The FT reports that only around a quarter of consumers who are using so-called Claims Management companies to claim compensation from banks for mis-sold Payment Protection Insurance are aware that those firms take a cut of the recovered funds. The article is here: http://www.ft.com/cms/s/0/674e0ec8-8c7c-11e1-9758-00144feab49a.html#axzz1ssuqRqvU

Brilliant insights beginning to come in from leading experts in the European Insurance sector including this, from Jem Eskenazi, Chief Information Officer for Groupama Insurances in his excellent white paper which will be published with his report in June: “Talking about IT architecture and enterprise service buses is not exciting; management is…[Read more]

We’re nearing completion of the Agenda for Insurance Claims Management: Europe and I am grateful to all the high-level executives and experts who are kindly donating their time and brain power over the next eight weeks, including Ageas, Association of British Insurers (ABI), AXA, Consumer Intelligence, Equity, European Insurance and Occupational…[Read more]

Half a million people in the UK have exchanged their pension funds for guaranteed insurance policies, concluding more than £26-billion worth of “pension buyout” deals, according to Financial News. The report, published online today, quotes consultancy Lane Clark & Peacock in a prediction that this number will double by 2017 as the takeover of…[Read more]

New figures released by the Motor Insurers’ Bureau (MIB) say that the number of drivers aged between 17-20 without insurance has dropped by more than 50% in three years. Where they used to number an estimated 250 000, the MIB now puts the number closer to 125 000. Credit for the success apparently goes to the Continuous Insurance Enforcement law,…[Read more]

The cost of claims for domestic burglaries hit a nine-year high in 2011, according to The Sunday Telegraph, citing internal data from Churchill Insurance. The total cost for the year: £415m, a third of which is jewellery as thieves capitalise on a sixfold rise in gold prices. The data comes after three years of falling reported break-in incidents.

A leading financial expert has referred to the coming new European legislation, coupled with new UK tax rules on insurance as ‘a perfect storm,’ according to the Telegraph. Leading experts are suggesting that the cost of life insurance is set to rise for the first time in ten years, which ironically is likely to wipe out any savings that may…[Read more]

Bank of England deputy governor Paul Tucker expressed his dismay during a speech in the City yesterday, at the costs insurers will have to bear in order to comply with the coming European Union insurance capital rules, known as Solvency II. He compared Solvency II, which will come into effect in 2014, to Basel II, saying that the proposed rules…[Read more]

I am delighted to be able to confirm the participation of Gabriel Bernardino, Chair of the European Insurance and Occupational Pensions Authority (EIOPA) in the ’Insurance Claims Management: Europe’ report out on June 18. Mr Bernardino will join our CEO panel to discuss the core issues facing insurance claims departments currently.

Aviva CEO Andrew Moss told City A.M. that if Aviva changes domicile as Prudential is considering, the City of London would be turning out its lights. The reason: because everyone else would have already left, Moss says, making public his firm’s commitment to London.

Reuters reports today that HSBC has agreed to sell its general insurance businesses to French insurer AXA Group and Australia’s QBE Insurance Group for $914 million in cash, as Europe’s biggest bank moves ahead with its plan to divest non-core assets. The deal, the latest in a series of cost cutting initiatives under new HSBC CEO Stuart…[Read more]

Women drivers in the UK will be forced to swallow insurance hikes of up to £360 unless ministers make insurers soften the blow of the European court ruling that says gender-based pricing amounts to discrimination, says a release by the Labour Party. The release goes on to say that women have 20% fewer accidents on average.

City A.M. reports that London Mayor Boris Johnson has personally written to Tidjane Thiam, CEO of Prudential to express his concern at the insurance giant’s plans for a change of domicile and to say that he will lobby in the EU and in London to ensure that Solvency II doesn’t cause insurers to relocate.

In an interview with The Telegraph, Royal & Sun Alliance (RSA) boss Simon Lee has outlined how the market is affecting insurance premiums in diverse ways. He says that over the past year, RSA’s motor premiums rose by 17% and home insurance rates by 6%, all the while the corporate business saw premiums fall 12% as businesses cut back to manage costs.

Solvency II can only be a good thing because of the increased transparency it gives into an insurer’s health, according to Carlos Montalvo, executive director of the European Insurance and Occupational Pensions Authority (Eiopa). He made the statement as he urged policymakers not to let politics impede the implementation of Solvency II. “We need…[Read more]

New research sponsored by BNY Mellon and conducted by the Economist Intelligence Unit, found that a majority of institutions surveyed believe that Solvency II oversteps the mark. And almost three quarters of survey respondents (73%) agree that the costs to insurers of compliance with the new regulations will be passed on to policyholders, and…[Read more]

Prudential is considering leaving the UK and setting its roots down in Hong Kong which delivers a substantial part of its business. The reason: Solvency II obligations which may require it to hold additional capital against its American business, Jackson National Life. Moving outside the UK would leave just its UK subsidiary liable to meet…[Read more]

Pressure is on the Government to hammer out a deal with insurers before the expiry in June next year, of the universal flood cover arrangement. Without it, home owners in parts of the country where flood plains have played host to home developments may be unable to sell their property.