News
Threat of enforced commission disclosure fades as European bodies follow UK lead
An agreement between European broker and risk management associations is the clearest sign yet that the revised Insurance Mediation Directive (IMD) will opt for commission disclosure on request rather than making it compulsory, according to regulatory…
Entire Choicequote workforce in redundancy consultation
The entire staff and management team at Choicequote have entered a redundancy consultation period just two and a half years after the broker was bought by Groupama.
E-commerce: Besso launches online underwriting facility via MGA
Specialist Lloyd's broker Besso Group has launched what it describes as a unique online commercial underwriting facility via managing general agent (MGA) Gladstone Underwriting.
Referral fee income to stay
Legal experts have predicted that referral fees in personal injury cases will continue to exist in some form even if the Government decides to implement an outright ban on their use.
FSCS review put on back burner
The Financial Services Authority (FSA) has put plans to overhaul the Financial Services Compensation Scheme (FSCS) on hold in the wake of this year's sharp levy hike.
Expo workshop highlights need for Risk Transfer consistency
Brokers must put pressure on the Association of British Insurers (ABI) and individual insurers to adopt a consistent approach to Risk Transfer wordings within their Terms of Business Agreements (TOBA), according to compliance expert Branko Bjelobaba.
Allianz responds to calls for South-west presence
Allianz has responded to regional broker demand by launching a mobile underwriting team in the South West.
Insurers create London teams to develop broker relationships
Broker focused insurers Groupama Insurances and Ecclesiastical have set up new divisions in London in an effort to win new business.
Agenda: Insurance and the state
The insurance industry and the state are inextricably entwined with a large number of common interests but competing in a number of areas in looking after the wellbeing of citizens and businesses. On a macro basis, the need for insurance in a communist…
'Ghost brokers' charged with motor insurance fraud
Three individuals - a man and woman from Kent and a man from west London - have been charged with motor insurance fraud, tax fraud and money laundering with offences totalling £500,000.
E-commerce: Brokers criticised for not carrying out adequate sanction checks
Brokers are grossly underestimating the implications of government guidelines for client screening, according to Open GI.
E-commerce: Failing to enforce 'leaver' processes risks giving access to competitors
Brokers could be leaving their client database wide open to attack from competitors by not implementing effective staff exit strategies, according to industry experts.
PB December 2010: News round-up
Apple iPhone apps continue to be all the rage in the insurance industry. Aviva launched MyClaim, a free app enabling policyholders to file a motor insurance claim remotely from their iPhones.
Management clinic - regulation: Conditional compliance
A number of our procedures are not compliant but I see little value in doing anything about it now because the Financial Services Authority will soon be gone. What is the point?
MMA creates new South East focus
MMA Insurance has appointed Caroline Fisher to a newly-created position of development manager to cover the South East.
Oval teams up with Lorega
Oval and Lorega have launched a dedicated claims assistance service for the broker’s commercial client base.
Travel rates need sharp hike if sector is to turn profit
The travel insurance industry needs to push through rate increases of up to 30% if the sector is to return to profitability, according to travel specialist Mondial Assistance.
ECIC appoints new underwriting manager
The Electrical Contractors’ Insurance Company has announced the appointment of Agneta Desouza as underwriting manager, reporting to chief underwriting officer, Richard Forrest-Smith.
FSA takes firms to court
The Financial Services Authority (FSA) has obtained a High Court ruling appointing provisional liquidators over three firms that the regulator believes were engaged in insurance activities without authorisation.
The truly exotic world of broking
This isn’t by any stretch of the imagination a new topic but I'm still baffled by it so please indulge me.
Five new members join Willis Networks
Five new members have joined Willis Networks, bringing its combined membership to 111 firms.
Axa UK appoints Kevin Murray as chief operating officer
Axa UK has appointed Kevin Murray as group chief operating officer reporting directly to Paul Evans, group chief executive of Axa UK. He is also a member of the Axa UK executive committee.
RFIB reveals operating profit growth
Lloyd’s broker RFIB has announced a 17% increase in operating profits to £3.5m for the year ending 30 June 2010 (2009: £3.0m).
Oval's profits and revenue down for 2009/2010 financial year
In the financial year ending 31 May 2010, broker Oval today revealed its revenue reduced by 8% from £104.6m in 2009 to £96.0m in 2010.