Flooding
The week that was
This was a bad week for the insurance industry in terms of press – consumer group magazine Which? in particular had a field day, accusing insurers of charging customers exorbitant ‘hidden fees’ to make run of the mill changes to policies.
Marsh and Guy Carpenter team up to tackle flood insurance drought
Marsh and Guy Carpenter have joined forces with digital mapping and land data intelligence provider Landmark Information Group to create a new flood risk reinsurance pool.
Lloyd's losses expected to approach £1bn as catastrophes bite
Lloyd’s is expected to report a near-£1bn loss in 2011 as the Japanese tsunami and Australian floods take their toll on the market.
ABI warns time is running out on flood insurance cover
The Association of British Insurers (ABI) has warned that the clock is ticking on the need to secure a long-term sustainable flood insurance market in the UK.
Thailand flooding claims estimated at £1.4bn
Lloyd's has announced its estimated net claims from the flooding in Thailand last year will be $2.2bn (£1.4bn).
XL reports $475m loss
XL has reported a net loss of $475m (£301.3m) for 2011 along with a combined operating ratio of 107.5% for property and casualty (P&C) business.
Broker's Ark
If you’ll excuse the mixed metaphor, I think the topic most likely to explode in insurance land this year is flooding.
Video: What the Papers Say latest edition
Joining Martin Friel and Emmanuel Kenning this month is Ant Gould, director of Faculties at the CII.
ABI refuses to renew statement of principles for flood insurance
The Association of British Insurers (ABI) has hit out at the government and said it would not renew the statement of principles for flood insurance as it was supposed to be a short-term measure and grossly distorted the market.
AA warns homes may become uninsurable against flood risk
AA Insurance has called on the government to take “decisive action” before homes in flood-prone areas of the UK become uninsurable.
MPs criticise government over flood defences
The Commons Public Accounts Committee has criticised the government over flood defences and urged the Association of British Insurers to renew its statement of principles on flood insurance.
Household market predicted to strengthen
Home insurance premiums could rise by up to 10% in 2012 according to Deloitte.
Trade bodies respond to flood insurance concerns
The British Insurance Brokers’ Association (Biba) and the Association of British Insurers (ABI) have both moved to address the insurance problems being faced by homeowners in flood affected regions.
Insurance premiums up 500% in flood areas, MP says
Diana Johnson MP has claimed that homeowners in flood risk areas have seen insurance premiums rise by up to 500% and called for a review looking into the cost.
New technology to provide more accurate flood risk pricing
Chubb Insurance has adopted a new system for predicting the potential severity of flood risk to individual properties.
Flood cover could be pulled following reforms warns ABI
Government tactics to reform the planning process must not lead to uninsurable building developments, the Association of British Insurers (ABI) has warned.
Insurers are flooded with escape of water claims
Nearly one in five claims made on buildings and contents insurance is for damage caused by escape of water, costing £2m every day, according to research from the Association of British Insurers.
Select & Protect enters non-standard home insurance market
Select & Protect has launched a non-standard risk home insurance product for brokers aimed at customers struggling to find cover due to criteria such as a flood risk property, adverse claims history or criminal convictions.
Catastrophes push Markel's COR up to 152%
First quarter results for Markel International have revealed a combined operating ratio of 152% compared to 109% for the same period of 2010.
Japan Earthquake will not trigger hard market, says Willis Re
Relatively orderly price movements at the 1 April Japanese reinsurance renewals have indicated that the Tohoku Earthquake is not the catalyst that will bring about a hard market, according to Willis Re.
Reportage - Commercial property: Businesses under the weather
Louise Phillips examines the risks facing commercial property when it comes to weather and how brokers should advise their clients to prepare for the worst and put in place measures to limit damage.
Power hour: A flood defence drought
The coalition has already announced that flood defence spending is to be cut. With the Statement of Principles due to run out in 2013 this month's discussion focuses on the possible impact for insurance. Emmanuel Kenning reports from Manchester.
News review: January 2011
Groupama announced its plans to transfer the Liverpool and Glasgow-based commercial motor accounts of broker Choice Quote to its sister business Bollington, as part of a restructure of its GUK Broking Services arm.
RSA expects 2010 profits to approach £630m despite bad weather impact
RSA has announced the impact of adverse weather in November and December 2010 to be around £142m above normal levels with full year costs predicted to hit £255m.