Posted by Gabriella Hopkins | July 26, 2011

AXA trading on PowerPlace

AXA Commercial Lines has launched its tradesmen and professional liability products on PowerPlace, the online commercial insurance marketplace.

Policies are available to the self-employed and small businesses of up to eight persons with a turnover of £500,000 or less.

Public liability and temporary staff cover (for up to 50 man days in any period of insurance) are included as standard, plus a range of optional covers that allow brokers to tailor the policy to meet their clients’ specific needs.

AXA Commercial Lines director, Alasdair Stewart, comments: “Online distribution has an increasingly important part to play in commercial lines, particularly at the SME end of the market where competition is fierce.”

He adds: “PowerPlace has done a great job of creating a solution that makes it more efficient for brokers to do business and we’re delighted to be part of its marketplace.”

 

News posted: July 26, 2011

No Comments » Tags: Powerplace
Posted by Gabriella Hopkins | July 26, 2011

Allianz and Sarmap develop new crop insurance technology

Allianz Re’s agriculture team is developing a new approach to crop insurance in cooperation with software company, Sarmap, which specialises in technology used for managing natural resources.

The two are working on radar-based remote sensing software that can allow biomass growth to be monitored and the potential yield of agricultural areas to be measured.

Compared to remote sensing technology, which is based on purely optical sensors, the radar technology can convert satellite images into data of superior value, irrespective of weather conditions and the time of day.

In 2013, the European Space Agency plans to make satellite images available on the Internet free of charge, and according to Allianz Re’s head of agriculture, Thomas Heintz, the new technology will enable the insurer to estimate a field’s potential yield on a weekly basis.

In addition, the software can be used to determine in detail the cause and impact of damage, in the event of loss.

Mr Heintz comments: “This closes data gaps that have made agricultural insurance difficult, and sometimes even impossible, in many areas in the past.”

 

News posted: July 28, 2011

No Comments » Tags: Crop Insurance, Technology
Posted by Gabriella Hopkins | July 23, 2011

Aon appoints Singapore-based head broker

Aon Risk Solutions has appointed Nicki Tilney as head broker of construction, power and infrastructure at its global broking centre in Singapore.

The centre is one of Aon’s hubs around the world for insurance placement and allows clients access to insurance markets outside their immediate geography.

Ms Tilney, who has over 20 years of experience in the insurance industry, joins from JLT and will be relocating to Singapore from London.

Aon Risk Solutions’ chief executive officer, Hamish Roberts, comments: “This appointment demonstrates Aon’s commitment and ability to leverage its global footprint to find the best markets around the world for our clients, and ultimately develop and place the most efficient and effective insurance policies possible for them.”

 

News posted: July 23, 2011

No Comments » Tags: Broker, Head Broker
Posted by Gabriella Hopkins | July 19, 2011

Insurers play fair with black and minority ethnic law firms

The Law Society has reported that more firms had difficulty renewing their professional indemnity insurance (PII) in 2010 than a year earlier, and more reported an increase in premiums.

The Society’s research reveals that 63.5% reported no renewal difficulties in 2010, compared to a trouble free 79% in 2009, while 69.3% experienced a premium increase, compared to 62% in 2009.

However, no evidence of discrimination by insurers against black and minority ethnic (BME) law firms emerged, and a like-for-like comparison of BME and non-BME small firms found no significant differences in outcomes or premiums paid.

The findings suggest that difficulties in the renewal process experienced by BME firms are likely to be related to the size, rather than the ethnicity, of the firm.

The cost of insuring the legal profession against professional negligence claims has soared in recent years because negligence claims tend to increase during times of economic uncertainty.

In addition, legal firms focused on real estate business have been singled out for specific loadings by some insurer because of expectations that lenders will eventually begin suing some conveyancing firms over mortgage fraud.

 

News posted: July 20, 2011

No Comments » Tags: Firms
Posted by Gabriella Hopkins | June 30, 2011

Marsh forms global power practice

Marsh has formed a global power practice which the broker says will better assist clients in managing risks associated with infrastructure projects in both emerging and developed economies.

Singapore-based Philippe Du Four, leader of the power and utility sector of Marsh’s infrastructure practice in Asia, becomes chairman of the new practice, in addition to his existing role.

Mr Du Four has over 15 years of experience in the power and insurance industry and prior to joining Marsh was international risk manager for Suez Energy International.

Commenting on developments, Mr Du Four says: “Under a single-practice approach, Marsh is in a better position to deliver optimum solutions to its clients and also to developing countries that are seeking to bring a better quality of life to their citizens.”

 

No Comments » Tags: Global Power, Global Power Practice, Power Practice, Practice
Posted by Gabriella Hopkins | June 27, 2011

RSA and WWF set out renewable energy agenda

A new report from RSA and environmental organisation, WWF, sets out the case for a renewable energy strategy that will meet 100% of the world’s energy needs by 2050.

Acknowledging the challenges of broader adoption of renewable energy, the insurer and its partner are demanding: greater access to project capital; government incentives and lasting financial incentives to give investors confidence and better connectivity, including a grid infrastructure that goes beyond national borders.

The study also suggests that true collaboration is the key to progress, with governments, insurers, manufacturers, utility companies and environmental organisations working together to reduce reliance on fossil fuels.

RSA’s head or renewable energy, Mark Potter, comments: “Renewable energy is crucial if we are to meet our future energy needs while mitigating the impact of climate change.”

He adds: “As the industry continues to evolve both in terms of technological innovation and geographic diversity, insurers will need to play a key role in insuring a carbon free future.”

 

No Comments » Tags: Energy, Renewable Energy
Posted by Gabriella Hopkins | June 26, 2011

Supreme Court Won’t Take Health Care Case Early

Judges in Michigan, D.C., and Virginia have upheld the health care insurance reform law. Two judges, in Virginia and Florida, have struck down all or a part of health care reform. All involved agree the matter is headed to the United States Supreme Court.

The Attorney General of Virginia had asked the Supreme Court to take the case directly and take it out of the Court of Appeals. On Monday, the Supreme Court rejected that request. The case remains at the 4th Circuit U.S. Court of Appeals and is set for argument on May 10, 2011.

Other Circuit Courts in Cincinnati and Washington D.C., have arguments over the Affordable Care Act set for June and September. Court watchers predict that the Circuit Courts will reach different rulings and the matter will be before the U.S. Supreme Court in the spring of 2012.

Just in time for elections…

No Comments » Tags: Care, Health Care
Posted by Gabriella Hopkins | June 24, 2011

Interplay of Business Insurance and Small Business Administration Assistance

Recent flooding throughout the Midwest and other natural disasters have affected sizable areas of the United States. Businesses affected by the disasters may be entitled to apply for disaster assistance from the Small Business Administration (SBA).

Immediately after a disaster and damage to a business, it is important to identify insured losses versus uninsured losses. Businesses may have both insurance and further need for help.

How does that work?

SBA assistance is available for “verified uninsured losses.” SBA assistance is not available for those damages and losses covered by insurance.

The first step is making your insurance claim first. After a disaster, your state department of insurance can assist your business in getting in contact with your insurer. Often, larger insurers set up temporary large-scale disaster offices to assist policyholders. Identify those losses that are not covered and those losses that are not insured. For example, perhaps the business insures the building and automobiles; but, did not insure for business interruption. Also, find those claims that will take longer than thirty days to resolve as there may be SBA assistance for those losses.

The next step, is to determine if your county is a disaster area. You can determine this by checking FEMA’s website.

Read more…

No Comments » Tags: Business, Business Administration
Page 4 of 17« First...«23456»10...Last »