Insurance

insurance

Hurricane Sandy costs insurers £9.3bn

Hurricane Sandy could cost property insurers up to£9.3bn according to initial estimates by catastrophe modelling firm AIR Worldwide. Another catastrophe modelling firm Eqecat have lowered their initial estimates to £3.1bn. However, the firm said that the wider economic losses could reach £6.21bn. In addition to the property damage costs,  business interruption claims will occur – […]

Quinn UK market re-entry

Quinn’s administrators have this week confirmed that they are targeting a re-entry into the UK commercial market, meaning that brokers may see a return of the insurance products withdrawn after the recent Administration of the Company. Many brokers wait with baited breath to see what form the commercial re-entry will take and when this will […]

Quinn Insurance Pushing For Full UK Return

Quinn Insurance is reported to have been given the go ahead to make a partial re-entry into the UK insurance market, with the Irish Financial Regulator allowing it to write motor insurance cover for holders of provisional driving licences in the UK – this accounts for about 10%  of Quinn’s revenue.  Quinn is also pushing to […]

Volcanic Ash Travel Update

Travellers caught up in the aftermath of the Volcanic Ash chaos have been relieved to hear from their travel insurer Fortis Insurance, that they will be offering Delay Compensation Benefit for those stranded due to the flightspace disruption.  Although Fortis will not be able to offer any assistance in flying customers home (other than in […]

Ministry of Justice Reforms

Personal Injury Claims under £10,000 for drivers who have been involved in accidents will be dealt with within a new ‘fast track’ process from 30  April 2010.  This will mean that third parties who have been injured in a motor accident could see decisions on their claims in under 15 days, meaning that the lengthy waiting period experienced by some […]

Michael Jackson Cancellation Cover

Insurance Times have this week revealed the companies that are thought to have provided cancellation cover for Michael Jackson’s O2 concerts. Talbot Underwriting and Cathedral Underwriting are considered to be the main underwriters in providing the cancellation cover for AEG Live, the promoter of Michael Jackson’s O2 concerts. The total cancellation cover is reported to be $18M. It is […]

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