Market facing testing time in 2006

by admin_wc | Dec 31, 2015 | 2015
London - 4 January 2006 Last year was a dramatic 12 months for the insurance industry, as the impact of the Spitzer investigation rippled through the sector and hurricane Katrina became the largest insured loss of all time. These events have brought new challenges for the industry, and below key industry figures reveal that 2006...

FSA market reform to boost London’s competitiveness

by admin_wc | Dec 31, 2015 | 2015
London - 20 March 2006 THE UK’s Financial Services Authority (FSA) will today announce significant reforms to help the London market compete for fresh capital with rival underwriting centres. The key changes that will be unveiled at the FSA’s conference in London are a speeding-up of the authorisation process for new insurers from the current...

MRG produces plan for continuing to reform London market processes

by admin_wc | Dec 31, 2015 | 2015
London - January 2007 The Market Reform Group (MRG) has produced its plan for continuing to reform London market processes throughout 2007 and beyond. This builds on the successes of 2006 - improved contract certainty; the first electronic claims using the Insurers' Market Repository; and the start of electronic accounting and settlement. Following full consultation...

Lloyd’s and London company insurers and brokers target to automate all risk submissions and claims

by admin_wc | Dec 31, 2015 | 2015
London - January 2007 The Market Reform Group representing senior market figures underpins a vision to make London, which has been criticised as costly and behind the times in the way it trades, the 'market of choice'. Analysts said the statement signalled a breakthrough because it showed an unprecedented degree of unity. 'It is important...

Interactive forum session moderated by Web Connectivity MD

by admin_wc | Dec 31, 2015 | 2015
London - January 2007 LONDON market brokers are demanding Lloyd’s forces its members to comply with the much-vaunted Electronic Claims File (ECF) project, after it emerged just a fraction of claims have been processed online. At a forum, organised by The Insurance Workplace (TIW) in conjunction with the London Market Insurance Brokers’ Committee (LMBC) in...

LMA chief to tackle contract certainty

by admin_wc | Dec 31, 2015 | 2015
London - 15 March 2006 Ace European’s Andrew Kendrick has taken on the top role at the Lloyd’s Market Association at a crucial time. He has been tasked with representing the interests of Lloyd’s insurers when dealing with Lloyd’s and the market’s brokers at a time of difficult reforms and competition from Bermuda and continental...

FSA shows ‘good faith’ on contract certainty goal

by admin_wc | Dec 31, 2015 | 2015
London - 20 March 2006 UK regulator the Financial Services Authority (FSA) has recognised progress in pursuit of contract certainty by putting on hold work to develop rules it threatened to impose if the London market failed to meet the deadline set for the end of the 2006. Speaking at the FSA Insurance Sector Conference...

Industry bodies support FSA’s decision on contract certainty goal

by admin_wc | Dec 31, 2015 | 2015
London - 21 March 2006 LEADING industry trade associations have backed the Financial Services Authority’s (FSA) decision not to impose further regulatory measures to enforce contract certainty. FSA chief executive John Tiner revealed to delegates at the regulator’s general insurance sector conference yesterday that it had decided not to press ahead with plans to introduce...

MRG push for contract certainty

by admin_wc | Dec 31, 2015 | 2015
London - 17 April 2006 LONDON (BestWire) - Contract certainty, an issue shaped by the acrimonious disputes after the 2001 terrorist attack on the World Trade Center, is at the top of Andrew Kendrick's agenda. Kendrick is the London-based chairman and chief executive officer of Ace European Group Ltd. He is also the newly elected...

Insurers turn to databases to clarify contracts

by admin_wc | Dec 31, 2015 | 2015
London - 13 July 2006 LONDON (Dow Jones)--An online database of wording for insurance policies has been launched to try and help the industry deal with the longstanding issue of uncertainty in contracts. It's the latest in a series of efforts to solve a problem that rivals such as Bermuda have overcome but that still...