Insurance News in Brief

AXA get good results with a turn around on its 63 million losses in 2010. The company reported around £133 profit for 2011.

Large insurance broker Cooper Gay changed name its MGA oliva to 'Globe Underwriting'. The broker is itself is part of the Cooper Gay Swett and Crawford headed up by CEO Toby Esser.

The (FSA) Financial Services Authority is loosing its managing director Margaret Cole the Authority itself will be super seeded by a new regulator in 2013 by 2 new organisations the prudential regulation authority and financial conduct authority.

Public Liability & Employers Liability Insurance Too Cheap

The current problem in the insurance market is the fact that rates for Public & Employers Liability is far too low and at present there seems little chance of the rates hardening commercial insurance rates have been at a all time low for 4-5 years specialist commercial brokers professional insurance agents ltd Director Lynn Hearsey states that in 30 years of trading she has never seen rates pro-rate so low. With products like professional indemnity insurance, directors and officers and public liability sold online this has driven down the pricing.

50% rise in professional indemnity insurance for Independent Financial Advisors

According to Jamie Newell, Managing Director of IFA Solutions, Independent Financial Advisors should expect a 50% or more increase on their professional indemnity insurance premiums.

The underwriters fear that investment conditions may result in more clients trying to claim on their policies under the grounds of mis-selling.

With an increase in external costs, higher inflation and the instability in the Eurozone, Insurers are having to raise the cost of their premiums.

This is also partly to do with the Insurance Market’s capacity for IFA businesses decreasing since Quinn Insurance were put into administration in 2010. Two London underwriters have indicated that they will not be renewing IFA policies this year. Independent Financial advisors need to start looking around for companies that provide a reasonable rate for professional indemnity insurances.

The FSA Hits Argos Aggregator Site Who Sell Home Car Insurance

The FSA has taken a good look at some aggregator sites which has led to comparison websites run by Argos and Google's owned beat that quote agreeing to take their aggregator comparison sites offline.

The website run by Argos and Google owned beat that quote, offer home insurance, car insurance, public liability, loans and life insurance are now undergoing a review before launching.

FSA clearly do not want clients to be misled by the price comparison websites, and one main area of concern was that client may think they were receiving actual quotes rather than just illustrations of what maybe available and with no chance to discuss the facts meaning claims maybe rejected. Cleary claims against compliance firms of their professional indemnity insurances and possible business interruption insurance could be a factor if they advised either beat that quote or Argos regarding the FSA requirement.

Surgeons call for tighter regulations on cosmetic surgery

Plastic surgeons are demanding that practitioner’s of cosmetic surgery receive yearly checks and tighter controls especially in their use of implants. An estimated 40,000 woman in the UK have received PIP breast implants that are not up to the standard that they should be. Thousands of cosmetic surgical procedures have been performed each year in Britain, many of which are performed by doctors who have no specialist training.

NHS medical director Professor Sir Bruce Keogh suggested that an Insurance Scheme for cosmetic surgery patients could be introduced after the PIP breast implants scandal. Patients who paid for their procedures privately will have to fork out again for the PIP implants to be removed and replaced. An Insurance scheme for future patients who undergo cosmetic surgery would provide protection for patients