Insurance
FeedMEPs to control EU super-regulator
Chris Wheal
Sep 3rd 2010
Filed under: Economy, Investing, Financial Crisis, Insurance, Banking
Brussels MEPs have voted to create almighty super-regulators overpowering national regulators such as the UK's Financial Services Authority (FSA). The EU supervisory authorities (ESAs) and the European Systemic Risk Board (ESRB) should be up and running by January 2011. The MEPs are rejoicing at their power. Industry is rightly scared. Omega coup board passes loss blame
Chris Wheal
Aug 31st 2010
Filed under: Company, Insurance
Omega – the Lloyd's and Bermuda insurer subject to a shareholder revolt and the hostile ousting of its chairman and board – has posted an H1 pre-tax loss of $34.2m compared with a 2009 profit of $22.9m. In a public washing of its dirty laundry the new management blamed its predecessors for poor reserving for prior year claims.RBS Insurance shuts offices too late
Chris Wheal
Aug 27th 2010
Filed under: Financial Crisis, Insurance, Banking
RBS Insurance – the Direct Line and Churchill brands - is to close 14 offices around the UK. Major cities of Glasgow, Cardiff, Manchester and Birmingham will be hit. It is part of RBS's slimming down of the business ready for sale. But it also demonstrates just how badly run these firms have been.Admiral profits, Fortis makes excuses
Chris Wheal
Aug 25th 2010
Filed under: Insurance
Admiral this morning announced a record H1 pre-tax profit of £126.9m up 21% ahead of H1 2009, with turnover up 33% to £720.5m, driven mainly by the UK motor insurance market. Yet Fortis, claiming to be the UK's second biggest car insurer, cannot make money at it. Why is that?Zurich fined £2.28m for data loss
Press Association
Aug 24th 2010
Filed under: Company, Insurance, News
Zurich Insurance has been fined a record £2.28 million for losing personal details on 46,000 policyholders, the City watchdog has said.The Financial Services Authority said the fine, which has been levied on the UK branch of the company, was the highest it had yet imposed for data security failings.
Failing to shop around for car insurance 'costs £58 a year'
Money Expert
Aug 24th 2010
Filed under: Insurance
Drivers could typically save £58 on their annual car insurance premiums by shopping around for cheaper deals.That is according to new research by Which? that indicated 60 per cent of drivers who shop around will find a cheaper deal than their last renewal quote.
Fed Considering Reducing AIG's Credit Line by $3.6 Billion
DailyFinance.com
Aug 23rd 2010
Filed under: Company, Financial Crisis, Insurance, US
The Federal Reserve is planning to reduce its credit line to American International Group (AIG) by about $3.6 billion, indicating growing confidence that the insurer can decrease its reliance on the public sector. Uninsured MP costs the rest of us
Adrian Holliday
Aug 20th 2010
Filed under: Insurance, News , Public Services
A BBC report yesterday carried the story that Bolton South East MP Yasmin Qureshi (pictured) had been banned from driving for six months after using her mobile phone behind the wheel. However the third paragraph revealed more: Qureshi had also been driving without insurance.UK insurance industry on merger brink?
Adrian Holliday
Aug 18th 2010
Filed under: Company, Investing, Insurance, Retail
Insurance industry takeover talk is getting shriller. But why now, all of a sudden? Royal Sun Alliance's £5bn bid for Aviva's insurance business was recently rebuffed, as expected (Aviva, oddly, did not inform its major shareholders of the bid). As was, of course, the Pru's Asian adventure.RSA and Aviva bosses in macho fight
Chris Wheal
Aug 17th 2010
Filed under: Insurance
RSA boss Andy Haste's attempt to buy part of Aviva's general insurance business has led to macho posturing about who best manages general insurance for profit. Haste or Aviva's Andrew Moss? Haste wins hands down, but RSA is going to have to raise its bid.Brits flock abroad for cheap surgery
Money Expert
Aug 17th 2010
Filed under: Insurance
People wanting to cut costs and waiting lists for surgery are heading abroad, with 2.65 million of us having recently done so or planning to, new research shows. RSA's £5bn bid flags up Aviva's flaws
Chris Wheal
Aug 16th 2010
Filed under: Insurance
Aviva boss Andrew Moss (pictured) has confirmed the insurer received a £5bn bid from RSA for its general insurance businesses in the UK, Ireland and Canada. Aviva rejected the offer.RSA's pitch would have left Aviva holding the RAC and its health business, as well as the general insurance business in the Netherlands, France, Italy, Poland, Turkey and Singapore. It also left Aviva with all the pensions liabilities. No wonder Aviva told RSA to sling its hook.
Fraud convictions question claims firms
Chris Wheal
Aug 12th 2010
Filed under: Insurance
An Insurance Fraud Bureau (IFB) operation has convicted Burnley brothers, Rezwean and Rehan Javed, who used their claims management firm North West Claims to defraud insurers in "crash for cash" claims. The move was kicked off by insurer AXA, which raised suspicions in 2007.But the IFB says it has several other fraud investigations involving so-called claims arrangement firms. This is the first "professional enabler" conviction but others will follow. Many of the phoney firms at the heart of these frauds have already folded. Is it time to scrap these claims management firms altogether?
Student insurance for start of term
Money Expert
Aug 10th 2010
Filed under: Insurance
Students this September will take just under £4,000 worth of possessions to university stressing the importance to compare student insurance.Additionally, over a third of these valuables will be carried around campus by students at any one-time totalling an average of over £1,300, according to insurance provider Endsleigh. This figure even excludes cash, credit cards and jewellery.
Find the best life insurance deals online
Money Expert
Aug 9th 2010
Filed under: Insurance
Less than half the adult population have life insurance and most of those who do have never switched their insurance provider. Follow our top tips on how to find the best life insurance deals online.Only 30% of people surveyed by Confused.com recently said that they had ever switched life insurance providers with men more likely to switch than women at 35% compared to 29%.
