Insurance Age - 2010-08-03
Articles in this issue
Broker Expo gains CII accreditation
The Chartered Insurance Institute has confirmed that the Broker Expo has received official accreditation as the 2010 event opens for registration.
Industry anticipates further IPT rises to catch up with EU levels
Industry experts have warned of further Insurance Premium Tax (IPT) hikes as the Government attempts to bring UK tax levels into line with the rest of Europe.
Utley quits IAG to focus on his own investments
Neil Utley has revealed his intention to return to his entrepreneurial roots after quitting his role as chief executive of Insurance Australia Group's (IAG) UK business.
Brokers demand 'safe harbour' from PPI storm
The Financial Services Authority (FSA) has come under increasing pressure to force insurers to share the burden of compensation claims resulting from the widespread mis-selling of payment protection insurance (PPI).
Moneyextra.com sells up and surrenders to rival aggregators
Price comparison site Moneyextra.com has finally admitted defeat in its bid to compete with the UK's top four aggregators after the company was sold for £1.
Broker Direct slashes workforce to balance declining motor book
Broker Direct has made 50 redundancies in a bid to compensate for the loss of one fifth of its personal lines motor book.
Contenders for 2010 UK Broker Awards revealed
The shortlist for the 2010 UK Broker Awards has been announced so it's time to celebrate the best of British in the broking sector.
NIG's personal lines exit to impact around 3,000 brokers
About 3,000 brokers will be affected by NIG's decision to exit the personal lines market and focus solely on commercial business.
Quinn impact: solicitors' professional indemnity problems affecting all firms
Professional indemnity (PI) premiums for small firms are set to soar by up to 30% following Quinn Insurance's withdrawal from the market.
Jackson consultation slated for leaving brokers in dark
Experts have criticised the Government's Jackson review consultation, claiming it has left the industry "in the dark" on key measures.
New Ink MD Mike Smith looks to acquire Westinsure
Giles-owned Ink Underwriting has made an offer to acquire the entire share capital of South-west broker network, Westinsure.
Broker buying spree continues
Brokers began the second half of 2010 in a flurry of acquisition activity with Bridle Insurance snapping up two buys and further purchases from MRIB and Cullum Capital Ventures (CCV).
Unsustainable motor rates see greatest increase in 16 years
Car insurance premiums have rocketed at a record rate as insurers attempt to move their motor books back into the black.
Arag service comes out on top in legal expenses insurer questionnaire
Brokers have voted Arag the best legal expenses insurer (LEI) in terms of overall service in a survey by Insurance Age's sister industry insight unit Insurance 360.
FSA consultation kicks off with confirmation of 2011 revamp
The Financial Services Authority (FSA) has revealed it will begin its radical transformation at the start of next year as it launched a consultation into the shake-up.
Allianz establishes specialist team to identify fraud
In what it claims is an insurance industry first, Allianz has established a specialist casualty claims validation team, which it predicts could identify up to £15m of fraud next year.
The FSA sends signal of intent with broker fine and insurer bans
The Financial Services Authority (FSA) has fined a broker network director and banned three insurance professionals for a £2m fraud in its latest crackdown.
Claims Underwriting Exchange challenged by competitor database
A new database that permits claims data sharing while protecting commercially sensitive information could challenge the position of the Claims Underwriting Exchange (CUE).
UK still has most uninsured drivers in Western Europe
The chief executive of the Motor Insurance Bureau (MIB) has branded the UK's uninsured driving record "embarrassing" after it was revealed the country has the highest level of uninsured driving in Western Europe.
Insurance industry prepares for Olympics red alert
The insurance industry has been warned to prepare for every eventuality, including a terrorist attack, in the lead up to the Olympics in 2012.
Product review: Tradesman product wins on price
The products reviewed here are rated from one to five by brokers, based on the policy's key benefits.
Bollington, Equity Direct Broking and THB Risk Solutions launch new schemes
New schemes have been launched by Bollington, Equity Direct Broking (EDB) and THB Risk Solutions.
Product launches: RSA introduces policy enhancements to fleet active offering
RSA has updated its Fleet Active offering and launched new Small Business Combined (SBC) and Yacht Alliance products.
Product launches: QBE & SSR extend electrical insurance cover
QBE and Bristol-based broker Sutton Specialist Risks (SSR) have extended their existing insurance scheme for electrical contractors to cover heating, ventilation and refrigeration engineering risks for domestic, commercial and industrial clients.
APC to roll out entire product portfolio in the Republic of Ireland
Online underwriter APC is to make its entire product portfolio available in the Republic of Ireland (ROI) within the next 12 months.
Agenda: KIC first half 2010 results and outlook
Letter to president Petrov Arverbeyev, Kazakhstan Insurance Company
Letters: Brokers must invest in e-commerce
Mark Roberts of CGI is right to warn brokers to invest in e-commerce (Insurance Age, July 2010).
Broker Forum: PPI - possible solution
From the broking.co.uk Broker Forum, July 2010.
Editor's comment - August 2010
If one good thing has come out of the Financial Services Compensation Scheme (FSCS) levy debacle, it is that brokers have shown there is only so much they can take.
Interview: Breaking the insurer mould
Groupama sits somewhere in the middle in terms of how it presents itself to brokers - as both a composite and a specialist. Allison Andrews explains to Martin Friel how the insurer's realistic approach maintains a balanced service.
Power hour: A cooperative coalition?
This month's power hour assesses the impact the Con-Dem Government has already had on insurance and debates how it will continue to influence the industry in the future. Liz McMahon reports.
Viewpoint: It's PPI payback time
After months of speculation, the letter has arrived. Andrew Welch explores just how hard brokers have been hit by this year's soaring FSCS levy as the FSA claws back cash to cover claims from mis-sold PPI policies.
Reportage - mobile phones: An appy medium for brokers?
Internet-enabled mobile phones are the latest vehicle to be used to sell insurance with a host of apps already in production. Liz McMahon explores how brokers should approach this new method of distribution.
Reportage - online security: Storing online data securely
As the world of e-trading moves on apace, the legal obligations of companies that receive, store and disseminate client information can often be forgotten. Liz McMahon examines the responsibilities brokers have in regards to data
Reportage: Transactional websites - what are the benefits for brokers?
By automating personal lines underwriting and providing clients with more than just a place to go window shopping, Kevin Child explains how brokers can benefit from creating fully transactional websites.
Reportage - specialist products: How practical is it to sell specialist cover on the web?
Making commercial insurance products available online can create efficiencies for customers, brokers and insurers and has proved particularly successful in the standard SME market. Ian Wainwright asks if it is practical to sell specialist cover over the…
All quiet on the North-western front?
The healthy competition between its two dominant cities, Manchester and Leeds, makes the North-west insurance market anything but quiet. Martin Friel profiles some of the region's key players
News review: July 2010
A review of July's industry news.
Polly C - the hottest insurance gossip
Since RSA began celebrating its 300th birthday, Polly has attended several of its soirees where its commemorative beer, brewed by Shepherd Neame, has been in copious supply. It was no different when she attended its launch of RSA online at the British…
Biba urges Amii to join forces to form a single 'louder' voice
The Association of Medical Insurance Intermediaries (Amii) has rebuffed advances from the British Insurance Brokers Association (Biba) to merge the two organisations.
Fears white paper proposal could hamper PMI
The coalition Government's decision to turn its back on its 'preferred provider' policy could pose a threat to the private medical insurance (PMI) industry, according to the Association of Medical Insurance Intermediaries (Amii).
Reportage - Social networking: how can brokers build a profile that pays?
Everyone's talking about social networking but have businesses overlooked the commercial potential of these sites? Louise Meeson offers advice as to how brokers should use their online profiles for marketing and trading.
Allianz updates business cover
Allianz Commercial has announced a revamp of its Commercial Select product.
Aviva enhances motor trade offerings
Aviva has made enhancements to its motor trade offering and commercial combined policies.
NIG launches property policy
NIG has launched its new Premier Property Owners product to a panel of up to 40 brokers.
E-commerce: Insurance professionals miss out on social networking opportunities
The insurance industry has failed to jump on board the social media marketing bandwagon, despite growing use in other economic sectors.
E-commerce: RSA launches e-trading service for brokers
RSA has launched a new e-trading service for brokers as part of its bid to become a top three player in the small to medium-sized enterprise (SME) arena.
E-commerce: Groupama pilots ‘first stand-alone PI cover for SMEs’
Groupama Insurances has expanded its Optima online product range with the pilot launch of what it claims is the first stand-alone professional indemnity (PI) cover for small to medium- sized enterprises (SMEs).
E-commerce: Swift Assure quote-and-buy facility targets high-profile users
Leicester-based online broker startup Swift Assure has announced the launch of a new quote-and-buy facility.
E-commerce: Towergate Affiliate offers brokers financial incentive
Towergate is offering a commission incentive to brokers that use its new affiliate website.