Latest news on insurtech, insurance, reinsurance, uk industry insights and opinions, latest Lloyd’s and London market reports, stats and more for brokers, MGAs, insurers and suppliers.
Sir Tim Berners-Lee has urged insurers to avoid the temptation of using increasing amounts of publicly available data about consumers on the web to price their products. The inventor of the World Wide Web made a plea to the industry at the British Insurance Brokers's Association conference in Manchester yesterday, requesting that information we share about ourselves on line - particularly by young people through social networks - should not be gathered for the purposes of pricing risk. [...]
The Lloyd's insurance market's planned expansion into emerging markets is a net positive, even though writing insurance outside of established markets carries additional risks, according to Fitch Ratings. Fitch said it expects the economic development of emerging market economies to boost demand for insurance and reinsurance. Lloyd's already writes 25% of its business outside of Europe and North America, with the growth of insurance premiums outpacing that of developed markets. [...]
The CBI has argued that proposals to enable group actions against companies will damage business in the UK. Responding to the launch of a Department for Business, Innovation [...]
Risk managers in financial institutions across Europe, the Middle East and Africa (EMEA) are seizing the opportunity created by the financial crisis to demonstrate how they [...]
Global property insurance rates continued to firm in the first quarter of 2012, according to a report published today by Marsh. Despite the absence of major natural [...]
The number of microinsurance schemes worldwide has increased substantially over the past five years and now reaches an estimated 500 million worldwide, according to the [...]
Global broking group Marsh said its affordable flood insurance plan has "critical mass", despite pessimism from one commentator today. Marsh and its sister company Guy Carpenter announced 'Project Noah' which they claim can secure affordable flood insurance for at risk properties in the UK, only to have the idea chastised following a tweet from an Insurance Edge reader.
Is "Project Noah" the solution to the UK's flood insurance crisis? businessmediaroundup.com/2012/04/03/mar… via @RalphSavage [...]
THE HEAD OF one of the UK's largest police forces has invited insurers to help and invest in combating fraud and other criminal activity. In a speech to the Insurance Institute of Manchester, Peter Fahy, chief constable of Greater Manchester Police indicated his support for the idea of law enforcement working more closely with the private sector and 'outsourcing' certain services. "We've got to save £138m from our budget," said Mr Fahy. "We are saving insurance industry money [through our investigations of crash for cash, fraud etc] is there no way we can't work together more?" [...]