Showing posts from January, 2018

Leadway Insurance Resolves to Drive Insurance Growth

Underwriting firm, Leadway Assurance
Limited, has expressed its determination to
promote insurance awareness by
increasing industry visibility in national

The Head, Compliance and Enterprise Risk
Management, Temilolu Aduloju, said this
yesterday during a courtesy visit to the
Rutam House of The Guardian in Lagos.

Aduloju explained that the move is borne
out of the conviction that greater success
can be achieved for the insurance industry,
if they consolidated on the gains made in
the last few years, whilst leveraging on the
national economy.

According to him, Leadway is focused on
promoting the ideals of the industry and
landmark successes in enthroning unity in
the sector.
The firm paid claims of N26 billion in 2017
to policyholders; this has been the strength
of the company because we are keeping to
the promised made to our customers.
“The current reality of our operating
environment appears dire and continues to
test us on all fronts.
“However, we continue to find ways to
deepen penetration of insura…

Kelliher Insurance Group In Dire Need of Regional Brookers

Kelliher Insurance Group hopes to broaden their horizon and they are in search of regional brookers they can work with.

Kelliher Insurance Group has big plans for the year – from broker
network expansion to client base diversification – as the market
reaches what group chief executive Imogen Coggan described as
“an interesting crossroads.”

To pave the way for upcoming changes at the British broking
group, several appointments have been made. Component
business Kerry London, for instance, will see Dean Calaz and
Neon Mavromatis join as board directors.

Meanwhile returning to Kerry London following a stint at HCC is
newly appointed professional indemnity head Ross Thompson.
The rehire will work closely with Mark Harcott, who has been
named as head of the group’s wholesale division Kerry London

Former surety managing director Andy Ray’s departure, on the
other hand, sees the appointment of Giles Ham as head of surety
while Gill Ayres is tapped as surety specialist. Ray has moved on
to star…

Kerry London MD, Speaks on Consolidation and Regional Brookers

Kelliher Insurance Group had revealed days back that it would
be pushing to diversify its client base in 2018, by extending
beyond the City and the South East to regional brokers.

Following the group setting out its strategy for the year,
Insurance Business spoke to Kerry London – Kelliher’s wholesale
broking arm – about engaging with regional brokers, and how
consolidation in the market has affected the Lloyd’s broker.

When it comes to reaching out to a wider client base, Kerry
wants to establish a reciprocal relationship, Dean Calaz, the firm’s
regional managing director said.
“We want to understand what their needs are, rather than us
trying to dictate to them,” he said of the relationship between the
business and the regional brokers it’s playing for. “We want them
to feel that we are here to support them, rather than coming out
with products that they may not have the need or desire for.”

After consulting with regional brokers, the feedback was that they
largely wanted more engagement and a bett…

FCA Hugely Fines One Call Insurance and Chief Executive Officer

Financial Conduct Authority (FCA) has today revealed that it will
fine an insurance intermediary £684,000 and its chief executive
£468,600, following what it called a “failure to arrange adequate
protection” and “inadvertent spending” of client money.

One Call Insurance Services Limited, also known as One Call, will
also be restricted from charging renewal fees to its customers for
121 days – a move which the FCA said is expected to cost the firm
approximately £4.6 million.
CEO and majority shareholder of the firm, John Lawrence
Radford, will also be prohibited from having any responsibility for
client money and/or insurer money in relation to regulated
activity in financial services, the FCA revealed.

The regulatory body said that between January 2005 and
September 2014, One Call received money in the course of its
activities as an insurance intermediary which it was required to
protect. The company failed to arrange adequate protection for
the client money, which breached Principle 10 of the FCA…

Telematic Box Saves Admiral From Insurance Fraud

Admiral has used telematics data to successfully defend
fraudulent claims worth over £10,000.

In a statement the insurer said its policyholder had collided the
rear of a private ambulance at low speed. Private Ambulance
Services Limited submitted a claim for repairs, hire costs and
recovery charges amounting to almost £8,000.

The ambulance driver, Chantelle Boland, also claimed for personal
injury. She alleged she her ability to work had been impacted by
muscular back pain over a period of five months.

However, the policyholder’s car contained a telematics box. It
showed that at the time of impact he was travelling at just
1.25mph. The insurer said repairs were estimated at just £350. In
addition, the policyholder took photos to detail the minimal

Admiral said ‘forensic expert engineering evidence’ proved the
impact could not possibly have caused the damage suggested.
Private Ambulance Service ceased their claim for repair and hire
costs. The insurer said that Miss Boland’s claim proceeded to …

Accident Risk For Young Drivers Increases by 12% In Winter Months

Accident alerts as part of policies enable telematics provider
Insurethebox to alert the emergency services to a severe crash at
the point of collision, but it has issued a warning that young
drivers need to tread carefully in winter months as bad crashes

The chance of accident increases by 12% in the Winter months,
according to an analysis of Insurethebox’s 3bn miles of driving
data, which is based on 18,000 claims from 2012 to 2016. Earlier
this month, Co-op issued a similar warning to drivers, as the
insurer’s claims data showed that historically 5 December is the
most dangerous day to be driving on UK roads.

Insurethebox sends out 10 alerts a month on average to the
emergency services for customers involved in serious crashes.
However, this rises to 14 alerts in the winter months of
November to January.

An alert is triggered when the telematics data shows a forceful
impact has occurred. If data suggests that a crash may have
happened then Insurethebox can pinpoint the exact location of a

ANDIE to Relocate to New London Offices

Aioi Nissay Dowa Insurance Europe (ANDIE) is moving to new
offices in Leadenhall this week.
ANDIE, which is part of the MS&AD insurance group, will now be
based at the Hallmark building at 52-56 Leadenhall Street.

Mike Swanborough, chief executive officer of Aioi Nissay Dowa
Insurance Company of Europe Limited, commented: “ANDIE’s
new office marks an exciting phase in our European growth
strategy as we continue to deliver tomorrow’s mobility solutions.

ANDIE’s European headquarters has been in London for over 40
years, and by relocating to Leadenhall - the heart of the global
insurance market - we will continue to be at the forefront of the
development of the mobility solutions of the future.”

The move follows ANDIE’s recent buy out of InsureTheBox; it
bought out the remaining 24.99% stake in the telematics
insurance provider earlier in January.

Budget 2018 Must Raise HRA Limit, Reduce GST On Insurance Products

The budget should revise the tax-free limit for medical expenses upwards to Rs. 50,000, says Anil Rego, CEO, Right Horizons.

Increasing HRA limit
In 2016, Finance Minister Arun Jaitley announced in his Budget speech that the annual deduction under Section 80GG on house rent allowance (HRA) will be increased from Rs.24,000 to Rs. 60,000. On a monthly basis, the amount increased from Rs. 2,000 to Rs. 5,000, bringing little relief. Despite the rise, the amount doesn't sync with the kind of housing rent levels prevalent in the market where Rs. 10,000-15,000 is the average expectation. Budget 2018 should focus on making the limits more realistic.

Also, there is a need to add more cities to the metropolitan umbrella under HRA. At present, an employee can claim a higher deduction for HRA if the employee is living in Mumbai, Delhi, Kolkata, and Chennai. The rental charges for accommodation facilities in Bengaluru, Hyderabad, Pune, Ahmedabad, Noida, and Gurgaon are at metropolitan levels. So …

Auto, Health Insurance To Cost More As Regulator Okays Raise For Agents

The change in premium after April 1 will be limited to around 5 percent of the existing rates.
Car, motorcycle and health insurance will cost more from April 1 with regulator Insurance Regulatory and Development Authority (IRDAI) giving go-ahead to insurers for revision in commission for agents. The change in premium after modification will be limited to around 5 percent of the existing rates.

The increase will be in addition to the enhanced third-party motor insurance rates, which too will come into effect from April. The IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations, 2016 comes into effect from April 1, 2017.

The regulations, the regulator said, bring about certain revisions in commission/ remuneration rates and also introduce the reward system. These may trigger insurers to revisit the pricing of their products in so far as the costing input relating to commission or remuneration is concerned, said IRDAI.

However, t…

Delay In Filing Insurance Claim No Reason To Reject It, Says Supreme Court

The decision of the insurer to reject the claim has to be based on valid grounds, the apex court said.
New Delhi: Insurance claims cannot be rejected if the reason for a delay in filing it is satisfactorily explained, the Supreme Court has said while granting relief to a man who was denied the claim for his stolen vehicle.

A bench of Justices R K Agrawal and S Abdul Nazeer said that rejection of the claims on purely technical grounds in a mechanical manner will result in the "loss of confidence of policy-holders in the insurance industry".

The observations came as the bench allowed the appeal of a man against the ruling of the National Consumer Disputes Redressal Commission (NCDRC) that insurance firms could deny the claimed benefit for a delay in filing it. 

The apex court directed Reliance General Insurance Company to pay Rs. 8.35 lakh to the Hisar-based customer whose insured truck was stolen but his claim was rejected on the grounds of delay in filing it.

"If the reason …

4 Health Insurance Updates for 2018

As the end of the year approaches, one item on your to-do list should be reviewing your company’s health insurance plan in preparation for the Jan. 1 renewal deadline. Health insurance-related laws and regulations are constantly changing. Moving into 2018, there are four important health insurance updates to be aware of. Bob Chiesa, president, and CEO of Custom Benefits Insurance Group, Inc., provided the North American Retail Hardware Association (NRHA)with the following information. The Traditional Reinsurance Fee is going away.The Traditional Reinsurance Fee, which was one of the Affordable Care Act taxes, was first introduced in 2014. At first, this cost business owners $63 per insured person per year. In 2015, the cost went down to $44. Then, in 2016, it was reduced to $27 per member per year. To put that into perspective, if an employer insured 10 employees, but each had a family of four also under the insurance plan, the business owner would be paying the $44 fee for 40 people, a…

Life insurance being seen as protection instrument, not just a tax saver. Here is why

MUMBAI: The number of life insurance policies sold in India fell in 2016-17 from the previous year but the total cover increased 14% in value, indicating that the domestic industry is maturing to being seen as a protection instrument from being just a tax saver. 

The total number of policies sold during the year fell to 264.56 lakh from 267.38 lakh a year ago while the total cover increased to Rs 4,18,476.62 crore from Rs 3,66,943.23 crore, according to the latest annual report issued by the Insurance Regulatory and Development Authority.

A total of 264.65 lakh new life insurance policies were issued during the year, with the Life Insurance Corporation accounting for 201.32 lakh policies. The state-run corporation's share fell 2.02 percentage points over the previous year to 76.1%. 

Private sector life insurers issued 63.24 lakh or 23.9% of total new policies issued, with their share increasing 2.13 percentage points over the previous year "The contribution of protection was aby…

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Scholarships for students from Jordan 2018-19

Karim Rida Said Foundation Study for a Master’s Degree in the UKThe KRSF is able to provide full or partial scholarships for masters’ degrees at universities around the UK depending on the level of financial need or whether other grants are available to applicants. While we are able to provide full funding, we are also happy to provide matching funds.In addition, the British Foreign and Commonwealth Office (the FCO) and the KRSF jointly fund up to 10 KRSF/Chevening awards annually for postgraduate study.The Foundation can also consider distance learning courses and shorter postgraduate courses at accredited UK academic institutions.The University of Glasgowhas a long-established relationship with Jordan and we have been welcoming students here for many decades. At Glasgow, you will study to gain an internationally respected degree, but we can guarantee you much more besides. Glasgow is one of Europe’s most diverse cities and includes a large Muslim population. The city is home to twelv…