Insurance Age - 2010-11-02
Articles in this issue
Polly C - the hottest insurance gossip
Claim Experts' latest board appointment has made Polly chuckle.
Product launch: Brokers warned of 'Jack of all trades'
Groupama has warned scheme brokers of the dangers posed by an increase in business diversification.
Agenda: Commission disclosure
The European Union (EU) is now putting together its consultation paper on a revised Insurance Mediation Directive and this will include their views on commission disclosure.
Product launch: RSA-Volvo union renewed
RSA has renewed its affinity partnership with Volvo Car UK.
Editor's comment - November 2010
Brokers love a bit of commission don't they? And why not? They work hard and put up with a lot of hassle and jumping through insurer hoops to get it. It's how the market is geared to remunerate brokers, but outsiders have always looked upon the structure…
Risk management/claims: Lord Young slams 'unnecessary' low-hazard risk assessments
Lord Young has called for a stop to low-hazard health and safety risk assessments as part of his review into UK compensation culture.
Product launch: Clear Private Car on Open GI
Allianz Retail's Clear Private Car product has launched with Open GI in the latest stage of its roll-out.
E-commerce: CII group to assess how social media can review claims
The Chartered Insurance Institute (CII) has created a New Generation Claims Group tasked with investigating how social media can be used to improve the claims process for brokers and their clients.
FSA bans show 'unacceptable behaviour' will not be tolerated
In its latest move in a series of crackdowns the Financial Services Authority (FSA) has banned a broker for attempting to overcharge a client and has cancelled the regulatory permission of two other brokerages and an underwriting agency.
Big Society could offer brokers ray of light
The Government's sweeping public spending cuts could be a double-edged sword for regional brokers.
Vacancy remains for Axa chief
Axa Insurance is still searching for a new commercial lines chief following a restructure of its UK business.
Health news: PMI providers warned against taking advantage of public cuts
In the wake of the Government's controversial benefit cuts, health insurance providers have been warned against tapping into highly emotive areas by mutual insurer National Friendly.
Brit case could up timber premiums
Brit Insurance Holdings' £2.6m claim against Taylor Wimpey could be a catalyst for insurers increasing premiums and restrictions on timber frame cover.
Advertising power acknowledged
Aggregators have admitted that their financial performance has become increasingly dependent upon the success of advertising campaigns.
Power hour: Giving something back
With the Government's introduction of the Big Society concept and public spending review, it is clear the private sector will need to step up its support of communities. This month's roundtable explores how the insurance industry should contribute…
Health news: Rockbridge deal underlines CBG's healthcare focus
CBG Group has acquired Rockbridge Healthcare as part of its growth strategy in the healthcare sector.
Apollo-CVC offer accepted
Brit Insurance has agreed a cash offer from Apollo Management and CVC Capital partners in a deal valued at about £888m, which will result in shareholders receiving up to £11 a share.
Reportage - High net worth: Because they're worth it
HNW was once the preserve of specialist brokers and insurers but there has recently been an increase in this type of business being transacted online. Louise Meeson asks if HNW clients and their prized possessions can really be taken care of without…
How to complete an MBO: Successful successions
MBOs provide a fantastic opportunity for management teams to get a taste of acquisition activity in a familiar market. Mike Pawson gives guidance on how to ensure the deal runs smoothly.
Broker profile: Broking in a warzone
William Wakeham is worlds apart from the average Insurance Age reader. Martin Friel profiles the life of a broker working in Iraq as he risks car bombs, mortars and bullets in his bid to crack the Middle Eastern market
E-commerce: SMEs unconvinced by social networking value
Over half (52%) of small to medium-sized enterprises (SMEs) use social media but 27% of these have expressed serious doubts about the value of such sites.
Allianz sharpens regional focus with Newcastle plans
Allianz Commercial has announced its intention to expand its regional branch network with the opening of a new office in Newcastle.
LV Broker sets sights high on £1bn worth of business in first decade
LV Broker has revealed it is aiming to write £1bn worth of business by 2015, less than 10 years after its launch.
News review: October
The founder and chairman of direct insurer Esure, Peter Wood, revealed that 2014 would be the earliest date that the company would launch an initial public offering.
Broker responsibility to warn clients of rising plant theft issue
Brokers have been urged to flag up the increasing threat of agricultural plant theft to clients as the problem reaches "epidemic" proportions.
Reportage - Future of regulation: Predicting the future
Everyone is aware the FSA is on its way out but what is less certain is how the new regulatory structure will operate. Liz McMahon explores what brokers can expect in the medium to long-term future.
Banks and FSA wrangle over new measures for PPI customers
The banking sector has locked legal horns with the Financial Services Authority (FSA) over the handling of payment protection insurance (PPI) claims.
Select commission uplifts risk breaking new bribery laws
Insurers offering brokers increased commission rates for new business must ensure they have adequate procedures in place or they could risk breaching the Bribery Act 2010, according to legal experts.
Health news: Online advice portal to complement launch of EFF
Exeter Friendly has revealed it will shortly go live with an online portal for brokers and advisers following the launch of a new insurance brand.
Product reviews: Flexible and competitive caravan cover
These products have been reviewd by brokers who have rated them from one to five, based on the policy's key benefits.
Slow insurer processing could mean a backlog of IPT charges
Brokers could be left to foot the bill if insurers choose to apply the Insurance Premium Tax (IPT) increase from the date it hits their books, according to the British Insurance Brokers' Association (Biba).
Risk management/claims: Brokers warned: enforce EL or risk legal action
Brokers that fail to advise clients about environmental liability risks could face legal action following a government crackdown.
Poor insurer service feeds existence of MGAs
Consistently poor insurer service levels have allowed managing general agents (MGAs) to cement their place in the market, according to one of the latest entrants to the sector.
Aggregators are criticised for their poor online security
Price comparison sites Confused.com and Comparethemarket.com have been accused of leaving the door open to criminals by sacrificing security in favour of ease of use.
Schemes news: Heath Lambert secures two significant affinity contracts
Heath Lambert has scooped two major affinity deals with RAC and Express Newspapers.
MGAA to clear 'mist of confusion' surrounding MGAs
The Managing General Agents' Association (MGAA) has claimed it will establish a clear differentiation between prospective members and the broking community as it gears up for launch this month.
Analysis of top 100 brokers reveals market share increase
The UK broking market has weathered the economic storm well with the top 100 brokers managing to increase their market share, according to Insurance Age's 2010 Top 100 Independent Brokers supplement.
Product launch: Frost Cover collaboration
Commercial gritting organisation Gritit and risk management specialist CelsiusPro have announced the release of winter insurance product Frost Cover Certificates.
ECJ deliberates use of gender in risk assessment
Concerns have been raised that the cost and availability of insurance could be threatened if an opinion by the Advocate General on gender-based pricing is upheld by the European Court of Justice (ECJ).
Viewpoint: Time to put things right
With poor motor results continuously dismissed as being due to external factors, David Vine asks why insurers choose to ignore the evidence that would enable accurate pricing and, in turn, profit.
Staff 'haemorrhaging' could leave FSA unable to cope with reform
Doubts have been raised over whether the Financial Services Authority (FSA) has the resource to cope with impending regulatory reform as the consultation period for the plans came to an end.
Plea for MoJ to get tough on lawyers' PI abuse
Allianz has called for the Ministry of Justice (MoJ) to crack down on claimant lawyers it claims have abused the new personal injury claims system.
The sad loss of our publisher and friend Alex Broad
It is with great sadness that we have to announce the devastating news that Alex Broad, publisher of Insurance Age and sister title, Professional Broking, sadly passed away in early October.
Reportage - Coping with regulation: A regulatory health check
Whether they choose to call in a consultant, turn to their network or go it alone, brokers have a few options available to them when it comes to handling the pressures of regulation. Edward Murray explores the pros and cons of the different approaches.
Reportage - FSCS redress: Speak now...
Colin Darnell gives practical advice on how brokers can act to mitigate the significantly increased FSCS levy as well as potentially help shape future funding arrangements.
Upping FOS compensation could ruin small brokers
The Financial Services Authority's (FSA) proposal to increase the maximum level of Financial Ombudsman Service (FOS) compensation to £150,000 may force small brokers out of business, legal experts have warned.
Fledgling underwriter expands commercial lines with D&O move
Manchester Underwriting Management (MUM) has unveiled plans to move into the directors' and officers' (D&O) market.
Product launch: Axa Art pledges speedy service
High-net-worth insurer Axa Art Insurance has committed itself to providing a maximum 24-hour turnaround time when it comes to quoting on new broker business, upon receiving all the necessary information.
E-commerce: Insurers urged to make MTA and renewal options available online
Brokers have called for insurers to include mid-term adjustment (MTA) and renewal facilities as part of their online small commercial offerings.
Quinn case sheds light on periods of limitation
A recent High Court ruling in favour of Quinn Insurance has clarified the law regarding the timeframe for submitting claims where an insurer has denied liability, according to law firm Browne Jacobson.
Product launch: Aon water utility product
Aon has launched an insurance product for water utility companies.
E-commerce: Solvency II to make brokers more accountable for data
Brokers with delegated authority may face increasing pressure from insurers to account for the whereabouts of data as the industry prepares to meet Solvency II regulations.
Brokers strive for growth with series of recent acquisitions
Access Insurance, Cullum Capital Ventures (CCV) and LFC Insurance Group have all revealed ambitious growth targets following a spate of recent acquisitions.