Int. Insurance Links 2.11.09 (part 3)
Monday, November 2, 2009 at 01:30PM Hiscox bolsters claims operation
by Richard Kilner
Story link: Hiscox bolsters claims operation
Specialist insurer Hiscox has bolstered its claims operation with the creation of two new, senior positions.
Joanne Musselle becomes head of UK Claims for Hiscox UK, and Tony Rai has been named as head of London Market Claims, within the London Market division.
Musselle has been with the firm for the last seven years, joining as a technical underwriting manager, and will report directly to Group Claims Director Jeremy Pinchin.
Her new London-based post will see her take responsibility for 40 claims employees across the commercial and personal lines businesses, whilst retaining her position as head of group claims strategy .
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One in ten fail to take out travel insurance
by Richard Kilner
Story link: One in ten fail to take out travel insurance
One in ten of travellers are not taking out travel insurance, according to new research commissioned by Check Safety First.
Chief Executive Officer Mark Harrington has called on the insurance industry to educate consumers about the importance of travel insurance, pointing out that the average medical claim is around £2,500, and clearly worth spending £20 to cover. Rather oddly, two in five of the 2,000 people surveyed stated they had suffered a mishap such as an accident, food poisoning or burn whilst on holiday, all of which would be covered by travel insurance.
Women and the 35-44 age bracket were the most likely to forget to take out insurance. Harrington also expressed his disquiet at the fact that a small number of those surveyed confessed to making fraudulent claims against hotels for medical reasons, a handful even stating they did it regularly.
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CEIOPS to stress test EU insurers
by Gill Montia
Story link: CEIOPS to stress test EU insurers
CEIOPS to stress test EU insurers
The Committee of European Insurers and Occupational Pension Supervisors (CEIOPS) has announced it will run an EU-wide stress test “for large and important insurance groups”, in December 2009.
The body says it will develop the exercise in close cooperation with industry representatives and aims to deliver its findings to EU ministers during the first quarter of 2010.
The test, which will focus on market and credit risks, aims to increase the level of aggregate information among policy makers in assessing the European insurance sector’s potential resilience to shocks.
Findings will also be used to develop an EU-wide consensus on supervisory practices.
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Floods could cost £4bn per year by 2035
by David Masters
Story link: Floods could cost £4bn per year by 2035
Home insurance firms are set to lose £4 billion a year by 2035 on repairing flood water damage unless the industry takes the lead in creating a flood prevention strategy.
Insurance companies should work with the Environment Agency and local authorities on putting flood prevention measures in place and making homes flood proof, Co-operative Financial Services said.
“As insurers we have to look at our own position and we have a responsibility to our customers to speak up when things are progressing too slowly,” said James Hillon, Co-operative head of home insurance.
“Houses are being built with pound signs in developer’s eyes rather than the homeowner’s best interests at heart and local planners don’t understand the areas they are approving building works on,” he added.
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CEIOPS, Climate Change, Hiscox in Int. Insurance, UK Insurance
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