The Financial Services Authority (FSA), Office of Fair Trading (OFT) and Financial Ombudsman Service (FOS) are proposing to set up a consumer protection committee. In a discussion paper, the watchdogs state: “A key element in rebuilding consumer confidence in financial services is that firms carrying out activities regulated by the FSA and/or licensed by the OFT should treat complainants fairly.” The proposed new body would therefore identify emerging risks that could turn into widespread problems, and act “quickly and decisively” in dealing with any threats. However, it would not examine and give clearance to products on an individual basis, before they are launched. The regulator’s director of conduct policy, Sheila Nicoll, says: “The co-ordination committee is a clear indication of …

Most states in the U.S. mandate that drivers have some sort of automobile coverage to register and maintain registration on a vehicle and to legally operate an automobile. These requirements are designed to make sure that individuals who are involved in traffic collisions have a way of paying or receiving monies for injuries and/or property damage resulting from accidents. Although many states allow various ways for consumers to prove “financial responsibility” the most common method chosen by motorists to comply is to purchase an auto insurance policy. Not only do states require motorists to be financially responsible for any accidents that they may cause, but many also require …

Cadwalader, Wickersham & Taft LLP has announced the appointment of Jennifer Donohue as a partner in the Corporate Department of the London office. Donohue was formerly the head of the Insurance & Reinsurance Group at Simmons & Simmons, and brings with her a tremendous range of knowledge and expertise. Earlier in her career she worked for Her Majesty’s Government as a senior legal adviser in the UK and Brussels, and qualified as a barrister and then a solicitor in 1992. London office Managing Partner Bob Link has warmly welcomed Donohue to the office, praising her as a great addition and stating her own expertise would complement the office’s specialist …

Research from the AA has found that claims by UK motorists for pothole damage to their vehicles have increased by over 600 per cent in the last three years. The new study shows that drivers claimed

According to new research from Aviva, the torrid weather of winter has fuelled an understandable desire to holiday abroad. However, the insurer has discovered that, worryingly, the ongoing economic difficulty and consumer belt-tightening has led 31% of would-be travellers to state they intend to skip taking out travel insurance or were considering going without it. Sixty-two percent of travellers have said they intend to set careful limits on daily spending, with over 40% not spending anything on holiday clothes or going self-catering. Aviva’s travel product manager, Jerry Finch, has explained that a combination of prolonged bad weather and economic difficulty means that many want to fly …

SEATTLE, March 11 /PRNewswire/ — PEMCO Insurance, Washington’s largest locally based insurer, recently introduced a new set of tools on the company’s websites designed to enhance visitors’ experience…

INSURERS paid out Pounds 650m in weather-related claims as the UK suffered the coldest winter for 30 years, a trade body said today. Around 335,000 claims were made between December 18 and January 13 …

Munich Re has reported that it made a net income for 2009 of €2.56bn, an improvement of two-thirds on 2008 when €1.58bn was made. However, the firm has yet to match the record €3.9bn profit made during 2007, before the full impact of the financial crisis struck. The firm has also expressed its confidence regarding 2010, and predicted that profits will remain over the €2bn threshold. Chairman Nikolaus von Bomhard has stated that the firm’s annual performance surpassed expectations, and welcomed the rising profits for Munich Re, achieved despite the ongoing difficulty…

Unfortunately for young motorists the road leading to affordable auto insurance can be a little more difficult than those who are more mature and have more experience behind the wheel. The reason for this is that younger motorist, especially teenagers are statistically shown to have a higher involvement in traffic collisions. From a statistical standpoint, teenagers are much more likely to have an accident and also have bad driving habits including using cell phones and being easily distracted…

International insurance and reinsurance group Brit Insurance has announced the establishment of its new office in Australia, replacing its previous third party agreement. The new office is situated in Sydney’s financial district, and will offer local representative services for the firm’s reinsurance activities. At the same time, Brit has announced the appointment of Mike Davidson as MD in Sydney, a post he occupies with immediate effect. Davidson brings with him extensive knowledge of the Australian and New Zealand reinsurance markets. In his new role he will be tasked with promoting Brit Insurance throughout the region, handling present relationships and looking for opportunities for the firm to seize. Brit Reinsurance Chief Executive Jonathan Turner has said that Davidson’s excellent understanding of the regional markets would help the firm to develop its relationships with key …