Insurance news

• Nicole causes widespread power cuts on Bermuda

  13-10-2016 19:02
  Hurricane Nicole, the first Category 3 storm to hit Bermuda in 13
  years, has caused power outages and damaged roofs but does not
  otherwise appear to have caused substantial damage to the island.
  The eye of the storm passed over Bermuda shortly before midday
  today, according to local news reports. While forecasts from the US
  National Hurricane Center had predicted the hit, the storm
  intensified as it approached the UK territory.
  "It is a lot stronger than expected," an insurance...
  
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• Reinsurers pay out as Bahamas eyes $400mn Matthew loss

  13-10-2016 16:59
  Insured losses from damage caused by Hurricane Matthew could
  exceed $400mn according to the Bahamas Insurance Association (BIA)
  - well below estimates from international sources and modelling
  firms.
  BIA chairman Emmanuel Komolafe said the $400mn estimate was an
  initial figure that was likely to change over the next few days,
  local publication The Tribune reported.
  Market sources speaking to The Insurance
  Insider said reinsurance recoveries were already in
  Bahamian carriers' accounts to facilitat
  
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• Marine and cargo markets wait on Hanjin insolvency

  13-10-2016 16:59
  A lack of clarity around Hanjin Shipping's imminent insolvency
  has left the marine and cargo markets unsure which, if any, market
  will pick up resultant insured losses.
  Some six months after the South Korean shipping giant first
  applied to its creditors for debt restructuring, and more than a
  month after it formally applied for bankruptcy in Newark, both
  direct and reinsurance markets are yet to receive notifications,
  according to multiple marine sources at Macau's EAIC
  conference.
  Initially, it
  
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• Swiss Re forms Brazilian large corporate insurance JV

  13-10-2016 15:15
  Swiss Re Corporate Solutions has agreed to form a joint venture
  with Bradesco Seguros, the insurance arm of Bradesco Group, ending
  months of speculation about a deal between the two firms.
  Under the terms of the deal, which is subject to regulatory
  approval, Swiss Re will take a 60 percent stake in the new vehicle,
  Swiss Re Corporate Solutions Brasil Seguros, with Bradesco Seguros
  taking the remaining 40 percent.
  Approximately 40,000 insurance brokers and agents are registered
  to Bradesco Seguro
  
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• BSS no.1 Lorega won over brokers with 'passion and expertise'

  13-10-2016 14:59
  
  Lorega just beats MUM to end up as brokers’ favourite on service in commercial lines 
  
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• Broker Service Survey 2016: Rankings revealed

  13-10-2016 14:58
  
  Lorega and Covéa/LV= are brokers’ top choices for commercial and personal lines 
  
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• Robertson Taylor and Lloyd's settle with Foo Fighters

  13-10-2016 13:38
  Entertainment insurance broker Robertson Taylor and Lloyd's
  insurers including Liberty Specialty have settled a lawsuit with
  rock band the Foo Fighters for an undisclosed sum, court documents
  show.
  The suit related to the insurers' refusal to pay out under a
  non-appearance and cancellation policy, and under a terrorism
  policy, after the band cancelled a number of dates following an
  injury to lead singer Dave Grohl and the Paris terror attacks last
  year.
  In a court filing with the Central Distric
  
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• Munich Re in tie-up with German InsurTech firm

  13-10-2016 13:38
  Munich Re has agreed a partnership with Simplesurance, a
  Berlin-based company that develops and distributes cross-selling
  software.
  In an announcement today, Simplesurance said that the agreement
  was a major step in developing its platform and extending its
  existing product portfolio.
  Robin von Hein, founder and CEO of Simplesurance, said that
  having Munich Re as a partner "helps us to grow our business
  internationally and increase our speed-to-market
  significantly".
  Andrew Rear, head of Munich
  
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• Industry set to dodge $2.3bn Samsung phone loss

  13-10-2016 13:38
  Samsung has no product recall policy in place for the exploding
  batteries in its Galaxy Note 7 phones, which look set to cost the
  mobile phone manufacturer $2.3bn, The Insurance
  Insider understands.
  Sources said that although Samsung had bought the cover across
  its range of products in previous years, it had no such cover in
  place for small batteries at the time of its mass recall of the
  $885 smartphone, after hundreds of units suffered critical failures
  worldwide.
  In September...
  
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• CCRIF to make $8mn rainfall payout

  13-10-2016 13:38
  Haiti, Barbados, Saint Lucia and St Vincent and the Grenadines
  are set to receive a total of $8mn in additional payouts from the
  Caribbean Catastrophe Risk Insurance Facility (CCRIF) after
  Hurricane Matthew triggered their excess rainfall policies.
  The facility provides parametric insurance that triggers based on
  measurements of a disaster's physical characteristics.
  Last week the CCRIF said Haiti is due a payout of approximately
  $20.4mn on its tropical cyclone policy following Matthew. The
  rain
  
  Read more

• Insurers demand action on halted whiplash reforms

  13-10-2016 12:20 via insuranceage.co.uk
  
  ABI warns if government caves in to vested interests of ambulance chasers and cold callers, those businesses will be laughing all the way to the bank.
  
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• Bupa opens office in Switzerland

  13-10-2016 11:59
  
  Bupa has opened a new office in Zurich in order to cater to the growing expatriate base in Switzerland.
  
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• CCRIF to pay out extra $8mn on Matthew

  13-10-2016 11:47
  The Caribbean Catastrophe Risk Insurance Facility (CCRIF) will make
  $8mn in additional payments to Haiti, Barbados, Saint Lucia and St
  Vincent and the Grenadines after Hurricane Matthew triggered their
  excess rainfall policies.
  The facility provides parametric insurance that triggers based on
  measurements of a disaster's physical characteristics.
  Last week the CCRIF said Haiti is due a payout of approximately
  $20.4mn on its tropical cyclone policy following Matthew. The
  rainfall component brings
  
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• All-Asia rules could accelerate industry growth: Lloyd's

  13-10-2016 11:47
  Asian nations can speed insurance industry growth by harmonising
  regulation across borders, Kent Chaplin, CEO of Lloyd's Asia
  Pacific, told a gathering of industry leaders in Macau yesterday
  (12 October).Speaking at the East Asian Insurance Congress, Chaplin compared the
  region to Europe. He noted that regulatory consistency across the
  European Union's 28 member nations had supported the
  development of transnational risk capital pools and made them
  available to relatively small local markets.
  "A
  
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• Acturis opens Birmingham office

  13-10-2016 11:47
  
  Software specialist makes first addition to UK office footprint and targets 50 staff by the end of 2018.
  
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• Biba tells Gable brokers to co-operate with administrator

  13-10-2016 11:38
  
  Steve White urges brokers to complete in depth due diligence on unrated insurers and says Biba is close to releasing a tool to help with this.
  
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• Whiplash proposals shelved - reports

  13-10-2016 11:34
  
  Ministers are believed to be "unenthusiastic" about the proposals.
  
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• Government to outline ‘further plans’ to tackle whiplash

  13-10-2016 11:25
  
  The government will outline new plans for tackling whiplash “in due course”, the Ministry of Justice said.
  
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• Asian insurers urged to improve customer-centricity

  13-10-2016 11:22
  
  Insurers need to have deeper engagement with their customers and understand the technology involved according to a senior panel discussion on customer-centricity at the East Asia Insurance Congress 2016.
  
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• Insurers urge government to press ahead with whiplash reforms

  13-10-2016 11:06
  
  Trade body responds to shelving of whiplash reform plans
  
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• Video: Newcastle regional review - part two

  13-10-2016 11:05
  
  The second half of Insurance Age's meetings with brokers in the North East.
  
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• Whiplash reforms 'have been shelved'

  13-10-2016 10:04
  
  Whiplash reforms have been shelved by the Ministry of Justice, the Association of British Insurers has said.
  
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• Government shelves whiplash reforms - report

  13-10-2016 09:45
  
  Osborne’s whiplash crackdown set aside by new government
  
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• Matthew insured losses could hit $8.8bn: AIR

  13-10-2016 09:39
  Modelling firm AIR Worldwide has estimated combined insured
  losses for the US and Caribbean from Hurricane Matthew will be
  between $2.8bn and $8.8bn.
  In a statement this morning, AIR said insured losses for the US
  would fall between $2.2bn and $6.8bn, and would range from $600mn
  to $2.0bn for the Caribbean.
  AIR's modelled insured loss estimates for the US included -
  but were not restricted to - insured physical damage to
  residential, commercial, industrial, and auto property, insured
  physical da
  
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• Ex-Aon Benfield China CEO planning $500mn start-up

  13-10-2016 09:39
  Former Aon Benfield Greater China CEO Steve Warwick is looking
  to establish a new reinsurer in Hong Kong with support from Chinese
  investment group First Seafront Financial, The
  Insurance Insider can reveal.
  Sources told this publication that the start-up, Nine Merchants
  Re, has $500mn of capital lined up from its cornerstone backer with
  a view to a 1 April start.
  It is understood that Warwick is in discussions with AM Best
  about securing an A- financial strength rating.
  The start-up...
  
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• Rock band settles claim with Lloyd's broker, insurers

  13-10-2016 08:57
  
  Rock band Foo Fighters have settled a four-month lawsuit
  
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• Brexit raises health and safety law questions

  13-10-2016 08:00
  
  Some health and safety rules might come under review after Brexit but excessive deregulation could have an impact on fatalities and insurance premiums.
  
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• Allianz's Jon Dye on taking a cautious approach to autonomous vehicles

  13-10-2016 08:00
  
  National newspapers ran a story recently on autonomous driving based on research from the University of Michigan. The academics claimed that British drivers would trust autonomous vehicles less than drivers from other countries.
  
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• Hertz car hire bills us for a £3,000 repair that had never been carried out

  13-10-2016 07:59
  
  The excess charge was changed on my contract, and the vehicle was to be soldWhen I hired a minibus from Hertz in High Wycombe in July I scraped the rear and was advised that I would have to pay the insurance excess of £3,000, and if the final repair bill was less I would be refunded.I was told, soon afterwards, that the bill would be £3,000 so there would be no refund. I requested a breakdown of the costs and was sent an invoice, but it only mentioned the damage. I was then told an i
  
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• Bermuda braces for date with Hurricane Nicole

  13-10-2016 02:17
  Hurricane Nicole, brandishing 115mph sustained winds, will make
  a direct hit on Bermuda by midday Thursday, forecasters at the US
  National Hurricane Center said today.
  Nicole may arrive as a Category 2 hurricane, with winds of up to
  110mph, according to AIR Worldwide in Boston. It said passenger
  flights, busses and ferry services have been suspended.
  But the modelling firm said most buildings on the island are
  designed to withstand the force of winds brought by a storm like
  Nicole....
  
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• All-Asia rules could accelerate industry growth, Lloyd's says

  13-10-2016 02:17
  Asian nations can speed insurance industry growth by harmonizing
  regulation across borders, Kent Chaplin, chief executive of
  Lloyd's Asia Pacific, told a gathering of industry leaders in
  Macau yesterday.
  Chaplin compared the region to Europe, noting that regulatory
  consistency across the European Union's 28 member nations
  supported the development of transnational risk capital pools and
  make them available to relatively small local markets.
  "An important advantage‎ that we've seen from the
  h
  
  Read more

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