Insurer - Postonline

BIBA 2012: QBE boss Greaves talks up broker renewals following Brit deal

Wed, 16 May 2012 14:49:00 GMT

Broker support of the QBE takeover of Brit has been described as "extremely positive" by the insurer's head of SME, David Greaves, who has recorded contract retention rates of around 95%.

BIBA 2012 Video: Is mandatory commission disclosure inevitable?

Wed, 16 May 2012 14:46:00 GMT

Jonathan Swift Postonline

Today at Biba we asked attendees about their reaction to the recession and whether it has affected clients.

They were also asked whether mandatory commission disclosure was inevitable.

Among those fielding the questions were Axa's Steve Hardy, RSA's Adrian Brown and Mike Lawton, MMA's Pete Knowles, Zurich's David Smith, Aviva's Phil Bayles and Lockton's Julian James.

Post magazine - 17 May 2012

Wed, 16 May 2012 14:24:00 GMT

Jonathan Swift Postonline

The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.

BIBA 2012: Lloyd's vows to build up SME business

Wed, 16 May 2012 13:55:00 GMT

Chinwe Akomah Postonline

Lloyd's has revealed potential plans to hold regional broking events outside London next year in a bid to build on the 5% growth achieved in its small and medium size book of business last year.

Merlin to make up to 70 staff redundant as part of business review

Wed, 16 May 2012 13:07:00 GMT

Jonathan Swift Postonline

Loss adjusting and claims management company Merlin has started a redundancy consultation with 70 staff as part of a wide-ranging review.

BIBA 2012: RSA considers opening two new offices in regional push

Wed, 16 May 2012 11:21:00 GMT

Callum Brodie Postonline

RSA bosses are planning to respond to broker survey feedback calling for a strong regional offering by looking into launching strategic operations in Reading and Newcastle.

BIBA 2012: RSA mulls opening two new offices in regional push

Wed, 16 May 2012 11:21:00 GMT

Callum Brodie Postonline

RSA bosses are planning to respond to broker survey feedback calling for a strong regional offering by looking into launching strategic operations in Reading and Newcastle.

BIBA 2012: RSA responds to broker demands with regional push

Wed, 16 May 2012 11:21:00 GMT

Callum Brodie Postonline

RSA bosses are planning to respond to broker survey feedback calling for a strong regional offering by looking into launching strategic operations in Reading and Newcastle.

BIBA 2012: Bridge Insurance Brokers in Chubb tie up

Wed, 16 May 2012 11:10:00 GMT

Jonathan Swift Postonline

Bridge Insurance Brokers and Chubb Insurance have teamed up to offer a product which the pair claims delivers high spec cover for precision engineers, metal fabricators and metal processors.

BIBA 2012: Trade body appoints lawyers to find solution to 'unfair' FSCS structure

Wed, 16 May 2012 11:00:00 GMT

Jonathan Swift Postonline

British Insurance Brokers' Association CEO Eric Galbraith has used his opening address at the 2012 Biba Conference to warn of the potential European pressure for mandatory disclosure and even greater cost of regulation.

BIBA 2012: Trade body appoints lawyers to find solution to "unfair" FSCS structure

Wed, 16 May 2012 11:00:00 GMT

Jonathan Swift Postonline

BIBA 2012: QBE launches e-trading PI product

Wed, 16 May 2012 10:50:00 GMT

Leigh Jackson Postonline

QBE has added a professional indemnity combined product to its Fast Flow e-trading platform.

BIBA 2012: Galbraith says regulation remains its 'key priority'

Wed, 16 May 2012 10:49:00 GMT

Jonathan Swift Postonline

Three quarters of brokers claim regulation is the main issue facing their business.

BIBA 2012: Deloitte appointed by Biba for strategic review following IIB merger

Wed, 16 May 2012 10:42:50 GMT

Jonathan Swift Postonline

Deloitte, the business advisory firm, has been appointed to conduct a strategic review of the British Insurance Brokers’ Association.

BIBA 2012: Biba appoints Deloitte for strategic review following IIB merger

Wed, 16 May 2012 10:42:00 GMT

Jonathan Swift Postonline

Deloitte, the business advisory firm, has been appointed to conduct a strategic review of the British Insurance Brokers' Association.

Riot Damages Act set for reform

Wed, 16 May 2012 10:05:00 GMT

David Worsfold Postonline

Home Office minister Lynn Featherstone told MPs late on Monday that the future of the 1886 Riot (Damages) Act is under review.

Reform of this antiquated Act moved a step closer on Monday when Lynn Featherstone (below) responded to a debate on the Act initiated by Tottenham MP David Lammy. She said that the government wanted "to ensure that the legislation is fair and reflects a modern policing world" and added that the Home Office was considering holding a public consultation on what changes are needed to the Act.

This is likely to receive a mixed response from the insurance industry.

Soon after the riots, the Association of British Insurers told the All Party Group on Insurance & Financial Services that it did not believe an overhaul of the Act was necessary. I think that Nick Starling's reluctance to commit the ABI to backing a review of the Act was partially based on a fear that more might be lost than gained. There is a concern that police forces might use a review of the Act to argue for further restrictions on the right of insurers to recover claims paid out as a result of riots. This would have a series of unpalatable consequences, probably leading to some businesses and households in inner city areas struggling to find insurance at any price.

Others in the insurance market take a different view from ABI.

Many agree with David Lammy that the antiquated forms and arcane language of the claims forms deters some people from making claims when they are entitled to and frequently delays them when they do make a claim. It is not hard to imagine a hard-pressed shopkeeper struggling to sort out the logistical chaos and physical destruction of their business despairing when a 19th century claim form – complete with references to £ s d and guineas – requires completing.

There are also some significant gaps in the coverage of the Act, most notably business interruption costs and damage to vehicles and several insurers have drawn attention to this. This was also highlighted by MPs.

In the debate on Monday night, the minister also claimed the Act prevented the Home Office accepting the ABI's offer last August to process the claims made under the Act. Mr Lammy drew attention to the relative speed and efficiency of the insurance industry's response to claims compared to that of the Home Office and, in particular the Metropolitan Police. This was a significant change in Mr Lammy's tune when it comes to the insurance industry and suggests that he has been sweetly seranaded by the ABI in recent months. He was scathing in his criticism of the way claims under the Act have been handled in an "overly bureaucratic and unprofessional manner".

I suspect the Home Office refusal to sub-contract the claims handling had less to do with the wording of the Act and rather more to do with a suspicion that the insurance industry might be too generous, especially as nearly 4000 claims under the Act have come from insurers. To date, nearly 2000 of these have been rejected and only 853, worth £4.3m, have been settled. This compares poorly with the industry's record of having made payments in over 95% of household and 92% of commercial claims. Even cases submitted direct to police authorities by uninsured victims of the riots fall behind the industry's rate of settlement as a very high proportion have been rejected in their entirity. There are some confusing figures in the minister's statement for those with an appetite for more detail.

It is hard to predict how an open consultation on the Act could play out with the police pushing for a more restricted coverage and insurers pushing for an expansion. It is quite possible that we might end up with a reinsurance pool being created rather along the lines of Pool Re for terrorism risks, this being the price the industry – and its policyholders – will have to pay for the extended coverage it seeks. This, of course, would have the advantage of getting the processing of claims out of the hands of civil servants and police forces and into the hands of insurance professionals.

BIBA 2012: Jelf outlines plans to break into the London HNW market with Parker hire

Wed, 16 May 2012 09:13:00 GMT

Jonathan Swift Postonline

In a move aimed at boosting its mid and high net worth proposition, Jelf Insurance Brokers has appointed Tony Parker as business development director for private clients.

BIBA 2012: Research reveals broker confidence despite double dip fears

Wed, 16 May 2012 09:03:00 GMT

Jonathan Swift Postonline

Over 60% of brokers are confident about their overall business growth prospects for the next 12 months, despite the double dip recession.

BIBA 2012: Research reveals broker confidence despite double dip fears

Wed, 16 May 2012 09:03:00 GMT

Jonathan Swift Postonline

Over 60% of brokers are confident about their overall business growth prospects for the next 12 months despite the double dip recession.

Post Magazine’s Olympic countdown

Wed, 16 May 2012 08:56:30 GMT

Leigh Jackson Postonline

To celebrate the greatest show on Earth, and Britain’s proudest moment for decades, Post Magazine is counting down to the 30th Olympic games in style.

Post Magazine's Olympics countdown

Wed, 16 May 2012 08:56:00 GMT

Leigh Jackson Postonline

To celebrate the greatest show on Earth, and Britain's proudest moment for decades, Post Magazine is counting down to the 30th Olympic games in style.

Canopius target Omega blames Bermuda non renewals for GWP drop in Q1 2012

Wed, 16 May 2012 08:47:01 GMT

Jonathan Swift Postonline

Canopius takeover target Omega Insurance Holdings has reported that group gross written premium in the first 3 months of 2012 totaled $120.6 m (Q1 2011: $129.4 m).

Canopius target Omega blames Bermuda non-renewals for GWP drop in Q1 2012

Wed, 16 May 2012 08:47:00 GMT

Jonathan Swift Postonline

Omega Insurance Holdings has reported that group gross written premium in the first three months of 2012 totalled $120.6m (Q1 2011: $129.4m).

MGA Dual continues to expand in Asia with Singapore branch

Wed, 16 May 2012 08:13:00 GMT

Jonathan Swift Postonline

The Dual Group, the underwriting arm of Hyperion Insurance Group, has unveiled plans to open Dual Singapore in the second half of 2012.

Firms which allow employees to use their own mobile devices will profit, claims BT report

Wed, 16 May 2012 08:11:10 GMT

Jonathan Swift Postonline

Over 80 per cent of IT managers think that enterprises with a Bring Your Own Device policy hold a competitive advantage over other organisations, according to research commissioned by BT.