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‘Injury tourism’ threat to the UK
DESPITE efforts by the European Union (EU) to simplify the interpretation of national laws, the UK insurance industry is being exposed to significant risk from complex cases involving motorists of...
Finding fault with Financial Services Ombudsman’s system
THE much-anticipated Financial Ombudsman Service (FOS) review in the UK, published by Lord Hunt in April, has taken steps to address concerns on complaints handling. However, recommendations to introduce...
What will the market be talking about this year?
SO, HOW will the London market perform during the second half of 2008? Obviously, one cannot predict its fortunes with any certainty at this stage but it is clear that...
UK Admiralty Court marine case shows value of accuracy
THE UK Admiralty Court’s March 2008 judgment in John Pratt v Aigaion Insurance Company SA, concerned a short point of construction in a policy of marine insurance subject to English...
HIH’s assets case leaves English courts with wide and flexible discretion
THE UK’s House of Lords recently had to consider whether the English court should remit assets when faced with a request to do so by a foreign court. In...
What constitutes a single event in law?
THE UK case last week of Seele Austria v Tokio Marine Europe Insurance Ltd involved a combined contract works and third-party liability policy, writes Nigel Brook, the head of reinsurance...
NEW arrangements allowing auditors to limit their liability will raise questions for insurers providing auditors’ indemnity cover and could have an immediate influence on claims and underwriting practice, according to...
Insurance still losing out to financial sector rivals
Insurance Day survey finds 74% of graduates entering finance favour alternatives ALMOST three-quarters of London students who are considering pursuing a career in finance do not believe the...
THE GLOBAL economy is in a state of flux, with panic setting in that a recession is imminent. As markets slow down and shareholders shudder at the thought of...
Banking blues are insurers’ boon
THE INSURANCE industry is looking to profit from the troubles of the banking sector by picking up its disillusioned or disenfranchised staff. In the wake of a swathe of...
Fresh challenges posed by ‘Facebook generation’
A COMBINATION of economic conditions, technology and changing attitudes has transformed the way recent graduates treat their working life and the way they need to be managed. However, Ron...
INSURERS have stepped up their attempts to attract talented people into the industry in recent years, writes Scott Vincent. In the five years I have been reporting on the...
Industry succession plans need more consideration
THE SUCCESSION plans of major insurers are starting to resemble a slice of Swiss cheese, with holes throughout the structure, writes Gemma Avey. Apart from continually harping on about...
Passing the baton to the next generation
ONE GENERIC employment issue that does not apply solely to the insurance industry is the imminent retirement of the so-called baby-boomer generation - the 55- to 65-year-old age group. ...
Job boost from the credit crunch
THE CREDIT crisis is set to have a beneficial impact on recruitment in the insurance industry, according to Terry Hayday from the Lloyd’s Market Association. Despite fears that the...
Emerging demand for local knowledge
RECRUITERS in the insurance industry are keeping their eyes firmly on emerging markets, as expansion into these countries will require the hiring of key local talent, writes Gemma Avey. ...
‘It is down to everyone to do their bit’
GRADUATES interested in a career in insurance have seen their prospects diminish since the mid-1990s but the tarnished image of rival financial sectors could help insurers claw back key talent,...
How graduates really see insurance
AS A GRADUATE who stumbled into the world of insurance by chance, I always wondered how many other graduates in the industry had gone through a similar scenario, writes Gemma...
16 May 2008 - Front Page
Climate-change litigation rising
INSURERS are facing renewed warnings to act now to protect themselves against future climate change-related exposures amid warnings that litigation will surge over quota disagreements for carbon allowances. Simone...
Biofuel production comes under fire at United Nations talks as food prices soar
REPUTATIONAL risks associated with biofuel development are also escalating at a time when commodity prices are at a record high and the global food shortage is raising concern among political...
Polar bears join endangered list
LITIGATION against companies which are deemed to accelerate the impact of climate change and cause damage to threatened environmental habitats are set to rise after polar bears became the latest...
Solvency II is EU heart: Van Hulle
SOLVENCY II is the "new beating heart" of the European Commission, according to Karel van Hulle, director-general of internal markets and services of the European Union (EU), writes Gemma Avey....
Randall & Quilter’s operating result rises by 68% to £8.7m
KEN RANDALL, the chairman and chief executive of Randall & Quilter, has rejected suggestions that the run-off market is in decline, writes Richard Banks. Unveiling a 68% increase in...
Douetil believes cycle in UK will bottom this year
BRIT Insurance Holdings’ chief executive, Dane Douetil, believes the UK underwriting cycle will bottom out this year. Unveiling an interim management statement ahead of yesterday’s annual general meeting, Douetil...
Reform needed to end UK ‘one size fits all’ regime
Edelman warns laws are ‘vicious instruments’ creating a ‘hostile environment’ LEGAL experts have renewed calls for urgent reform of the UK’s insurance laws, which are looking increasingly out...
Cost-cutting and buys help Zurich to 3% rise in net profit for first quarter
ZURICH Financial Services posted a 3% increase in net profit in the first quarter to $1.4bn, despite higher claims, thanks in part to cost-cutting measures and recent acquisitions. The...
Management of risk fundamental
CAPITAL and risk management must be embedded into the business as it represents the DNA of an insurance company, a leading market figure has warned. Andy Davies, finance director...
Catlin ‘flat-line’ figures will not dent confidence
THE OLD adage that "slow and steady wins the race" could well be applied to Catlin ’s first-quarter results, as the group revealed results almost indistinguishable from those this time...
INSURANCE is intrinsically linked to many of the world’s most important issues - poverty, the food crisis and the need for sustainable energy. Insurance has a crucial role to play...
Mutual’s settlement MUTUAL OF Omaha has reached a settlement with the Connecticut attorney-general to create a $1.5m fund to repay premium to plan sponsors who took out a single-premium...
