-08-2016 16:27
  
  Over £1bn in venture capital has been invested in global insurtech in the first half of the year, according to a report.
  
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• ‘Ghost broker’ given 21 month suspended jail term

  19-08-2016 15:57 via insuranceage.co.uk
  
  London-based fraudster tried to make over £39,000 of personal injury claims.
  
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• Ghost broker who conned friends sentenced

  19-08-2016 15:39
  
  A ghost broker who ripped off friends and family has been sentenced at the central criminal court.
  
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• Ghost broker faces prison after IFED probe

  19-08-2016 14:55
  
  IFED and IFB investigation catches London-based ghost broker
  
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• Allstate posts $253mn July cat losses

  19-08-2016 14:36
  US insurance giant Allstate has announced it suffered $253mn of
  pre-tax catastrophe losses in July from 16 different events,
  including an offset of $16mn from reserve releases.
  The figures take the company's total catastrophe burden to
  $1.8bn for the year to date, after $961mn of losses were recorded
  in the second quarter.
  This was a 20.6 percent increase from the $797mn losses
  experienced during Q2 2015.
  The carrier's Q2 results showed that net income dropped 52.9
  percent to $459mn during...
  
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• Home insurance premiums remain competitive despite extreme weather conditions

  19-08-2016 13:49
  
  Despite extreme weather and flooding, the cost of combined buildings and contents insurance policies is at its lowest in four years.
  
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• IAG profits rise despite above-budget cat costs

  19-08-2016 13:36
  IAG reported a 7 percent year-on-year increase in profits to
  A$1.18bn for its 2015-2016 financial year, which took into account
  higher-than-expected natural peril costs following storms on the
  east coast of Australia.
  Catastrophe losses totalled A$659mn, ahead of its A$600mn
  allowance for the year, albeit well down from the A$1.05bn incurred
  in 2015.
  IAG took losses of $116mn from the Australian east coast storms,
  which came in above the A$60mn-A$80mn ($45mn-$60mn) estimate
  released in June.Toge
  
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• Chiu named Zurich Hong Kong global corporate chief

  19-08-2016 13:36
  Zurich Hong Kong has appointed Philip Chiu as head of its global
  corporate division, the carrier announced today.
  He will report directly to Keith Thomas, CEO of global corporate
  operations in Asia Pacific, and will additionally report to Zurich
  Hong Kong CEO Eric Hui.
  Chiu joined Zurich in 2014 as head of financial lines for
  Greater China, having previously served as general manager of Dual
  Hong Kong.
  He was part of the unit that led the managing general
  agent's expansion...
  
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• ABIR predicts headwinds for Bermuda jobs

  19-08-2016 13:36
  Pressure on (re)insurers' expenses and declining
  profitability will impede further employment growth in Bermuda,
  according to the Association of Bermuda Insurers and Reinsurers
  (ABIR).
  In addition, political risks in Bermuda, the US and European
  Union are also likely to present headwinds to further growth,
  according to the trade body.
  ABIR's annual Bermuda Economic Impact Survey, released on 17
  August, revealed its member companies employed 1,534 people on the
  island, an increase of 21 from the
  
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• Markel UK opens new Birmingham office

  19-08-2016 13:14
  
  Markel UK has moved to a bigger office in Birmingham in order to “grow in profile” in the city.
  
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• QBE moves Moore to Australian CUO role

  19-08-2016 12:32
  QBE has appointed Declan Moore to the newly created role of
  chief underwriting officer of its Australian operation.
  In a statement released yesterday, the company said Moore would
  take up the role from 22 August, reporting to interim QBE Australia
  and New Zealand CEO Pat Regan.
  QBE's Australia and New Zealand division posted a 5.1
  percentage point deterioration in its combined ratio to 95.9
  percent for the first half of the year, while profits shrank by 40
  percent to $148mn,...
  
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• Moore and Beale elected to top CII jobs

  19-08-2016 12:26
  
  Thomas Carroll Group chairman John Moore MBE has been elected president of the Chartered Insurance Institute.
  
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• John Moore commits to the professionalism debate as CII president

  19-08-2016 12:26 via insuranceage.co.uk
  
  Thomas Carroll chairman was confirmed in the year-long role this July.
  
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• Broking break: Insuring the London tube network

  19-08-2016 12:20 via insuranceage.co.uk
  
  As the Night Tube launches today, Insurance Age takes a look at Transport for London's insurance costs.
  
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• Quizzical questions: 19 August 2016

  19-08-2016 11:49 via insuranceage.co.uk
  
  Test your knowledge of the week's news with our topical news quiz.
  
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• Week in Post: Amazon Echo; pills that make you hard; CMC scourge and elderly drivers

  19-08-2016 11:40
  
  This week Post reporter Rosie Quigley and I were given a tour around the Accenture Innovation Lab at Plantation Place in the City.
  
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• Blog: Subsidence claims are evolving

  19-08-2016 10:14
  
  The insurance industry must plan for the skills, expertise and resources it will need to manage subsidence claims when an ‘event year' happens once again.
  
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• Towergate in boat tie-up with N&G

  19-08-2016 10:12
  
  Towergate and N&G outline terms of their capacity deal
  
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• N&G to provide £30m capacity for Towergate

  19-08-2016 09:52
  
  Navigators & General will provide capacity for up to £30m in premiums from Towergate over the next two years, under a deal signed today.
  
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• Towergate seals five year £30m deal with N&G

  19-08-2016 09:50 via insuranceage.co.uk
  
  Arrangement with yacht specialist sets sail on 1 October.
  
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• Uber, Volvo to pilot autonomous taxis

  19-08-2016 09:41
  
  Companies unveil plans for first autonomous taxi service
  
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• Police helicopter catches insurance fraudster

  19-08-2016 09:08
  
  How the police tracked down insurance dodger
  
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• Blog: Insuring devolution

  19-08-2016 08:00
  
  The devolution of powers from central to local government and the resulting rise of super-combined authorities raise a number of issues and challenges for local authorities. Their insurers must be innovative if they are to manage these new highly complex risk profiles.
  
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• QBE creates chief underwriting role for Australia and New Zealand

  19-08-2016 04:43
  
  QBE's group chief actuary to become chiefunderwriting officer for Australia and New Zealnd.
  
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