News
Motorists happy to misrepresent to obtain cheaper car insurance
Research from the Association of British Insurers (ABI) has revealed that the majority of motorists are prepared to misrepresent a risk to get cheaper car insurance.
Health news: MCD trust fund scheme offers brokers alternative route into PMI
Medical Care Direct (MCD), part of the Skipton Group, has launched a scheme which offers brokers an alternative path into the private medial insurance (PMI) sector.
Health news: Pruhealth seeks to broaden its range in wake of SLH aquisition
Pruhealth is targeting general insurance brokers with a range of new healthcare plans following the acquisition of Standard Life Health (SLH) in August last year.
E-commerce: OFT sends out data sharing warning to insurance industry
The Office of Fair Trading (OFT) must clamp down on anti-competitive data sharing in the insurance industry, according to consumer watchdogs Which and Consumer Focus.
Discussion paper gives first hints regarding future philosophy of CPMA
The Financial Services Authority (FSA) has called for a public debate about how it, and in future the proposed Consumer Protection and Markets Authority (CPMA), should pursue the objective of consumer protection and specifically the issue of product…
E-commerce: Simply Business reveals ambitious GWP growth plans
Simply Business, has unveiled a gross written premium target of £100m by the end of 2012, up from £41m last year.
E-commerce: Policyfast and RSA come to non-EDI agreement
Online wholesaler Policyfast has reached an agreement with RSA to provide online business car and van policies to brokers.
Intermediary receives FSA fine and ban for 'turning blind eye'
The Financial Services Authority (FSA) has fined an intermediary £25,000 and banned him from working in regulated financial services for his part in a scheme that defrauded Markel and QBE, through its agent Amalfi, of more than £2m.
Hastings to recruit 350 to meet expansion plans
Bexhill-based insurance broker Hastings Direct has announced it is to recruit 350 members of staff in 2011.
Mayer tasked with EMEA focus in London return
Igal Mayer has returned to London as Aviva's chief executive of Europe, Middle East and Africa. The move from CEO of the North American division comes a year after the implementation of the restructure, which saw Mark Hodges appointed to lead UK…
Systems and regulation top brokers' 2011 concerns
Improving systems and regulation are the issues that concern brokers and underwriters most for 2011, according to insurance software specialist Sequel.
Bespoke insurance regulation is top of Biba agenda
The British Insurance Brokers' Association (Biba) has put regulation at the top of its 2011 manifesto agenda as it continues to campaign for a regulatory approach more tailored to its members.
E-commerce: Commercial market struggles to meet fraud prevention demand
As the capacity for online small to medium-sized enterprise (SME) trading increases, the commercial insurance market continues to lag behind in fraud prevention, according to APC underwriting director, Ian Russell.
TEn commits to Aldermanbury
TEn Insurance has become the first stand-alone network to sign the Aldermanbury Declaration.
E-commerce: First for Lloyd's as contract is exchanged on iPad
The first electronic fully-placed contract via iPad was exchanged at Lloyd's between BMS and Catlin using the RI3K platform.
No let-up in FSCS levy burden for next two years
Brokers have been warned that the heavy cost of the levy imposed by the Financial Services Compensation Scheme (FSCS) in 2010 could become the norm for the next two years.
Prime Professions hits back
Prime Professions has rejected claims it is struggling financially and had been in discussions with Aon about a takeover late last year.
Zurich and joint Anglo-Liberty bid leading race for Quinn
Reports in the Irish press have indicated that there are two front runners in the bidding process for Quinn Insurance. The differing articles named Zurich and a joint Anglo Irish Bank and Liberty Mutual bid as leading the way. Previously, Travelers and…
Majority of firms ill-equipped to cope with new Bribery Act
Nearly two thirds of insurance firms are still not prepared for new anti-bribery legislation set to be enforced in April this year.
Brokers to see FSA fees fall in 2011/12
Brokers will see a fall of 9.4% in minimum fee levels from the Financial Services Authority (FSA) in 2011/12 according to its Regulatory Fees and Levies consultation document.
FSA requests over 10% increase in funding
The Financial Services Authority (FSA) has asked for a 10.1% gross increase in annual funding for 2011/12 to £500.5m, up from £454.7m in 2010/11.
Oxford Insurance Brokers appoints two in UK PI team
Oxford Insurance Brokers has revealed the first step in its growth strategy following a £1.4m investment from venture capitalists BP Marsh & Partners in June last year.
Delay to Bribery Act should not distract businesses, says PWC
The Ministry of Justice (MoJ) has confirmed that the Bribery Act, due to come into force in April, will be delayed until it has issued further guidance to businesses.
Jelf Insurance Brokers set for 'aggressive' growth despite dip in revenue and profits
Premium finance arrangements are the reason behind the shortfall in Jelf Group’s insurance business, says chief executive Alex Alway.