Insurance News - 13 July

Insurance News - 13 July

1) Founder director of Swift Cover Steve Hardy given 6 months gardening leave by AXA.

2) E-trading should be the way forward for brokers & insurers both on B2B & B2C systems, recent events in Wembley showed off many sponsors with companies like NI6, Ace, Acturis, AXA, MMA, Powerplace and Wizard all at the show with demos of online trading platforms and extranet systems being showed off. Business Insurance 24/7 system was and still is marketing direct to brokers and underwriters and offered free of charge.

3) Allianz has ambitions to hit a target of £1bn GWP by 2013 according to its General Manager Jon Dye.

4) Brokers and Insurers are really feeling the pressure when it comes to regulation requirement with rules from the OFT, FSA and EEC.

5) Office Insurances need to be upgraded to account for more types of Business Insurance requirements. Professional Insurance Agents & its online trading partners Business Insurance 24/7 CEO Graham Hearsey said that "Many new business now trade worldwide and unfortunatly the standard office policies do not basically cover these Businesses when trading outside the UK particullary with the liabiliteies secotrs and legal protection covers"

6) Professional Indemnity Insurance for solicitors will be starting its season very soon with leading PII brokers fighting for new markets and reduced premioums. Kelly Fyfe a directors of a leading Professional Indemnity Brokers PIA said we need to consider new areas and fresh ways of looking at solicitors Professional Indemnity Insurance.