News
FSA chief claims radical approach needed to force change
The current regulator’s chief executive Hector Sants has stated that, over the past eight years, there has been “little or no evidence that any significant change has occurred in the attitude of the financial industry towards its customers”.
Market could save millions with new telematics offering
Claim Witness has launched a new Telematics “Black-Box” solution designed to provide insurers with both first notification of an accident, and driver data analysis to assist with premium adjustment.
FCA will not prevent all firms from failing, says Cole
Margaret Cole, the Financial Services Authority’s (FSA) director of enforcement and financial crime, has spoken at the regulator’s conference on the forthcoming Financial Conduct Authority’s (FCA) approach to regulation.
Update: Axa stands alone in its voluntary ban on referral fees
Insurers have said they are not prepared to follow Axa’s lead in the banning of referral fees for personal injury.
Axa turns its back on referral fees
Axa has made the decision to no longer accept referral fees from personal injury lawyers and has called for whiplash injury reform to eliminate fraud within the industry.
Big Balloon Day takes off with The Insurance Charities
The Insurance Charities has announced its annual fundraiser, centred upon a tethered hot air balloon ride, will be on 2 August 2011.
FCA needs quantum leap to achieve goals
The new Financial Conduct Authority (FCA) must deliver a quantum leap in effective regulation, according to Kay Blair, vice chair of the Financial Services Consumer Panel.
Zurich secures two key financial lines hires
Zurich has appointed Stuart Quinlan as chief underwriting officer, professional indemnity (PI) for Europe, and Alan Moore, as head of financial lines for the UK.
Profits fall at Oxygen
Oxygen Insurance has reported a fall in profits to £95,229 for the year ended 31 December 2010, a dramatic reduction from £707,398 the previous year.
Aspen makes new senior appointment
Aspen Insurance has appointed a new manager of distribution and business development in the UK.
Brokers rate motor top for growth in personal lines
A survey by Mapfre Assistance has rated motor as the product area most likely to drive growth for insurance brokers in personal lines over the next 12 months.
Motor cover for the young to average £3,600 in 2013 says Mazars
Accountancy firm Mazars has predicted motor insurance increases of at least 50% over the next two years for young drivers, taking their typical motor premium up to £3,600.
Solicitor responds to Jack Straw on referral fees
Des Collins, senior partner of Collins Solicitors, has welcomed Jack Straw’s comments on the need to clamp down on claims management companies and ban referral fees.
New Bristol manager for Liberty Mutual
Liberty Mutual Insurance (LMI), the commercial lines division of Liberty Mutual Insurance Europe, has promoted Martino D’Aliesio to the post of regional manager for its Bristol office.
FCA to be tougher and bolder
The Financial Services Authority (FSA) has declared that its successor body, charged with conduct and markets regulation from the end of 2012, will be tougher, bolder and more engaged with consumers.
Ecclesiastical creates new compliance role
Ecclesiastical has appointed John Schofield to the newly created role of director of group internal audit and compliance.
Jack Straw attacks referral fee system
Former Secretary of State for Justice, Jack Straw MP, has called for referral fees to be banned in an article published in The Times.
Plum choice for new MD
Somerville Holdings has promoted David Whitaker to the role of managing director at its specialist household subsidiary, Plum Underwriting.
Chubb fills Mitsui Sumitomo shaped hole
Patrick Mettler has been appointed to the role of country and business development manager for Ireland at Chubb.
Insurance Age blog: What did you have for breakfast today?
I'm going to tell you something you don't know about me. Happy Gilmore is one of my all time favourite films. There are a variety of reasons why this is the case but one particular exchange never fails to make me chuckle.
FSCS adds journalist to board
The Financial Services Authority has appointed Liz Barclay, David Weymouth and Jayne Nickalls as non-executive directors to the board of the Financial Services Compensation Scheme (FSCS).
Towergate kicks off acquisition spree with modest purchase
Towergate Insurance has purchased Tunbridge Wells-based BWA (Insurance Services) for an undisclosed sum.
Escalating claims decimating UK motor results, says Towers Watson
New figures from the Institute and Faculty of Actuaries have revealed that one in four UK third party motor claims involves a bodily injury element.
Lord Turner calls on Parliament to pick up the pace
The Financial services Authority (FSA) chairman, Lord Turner, has called on Parliament to ensure the legislation necessary for a smooth regulatory transition is in place in time for the FSA to hand over to the new bodies.