Insurance news

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  16-06-2017 19:18
  The apparent fall from grace of the founder Wu Xiaohui has shone a spotlight on a brand of Chinese capitalism that has taken root in the financial industry
  
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• A deal too far for China’s Anbang

  16-06-2017 19:18
  The apparent fall from grace of the founder Wu Xiaohui has shone a spotlight on a brand of Chinese capitalism that has taken root in the financial industry
  
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• CTMA CEO Schirmer to leave company

  16-06-2017 19:16
  Charles Taylor Managing Agency (CTMA) CEO Christian Schirmer is
  leaving the company after more than two years at the helm.
  It is unknown where Schirmer is headed, with the executive first
  expected to work out his six-month notice period.
  Schirmer led the team that launched Charles Taylor's turnkey
  managing agency and The Standard Syndicate 1884.
  Before joining Charles Taylor in 2013, he was CEO for the
  Pacific region and head of analytics for Asia Pacific at Guy
  Carpenter, according to...
  
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• Cobalt parts way with CEO Bishop

  16-06-2017 17:22
  Shariah-compliant MGA Cobalt has parted ways with its CEO Richard
  Bishop, as the company continues work to secure the capital needed
  to get its approved Lloyd's start-up off the ground,
  The Insurance Insider can reveal.
  The circumstances of Bishop's departure are not known, but
  it comes at a crucial juncture for Cobalt, which was close to
  securing a commitment for the capital ahead of his exit.
  Sources said that work to finalise the financing is proceeding,
  with Bishop's exit not...
  
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• Expert witnesses jailed in London after perjury on 'industrial scale'

  16-06-2017 16:34
  
  Seven experts fabricated evidence on cost of replacement cars for drivers in crashes, saving insurance firms millions of poundsSeven expert witnesses who fabricated evidence about the cost of replacement hire cars for motorists in road crashes have been jailed.
  In what is believed to be the first case of its kind, a high court judge in London said they had been involved in “a very serious perversion of the course of justice” and imposed prison sentences of as much as 13 months. Conti
  
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• Opinion: Shooting sparrows

  16-06-2017 15:06
  In 1958 Chinese communist leader Mao Zedong launched a five-year
  plan that included a call for the country's half a billion
  rural residents to kill all the sparrows.
  Mao claimed the birds spread disease and stole grain.
  So villagers turned out in force. They shot sparrows and
  destroyed their nests. The birds were nearly eradicated.But the grain the pesky sparrows ate and Mao's ploy to unify
  the populace were nothing compared to the damage done by insects,
  which swarmed...
  
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• Allstate hit by $403mn pre-tax May cat losses

  16-06-2017 15:06
  US insurer Allstate's pre-tax catastrophe losses of $403mn
  in May stemmed largely from a single hailstorm that struck along
  Colorado's Front Range, the company said today.
  Allstate, which gives monthly updates on catastrophe claims,
  said 14 cat events occurred last month, most prominently the
  hailstorm that struck the Denver area and other communities along
  the eastern edge of the Rocky Mountains on 8 May. The storm
  accounted for more than half of May losses.
  The record hailstormpelted the regio
  
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• Admiral rebuked by FCA over premium data

  16-06-2017 15:06
  Admiral has been reprimanded by the UK Financial Conduct
  Authority (FCA) for giving inaccurate information to customers in
  renewal documentation.
  The regulator said today that Admiral had included inaccurate
  premium amounts in renewal documents, stating the previous
  year's premium without including discounts given to
  customers.
  New rules introduced by the FCA in April require firms to
  clearly show the insurance premium a customer paid the previous
  year alongside their proposed renewal premium.
  T
  
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• Insurance Island Risks - SEIB's Suzy Middleton

  16-06-2017 14:20
  
  The commercial director of SEIB Insurance Brokers tells all about the intricacies of broking for the equestrian community and confesses that she’s never ridden a horse herself.
  
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• Admiral rapped for breaching new insurance renewal rules

  16-06-2017 14:18
  Insurer apologises for inaccurate premium amounts in customer documents
  
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• Amazon eyes up UK motor market, reports suggest

  16-06-2017 14:13
  
  Online retail giant Amazon is allegedly eyeing up the motor sales market in the UK.
  
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• FCA orders Admiral to contact customers after providing false renewal information

  16-06-2017 13:35
  
  The Financial Conduct Authority has ordered Admiral to contact customers who may have received inaccurate premium amounts in renewal documents.
  
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• FCA orders Admiral to contact customers after renewal handling failures

  16-06-2017 12:37 via insuranceage.co.uk
  
  Insurer agrees with the regulator to contact all affected customers, following change in renewal rules from 1 April.
  
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• Ruggieri gets BP Marsh backing for start-up

  16-06-2017 12:36
  A quartet of broking executives headed by former Swett &
  Crawford CEO Tom Ruggieri have secured backing from BP Marsh for a
  US start-up in the wholesale distribution space, The
  Insurance Insider can reveal.
  According to sources, the new venture will do business as XPT
  Group.
  Although details of the start-up's strategy are not known at
  this stage, sources have suggested BP Marsh is one of a number of
  outside investors lined up, with management also putting up
  capital.
  It...
  
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• FCA orders Admiral to contact customers over renewal pricing blunder

  16-06-2017 12:20
  
  Admiral blamed the renewal pricing blunder on an IT upgrade
  
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• Claimant lawyers resigned to future discount rate rise

  16-06-2017 12:16
  
  Claimant personal injury solicitors expect the discount rate to move back up as a result of the government’s consultation.
  
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• Quizzical Questions: 16 June 2017

  16-06-2017 11:44
  Test your knowledge of the week's news with our topical quiz.
  
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• 50 jobs at risk in York as finance insurer relocates

  16-06-2017 10:47
  
  Finance insurer to relocate its head office to Leeds after more than 20 years in York
  
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• One Broker launches building warranty scheme

  16-06-2017 10:46
  
  Product to be wholesaled to brokers and distributed direct to commercial clients.
  
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• Opinion: the first 100 days

  16-06-2017 10:38
  When it comes to a US presidency, much is made of the first 100
  days.
  After months of shaping a campaign, electioneering and building
  a team, that first 100 days in office is when the pent-up urge to
  govern can be most easily satisfied.
  Typically, it is the moment of maximum credibility and momentum,
  with the electoral mandate still untarnished by failure or scandal,
  and Congress as pliable as it is ever likely to be.
  The received wisdom is that...
  
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• Chinese banks curtail dealings with Anbang: report

  16-06-2017 10:38
  Chinese authorities have reportedly asked banks to suspend
  certain dealings with Anbang Insurance, amid an on-going
  investigation into the insurer.
  According to Bloomberg, at least six Chinese banks have stopped
  distributing Anbang insurance policies. Some of these lenders chose
  to act before the government intervened, one source told the
  newswire.
  About 90 percent of life premiums at Anbang stem from retail
  sales at banks.
  The move comes after reports of the detention ofAnbang chairman Xiaohui
  
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• This Week: Stoic London

  16-06-2017 10:14
  
  The generosity and heroic nature of Londoners came to the fore this week, when after two terrorist attacks the city saw the worst fire in recent history. Firefighters were heralded for entering the 24-storey flaming building and the community came together to provide clothes, a safe place to sleep, and food and water for those affected.
  
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• Blog: Keeping up with the customers

  16-06-2017 08:00
  
  Customer expectations have changed. Technological advances in the past five to 10 years have refocused entire industries on providing ‘real-time’ customer care.Mark Southern, commercial director for the WPA Group, explains that while insurance businesses are notoriously complex, customers now want immediate and precise answers.
  
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• Blog: How insurers can rank high online against price comparison sites

  16-06-2017 08:00
  
  Insurance companies need to use clever content strategies to make sure their website ranks high enough in search results to compete with aggregators. Here is some advice from Jonathan Moore, head of SEO at Equimedia
  
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• Fee cuts for NFIP Write Your Own agents pass key panel

  16-06-2017 01:04
  Key parts of a Republican-backed legislative package to keep the
  US National Flood Insurance Program running for five more years
  passed a major hurdle today in Congress and moved toward
  consideration by the full House of Representatives.
  Provisions winning favour today included one that would slice
  fees to Write Your Own (WYO) companies by 7 percentage points to 25
  percent of premiums and another that would remove rules that
  prevent WYO participants from offering private coverage alongside
  NFIP
  
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