Fearn to remain with newly rebranded UK insurer
MMA Insurance chief executive Garry Fearn is to remain with the company as executive deputy chairman of Covéa Insurance.
Fearn’s future at the insurer had been up in the air after parent company Covea merged MMA with Provident Insurance and of the new entity, Covéa Insurance.
In a statement, Covea said Fearn will be reporting to and working closely with the chairman and board from September.
Chairman Graham Doswell said: “Garry is one of the UK general insurance market’s longest serving chief executive’s. The board
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Whole life insurance is basically a two-part policy: the insurance part and the cash portion. The policy is designed to provide maximum life insurance coverage and other benefits while at the same time allow the policyholder to accumulate wealth and earn return on the cash value. In this article, we are going to discuss more about the insurance aspect of a whole life policy.
The life insurance coverage offered by a whole life insurance policy is highly adjustable. You can set the coverage amount accordingly; the best way to determine the right coverage amount needed is by calculating your existing annual expenses and adding other expenses before multiplying the total by the number of years you want to keep your family financially supported.
Once you have set the coverage amount, the insurance company will then calculate the insurance premium you need to pay. Read all post…
MyDrive Solutions has launched MyDrive Dynamic, which is an insurance smart box technology to enable car insurers to accurately assess the risk presented by individual drivers, and price premiums accordingly.
The MyDrive Dynamic solution uses an insurance smart box in the car to capture driver behavioural data including driver’s level of aggression, smoothness, anticipation and consistency.
The data thus gathered will enable the insurer to assess driving ability and behaviour through an online portal display.MyDrive Solutions CEO Linden Holliday explains that the insurance smart box knows where the driver is, when they are driving and how they are driving.”This information is transmitted back to the insurer’s data systems via the Cloud so they can measure each driver’s capability and price their insurance premium accordingly,” Holliday added.”With our distinctive one second data logging technology, combined with GPS data, we can contextualise every decision each driver makes by mapping it to the road network.” MyDrive Dynamic provides robust insurance risk assessment capability that allow individuals to be rewarded with lower premiums for safe driving.The new insurance smart box technology will operate using data transmitted through Telenor Connexion, a telecommunications service provider to MyDrive Solutions.
New research shows that the UK is near the bottom of the league in terms of lending to businesses since the collapse of Lehman Brothers in 2008. The findings, published by accounting firm UHY, show that the total amount of lending to businesses in the UK has fallen by 13% since 2008 second only to the US in the G8.
The total value of outstanding loans to businesses in the UK is currently $673bn, compared to $775bn in December 2008.
All the rapidly growing world economies are far outdoing the UK in terms of new lending to businesses lending in China is up 65% over the period in question, and all the other so-called BRIC (Brazil, Russia, India & China) nations have also recorded double digit growth in lending.
By contrast, UK lies at 18th in the study of 22 countries.
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The California Department of Insurance issued the following news release:
Insurance Commissioner Dave Jones today announced that Donald Martin Steffensen, 73, of Midvale, Utah was sentenced on January 27 for violating Penal Code Section 368 (d) Financial Elder Abuse and Penal Code 487 Grand Theft, along with Penal Code 186.11 (a) (sentence enhancement for Fraud and Embezzlement). Steffensen entered a plea of No Contest in Madera County Superior Court.
He was sentenced to time served after more than 700 days in jail, and placed on three years probation following his release. He was also ordered to pay more than $352,000 in restitution as well as court costs.
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Since health care reform passed, children have been guaranteed health insurance coverage regardless of pre-existing conditions.
Unfortunately, some health insurance companies exited or considered leaving the child-only health insurance coverage market.
To offset the trend, many states decided to enact open enrollment periods so individuals would refrain for only purchasing coverage when they child or children are sick.
View the following lists to see what states are holding open enrollment periods and when.
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