PPI drives huge rise in complaints to UK ombudsman
22 July 2013
The UK’s Financial Ombudsman Service received 159,197 complaints in the three months to June 30, up 179% on the corresponding period last year…
International
Cost of risk rising, RIMS says
15 July 2013
Hard market conditions forced up the cost of risk last year, according to the Risk and Insurance Management Society Benchmark Survey…
FCA launches ‘add-on’ insurance probe in UK
15 July 2013
The UK’s Financial Conduct Authority will hold a review into insurance “add-on” products that are often sold with holidays, cars and gadgets…
European floods show assessment differences
15 July 2013
Estimates of insured loss assessments for floods that hit Germany and neighbouring countries in May and last month have revealed wide discrepancies…
Flooding dominates Munich Re catastrophe stats
15 July 2013
Floods caused almost half of all worldwide natural catastrophe losses in the first half of this year, according to Munich Re…
NZ counts cost of winter storms
15 July 2013
Winter storms in New Zealand were among dozens of natural catastrophes to strike last month, according to Aon Benfield’s latest report…
European flood costs may hit $4.9 billion: Swiss Re
15 July 2013
Insurance losses from flooding in central and eastern Europe could be between $US3.5 billion and $US4.5 billion ($3.8 billion and $4.9 billion), according to Swiss Re…
Regulation the main barrier to US growth, survey shows
15 July 2013
Regulatory and legislative pressures are the most significant barriers to growth in the US, according to most respondents in this year’s KPMG Insurance Industry Survey…
US insurers face lose-lose situation on rates
15 July 2013
Interest rate rises have revealed a major dilemma for the US property and casualty sector, according to a report by ratings agency Moody’s…
McLarens acquires farm specialist Agrical
15 July 2013
International loss adjuster McLarens (formerly McLarens Young International) has acquired Agrical as part of its expansion in the UK commercial claims market…
Ward quits as Lloyd’s CEO
08 July 2013
Richard Ward will resign as CEO of Lloyd’s at the end of December after almost eight years in the role…
Alternative risk financing vehicles attract investors
08 July 2013
The reinsurance market’s capital structure is changing as investors grow more comfortable with alternative financing vehicles, according to Guy Carpenter…
Personal, commercial rates rise
08 July 2013
US personal lines rates increased by an average of 4% last month as insurers prepared for an active hurricane season…
British insurer dials up a $4.6 million fine
08 July 2013
The UK Financial Conduct Authority has fined a mobile phone insurer more than £2.8 million ($4.68 million) for failing to deal with customer complaints…
Warming oceans make extreme weather the ‘new normal’
08 July 2013
A “paradigm shift” in risk assessment methods is needed in the face of increasingly extreme weather events, according to the Geneva Association…
AIG, GE accept extra regulation, Prudential appeals
08 July 2013
AIG and GE Capital are to be among the first US groups designated systemically important non-bank financial institutions, after a 30-day appeal period passed…
British insurers gain confidence
08 July 2013
More than a quarter of UK general insurers are optimistic about the future, but only 3% have reported business volume growth since the March quarter, a survey shows…
Insurers struggle to attract new customers
08 July 2013
The global financial crisis has affected insurers’ ability to reach new customers, according to a report by Ernst & Young…
World market on slow road to recovery: Swiss Re
01 July 2013
Global insurance premiums are likely to rise at a moderate pace this year after returning to growth last year with a 2.4% increase, according to Swiss Re’s latest Sigma study…
Underwriting profits lift US insurers
01 July 2013
US property and casualty insurers’ net income after tax grew 41.2% to $US14.4 billion ($15.5 billion) in the first quarter of this year…