It is estimated that the Costa Concordia cruise ship disaster will cost insurers between approximately £326m and £653m. This would make it the highest ever marine loss. The previous largest ever marine insurance loss was the Exxon Valdez oil disaster in 1989 which cost insurers approximately $500m including the cleaning up of the pollution damage. […]
Help With Property Insurance Claims Following Riots
Commercial Property owners wondering where they stand following the recent riots should take note of the following. The local police authority has a legal responsibility to reimburse anyone sustaining damage to property as a result of a riot under the Riot Damages Act 1886. Any claim under the Act must “be made in writing and […]
Claims – A Lighter View
With the recent doom and gloom of natural disasters, economic belt tightening and the not too distant memories of weather and snow disruption , it is always good to remember of the lighter side of life. In line with this, one insurer has released some very interesting details of its most weird and wonderful motor insurance claims. One customer […]
Japan Earthquake
Following the recent earthquake and tsunami in Japan, which left an estimated 10,000 people either missing or dead, Insurers have delivered their first verdict on the effect of damage costs to the global insurance community. Whilst the Lloyds market in London have played down speculation about how hard they would be hit by the effect […]
Bloggers Guide to….Insurance Brokers (Part 2)
We’ve already explored some of the benefits of using an Insurance Broker, rather than buying your insurance off the internet or from a call centre, but what about when you have a claim, grow your business or renew your insurance? Largely the benefits of using a broker remain the same – you can expect quality advice, […]
Bloggers Guide To …Insurance Brokers (Part 1)
Why use an Insurance Broker? There’s so much talk these days of cutting out the middle man and getting the cheapest price, do we really understand what an Insurance Broker can do for us anymore? Well, the first plus of using an Insurance Broker is that you’ve got a responsible, accountable human being to talk […]
Aviva Confirms Commercial Insurance Still a Bargain
Aviva UK GI Chief Executive David McMillan said this week that Commercial Insurance rates were still steady, meaning that there are some excellent deals to be had by commercial insurance buyers looking for a good deal. Midlands Insurance Services have also found this to be true and have been using Aviva Insurance and a wide […]
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 […]
Big Freeze Costs Insurers ££££s
Aviva Insurance (formerly Norwich Union) has reported that the exceptionally cold winter we had this year has resulted in Insurers paying out a massive £650 million in claims. These 335,000 claims were due to a variety of causes, including damage to homes and businesses from the weather and vehicle related claims from the snow and ice. A typical […]