News

Father of the Web warns insurers against data profligacy

18 May 2012 // 2 Comments

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. [...]

Lloyd’s emerging market expansion given thumbs up

17 May 2012 // 0 Comments

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. [...]

Update: Marsh UK flood cover has insurer backing

3 April 2012 // 0 Comments

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.

Could the police outsource to insurers?

12 March 2012 // 0 Comments

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?" [...]