Tag Archives: insurance news

Thatcham confirms partnership with CATARC

Thatcham Research has confirmed a partnership with CATARC, the China Automotive Technology and Research Centre, to enable the introduction of a vehicle insurance rating scheme into China. Funded by UK insurers, one of Thatcham’s key responsibilities is in administering the insurance Group Rating system on behalf of the ABI (Association of British Insurers). The newly signed agreement with CATARC will […]

Crash for cash dropped by £60m

New figures released suggest the cost of ‘crash for cash’ fraud has dropped by almost £60 million in the last three years following a major crackdown by insurers and the police, forcing insurance cheats to change tack. Statistics from the Insurance Fraud Bureau (IFB) indicate an overall decline in ‘crash for cash’ fraud, with total scams now valued at £336 […]

IFB step up battle against fraud

The Insurance Fraud Bureau (IFB) is planning to hold a round table with aggregators next month to talk about how they can work together in the fight against insurance fraud, the Insurance Times reports. IFB director Ben Fletcher said, ‘Theoretically aggregators could join the IFB if they wanted to. There is no reason why they can’t. We have been talking […]

Keychoice partner with RAC

Keychoice, the insurance distribution business owned by SSP, has signed a new deal that will see the RAC become the exclusive partner for motor breakdown. From early next year, brokers who are Keychoice members will have exclusive access to a fully integrated breakdown recovery scheme for cars, vans and motorbikes from the UK’s most experienced breakdown provider. In addition to […]

Allianz profitable growth continues

Allianz Insurance has reported ‘profitable growth’ despite what it describes as ‘intensive competition in key markets’. Chief executive officer, Jon Dye, released a statement on Allianz’s progress, ‘I am pleased to report that Allianz has maintained its long- term delivery of profitable growth despite intensive competition in key markets. Premium growth at 2.7% coupled with a Combined Operating Ratio of […]

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 […]

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