News Bites: Insurance News in Brief 06.07.22

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A quick round up from the web, so you don’t have to waste time searching;

AON HARROGATE

Aon has opened its latest regional office in the spa town of Harrogate, with local footballers helping to cut the ribbon.

We’re honoured that Warren, Becky and Joe took time out of their busy schedules to officially open our new Harrogate office.” said James Fell from Aon, adding; “Aon is committed to making a positive social impact in the community, which is why we have invested and supported Harrogate Town. The new premises means Aon employees can work both at home and when they need to, in the office, as part of Aon’s SMART working culture, and cements our position in Harrogate’s thriving business community.”

BINNING THE AFFORDABILITY RULES – SOME COMMENT

Paresh Raja, CEO of Market Financial Solutions, said: “At the start of the week, the Bank of England scrapped mortgage affordability tests. Coupled with today’s significant hike in interest rates, we have to expect some changes in the property lending space. The challenge is to ensure the dual economic factors of rising interest rates and inflation do not result in inertia in the lending space. “Flexibility from lenders is going to become so, so important in the months to come. In the current climate, using rigid tick-box methodologies will fail to serve the needs of property buyers. Rather, lenders must demonstrate a little more creativity in how they assess loan applications; they must endeavour to tailor their products and services to the needs of the individual borrower; and ensure they take a view of the bigger picture as far as affordability checks are concerned. Due diligence and rigour will, of course, be vital, but there is still room to adapt process and keep lending.”

AT-BAY LAUNCH PRO LIABILITY PRODUCT

At-Bay, the US based specialty insurance provider, announced the launch of its Miscellaneous Professional Liability (MPL) product, becoming the first to offer an automatically underwritten policy that customizes coverage and pricing across more than 50 diverse classes of business.

With the new offering, At-Bay expands its product suite beyond its flagship Cyber Liability and Technology Errors and Omissions coverage to meet demand in a highly underserved part of the insurance market.

“Employment in the professional services sector has grown three times faster than overall U.S. employment in the last decade. These businesses come in all shapes and sizes, and many face increased exposure related to the services they provide,” said Austin Martin, At-Bay’s Head of Professional Liability. “As a fast-growing specialty insurance provider born in the digital-first economy, At-Bay was built to help modern businesses meet these risks head-on.”

EARTHQUAKE & TSUNAMI RISK CALCULATOR

Choco Digital Insurance has announced the launch of a unique technological interface, based on Google Maps. The model calculates insurance costs automatically and in real time according to the level of earthquake and tsunami risk for a specific building.

Any number of software packages can assign an asset value to a building of course. Or the rebuild costs. Bt Choco calculates the likelihood of destruction of the building as a result of an earthquake. How? Well they say that criteria including construction year, age of the building, type of structure, number of floors, type of land, distance from the sea (damp and deterioration) and so on, all affect the calculation.

Interesting idea – more info at the Choco website.

 

 

About alastair walker 9295 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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