UK regulator aims to raise competition
29 July 2013
Britain’s new Financial Conduct Authority says it will push for effective competition by examining whether consumers can influence markets…
International
Globally significant insurers ‘must hold more capital’
22 July 2013
The Financial Stability Board has released a list of nine “systemically important” global insurers that could be forced to hold extra capital in a bid to avoid a repeat of the 2008 financial crisis…
Natural disasters are ‘biggest banana skin’
22 July 2013
Natural catastrophes and regulation are the biggest worries for non-life insurers, according to this year’s Insurance Banana Skins survey…
Hartwig hails capital growth amid high catastrophe claims
22 July 2013
US property and casualty insurers are “extremely well capitalised” and likely to remain that way, according to Insurance Information Institute President Robert Hartwig…
Insurers face far-reaching change, State Street says
22 July 2013
Post-financial crisis regulatory reforms, distribution challenges and diminishing investment returns are transforming the insurance industry, according to a survey for US business consultant State Street…
FCA fines insurer $12 million over ‘add-on’ cover
22 July 2013
The UK Financial Conduct Authority has fined Swinton Group £7.38 million ($12.13 million) for mis-selling “add-on” insurance policies…
QBE North America appoints CFO, ex-UK chairman moves on
22 July 2013
QBE North America has appointed Richard Dziadzio as CFO, while the company’s former UK and Ireland chairman Ray Cox has joined Ecclesiastical…
Low rates force Europeans to change investment strategies
22 July 2013
European insurers are increasingly investing in illiquid asset classes such as private loans, as they try to raise investment returns amid low interest rates and heightened regulation, according to Moody’s…
Zurich Insurance ratings affirmed
22 July 2013
Moody’s Investors Service has affirmed its ratings on Zurich Insurance, based on the company’s strong market position in a range of countries and its business and geographic diversification…
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…
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…