News – Page 144
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NewsSpecialist broker Flock selected as Biba drone scheme provider
Specialist broker Flock has been appointed as the British Insurance Brokers’ Association’s (Biba) newest drone scheme provider for its members. Underwritten by aviation underwriters, the scheme allows Biba members to easily access cover for small businesses as well as global operators and large fleets.
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People & OpinionAXA XL appoints risk consulting head
Jonathan Salter has more than 20 years of experience in risk consulting and property risk engineering
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AIRInsurtech sector backs FCA’s ‘price walking’ ban as move towards restoring trust
The insurtech sector has backed the FCA’s move to ban ’price walking’ as a step towards gaining customer’s trust. The FCA revealed in its pricing practice report yesterday that new and existing insurance customers would now be charged the same price, and that the loyalty penalty would end.
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NewsHowden to buy A-Plan Group as it aims to expand its retail broking reach
Howden is snapping up A-Plan Group, which, if approved, would create a broking business managing more than £4bn in GWP. Howden, which is part of the employee-owned Hyperion Group is aiming to expand its retail distribution and specialist product offering via the acquisiton, which will also encompass Endsleigh.
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NewsFSCS urges customers to ask key questions before switching insurers
The Financial Services Compensations Scheme (FSCS) is urging customers to ask questions before switching insurers. It has put together a list of key questions that customers can ask before they make the switch.
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NewsAXA XL launches custom-built insurance for new class of construction business - Highly Protected Projects
AXA XL’s North America Construction insurance business is building tailored insurance programs and services for construction projects that qualify as a “Highly Protected Project” (HPP) because of their implementation of technologies designed to reduce project risk.
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NewsZurich to sponsor reforestation in Brazil’s Atlantic Forest
Exclusive reforestation sponsorship will help to restore biodiversity by planting 1 million trees, including one for each employee.
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NewsBest’s Market Segment Report: MENA Reinsurers Strive to Adapt to Testing Conditions
Regional reinsurers operating in the Middle East and North Africa (MENA) are no strangers to challenging operating conditions. In recent years, the region’s reinsurance market has been characterised by competitive pricing pressures, overcapacity and increased incidence of large losses.
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NewsInsurers Passing the test on Claims, but UK Consumers remain sceptical about Insurance Industry
Guidewire has published results of research that shows that consumers are cautious about insurers’ attempts to interact with them through new services and the use of new technology.
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People & OpinionABIR members lead Bermuda economy
The Association of Bermuda Insurers and Reinsurers (ABIR) today released the results of its 15th annual ABIR Bermuda Economic Substance Survey, detailing significant contributions to the Bermuda economy and workforce.Highlights from the report, which tracks 2019 calendar-year data, include: ABIR members contributed over $830 million to the Bermuda economy, ...
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NewsFCA warns on premium financing in pricing crackdown proposals
Regulator is concerned that customers may not be treated fairly on premium financing and warns providers could be in breach of law
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NewsInsurance firms will be forced to end price walking as FCA reveals rip-off remedies
Firms will be forced to offer the same price for insurance products at renewal as they do for new business, the FCA said in its final report on pricing practices released today. The proposed remedy aims to end the practise of so-called ‘price walking’, where customers - particularly in retail ...
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NewsData subject insurance claims are ‘sting in the tail’ for corporate cyber breach victims
Data subject claims – made by individuals whose data has been compromised following a corporate insured experiencing a data breach – is “effectively becoming the new PPI”, often acting as a “sting in the tail” for organisations attempting to recover after a cyber attack.
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NewsD&I plays “crucial role” in business resilience - survey
Mental health, gender equality, flexible working patterns and culture & ethnicity ranked the top issues to address within risk and insurance - Dive In
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NewsThird Point Reinsurance Announces Partnership with New Bermuda-based MGA
Third Point Re today announced an investment in Arcadian Risk, a start-up led by John Boylan, a well-known industry executive with a 30-year track record in the global insurance market. Third Point Re will own a minority stake in the newly-formed company.
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People & OpinionBerkshire Hathaway Specialty Insurance Names Olivier Hamon and Alice Batchili to Lead Entrance Into Executive & Professional Lines in France
Berkshire Hathaway Specialty Insurance (BHSI) today announced that it is entering the Executive & Professional Lines market in France and has appointed Olivier Hamon as Head of Financial Institutions and Management Liabilities and Alice Batchili as Professional Indemnity Manager.
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NewsMore than a third of SMEs are interested in pandemic-related insurance
More than a third (38.4%) of UK-based small and medium-sized enterprises (SMEs) are interested in buying insurance that protects them from the potential losses associated with a pandemic, according to research from analytics firm GlobalData.
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NewsLaw firm considers legal action against 12 insurers following BI test case result
Law firm Mishcon de Reya is considering expanding its group action by launching legal proceedings against 12 insurers following the verdict last week on the FCA’s test case – the law firm believes that ‘resilience’ policy wordings used within some non-damage business interruption (BI) clauses should be paying out on ...
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NewsRegulator’s ‘culture shift’ forces firms to place greater emphasis on vulnerable customers
The FCA’s “culture shift” to focus on good customer outcomes has had a domino effect within the insurance sector, placing greater emphasis on vulnerable customers and how insurance products work when making a claim rather than the regulator concentrating solely on pricing.
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NewsCOVID crisis sparks captive growth
Captive formation grew by 200% in the first half of 2020, including captives to cover pandemic-related losses - Marsh
