Amlin Plc, a UK and Lloyd’s insurance company, gave a presentation to analysts in order to provide its most recent estimates regarding its catastrophe losses as a result of major events this year. At that meeting, they announced that their estimations had reached approximately $50 million in their net claims resulting from the two serious American tornadoes that occurred in April and May of this year. They also stated that their estimations regarding the earthquake claims from the events in Japan and New Zealand “remain subject to uncertainty.” They added…
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U.K. regulators claim aggregators putting consumers at risk
Insurance regulators in the United Kingdom have found some problems with several online insurance quote aggregators, raising concerns as to whether the companies responsible for these websites were treating customers fairly. The Financial Services Authority has found instances of compliance failure with websites dealing in home and auto insurance. The regulatory group has been reviewing this particular sector of the insurance industry for several months now in an attempt to curtail fraud. So far, 19 companies have been found as failing to adhere to regulatory rules. Investigators reportedly discovered failures…
Read MoreUninsured vehicles now considered a criminal act in U.K.
Changes to the United Kingdom’s car insurance laws are coming and Swinton Insurance, one of the largest car insurers in the country, is warning motorist to take heed. Next month, it will be illegal to own an uninsured vehicle. Swinton has taken it upon themselves to caution both policyholders and the general public of the new law in the hopes that they will take necessary measures to protect themselves accordingly. The current laws in the UK forbid motorists from driving uninsured vehicles, but the new law asserts that the simple…
Read MoreTensions mount between brokers and underwriters
The chief executive of Catlin Group spoke at a London conference earlier this week. The conference was sponsored by Insurance Day. In London, the brokers and the underwriters they work with have been in a dispute over payments and what some consider, ‘contingent commissions’. Contingent commission is a term to describe payment to an insurance intermediary by the insurer or underwriter based on the profitability (or lower than average loss) of the business the intermediary placed with them. This practice was addressed in the U.S. several years ago; After a…
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