Tag Archives: business news

VW causes fall in Porsche profits

Profits at Porsche, which owns a controlling stake in Volkswagen, have plunged in the wake of the diesel emissions scandal at VW. Porsche’s pre-tax profit more than halved to €1.19bn (£841m) for the nine months to 30 September. The luxury carmaker warned last month that profits would be hit by the revelations, which affect 11 million vehicles produced by the VW […]

Young drivers underestimate cost of insurance

More than half of young drivers do not budget enough money to pay for their insurance in their first year of driving, new RAC research reveals. Fifty-six per cent of the 500 young drivers surveyed for RAC Black Box Car Insurance expected their first premium to be under £750 when the average insurance cost for 25-year-olds and under is in fact £810 […]

S&P raises Ageas Insurance rating

Standard and Poor’s (S&P) has raised the rating of Ageas Insurance Limited (AIL) to ‘A’ with a stable outlook, confirming confidence in the financial strength of the business. The announcement follows confirmation in May this year that S&P had granted AIL an A- rating with a positive outlook, reflecting AIL’s strategic importance to Ageas group and firmly positioning it as […]

Zurich announces 440 job cuts

Zurich today announced proposals to cut up to 440 jobs in its UK general insurance business as part of a programme to reduce costs in the organisation and simplify its operating structure. The UK insurance market has become steadily more challenging and the drivers for this – including low investment returns and increasing loss trends – have accelerated in recent […]

Quindell plan on name change

Insurance technology company, Quindell, is planning to change its name to Watchstone Group, pending shareholder approval. The firm is also planning a 10-for-one share merger and a reduction of shareholder capital as part of the previously announced £414m payment to shareholders. A general meeting will be held on 26 November to allow shareholders to vote on the planned changes. Quindell […]

Bradford bodyshop involved in insurance scam

The owner of a bodyshop that boasts of clients such as top footballers and music superstars, has paid back tens of thousands of pounds to an insurance company after it was found to be involved in an alleged ‘cash-for-crash’ scheme. The Yorkshire Post reported that Naveed Khan, the founder of Enkahnz in Bradford, received an insurance pay-out of more than […]

JLR to cut costs by £4.5 billion

Luxury carmaker Jaguar Land Rover (JLR) has launched a secret project to cut costs of £4.5 billion ($6.8 billion) and build 1 million cars per year by the end of the decade, reports the Sunday Times. The project, dubbed Leap 4.5, will entail building more cars on similar core skeletons, overhauling the carmaker’s supply chains and slowing down or halting […]

Takata cuts profit outlook

Takata has cut its profit outlook by 75% after market leading carmakers begin to drop its air bag inflators. Honda, Toyota and Mazda have all said that they will no longer fit Takata inflators containing ammonium nitrate to new cars. The firm now expects full-year profit of 5bn yen (£27m) instead of 20bn yen. The inflators have been linked to […]

IFB launches landmark consultation

The Insurance Fraud Bureau (IFB) has taken a landmark step towards extending its services to defendant lawyers, investigators and other industry suppliers, by launching a consultation on ‘affiliate membership’. The consultation, launched today, invites suppliers assisting insurers in the fight against fraud to register their interest in IFB membership by 30 November 2015. Focused primarily on detecting and disrupting organised […]

Direct Line’s prices exceed expectations

Direct Line Insurance, Britain’s largest motor insurer, reported a bigger than expected rise in motor insurance prices for the third quarter, helping to boost its sales. The insurance firm, whose brands include Churchill, Green Flag and Privilege, announced an 8.4 per cent rise in risk-adjusted motor prices. The company also stated it had cut costs by 7 per cent in […]

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