Prudential share price plummets on reports Chinese regulators are tightening insurance restrictions February 2, 2016 A temporary suspension of shares in Prudential was triggered this afternoon, after its share price fell more than eight per cent. The fall came after Bloomberg reported China's currency regulator was tightening restrictions on its citizens buying insurance products from overseas. Purchases of insurance products using UnionPay credit and debit cards will be capped at $5,000 [...]
Falling oil prices are an opportunity for the City to help the Gulf States diversify February 1, 2016 I returned last week from an eight-day business visit to the Gulf, during which I moved between Dubai, Abu Dhabi, Saudi Arabia and Kuwait. Every lord mayor in recent memory has made a point of visiting the Gulf, not just because of its economic importance but because the City can support the region’s countries in [...]
City Moves for 29 January 2016 | Who’s switching jobs January 29, 2016 Marsh Rob Powell has been appointed claims advocacy international leader at insurance broker Marsh. Based in London, Rob will report to Michael Poulos, global head of Marsh’s client advisory services. He joined Marsh in 2014 as a managing director in the international claims advocacy practice. Before joining, Rob was global chief claims officer at Torus [...]
Managing taxes in the sharing economy: People who make money through Uber, AirBnB and Etsy could be under-stating their profits – and HMRC is coming to get you January 27, 2016 The self-employed tax return deadline is only days away, leaving the many individuals that have made money through sharing economy services like Uber, AirBnB and Etsy struggling to work out what, if any, tax they have to pay this 31st of January. But they have to get clued up fast because Revenue & Customs recently announced [...]
Owner of Comparethemarket.com, BGL confirms it is looking at an IPO with Rothschild bank January 27, 2016 BGL, the parent company behind price comparison site Comparethemarket.com, is considering floating on the London Stock Exchange. BGL owns Comparethemarket.com, along with other brands including Beagle Street, which provides life insurance, and Dial Direct. Rothschild has been hired to advise the group on the potential float, although no decision has been taken yet. If it does take the company public Budget Holdings Limited [...]
RBS share price dives to lowest level since 2012 as it announces £2bn provision for fines and £498m write-down for Coutts private banking January 27, 2016 The Royal Bank of Scotland (RBS) has announced a £2.5bn hit on its profits, thanks largely to a £1.5bn provision for claims in the US relating to mortgage-backed securities. The bank's share price was down 3.72 per cent to 251.2p just after markets opened this morning – its lowest since 2012. The bank will make a loss in 2015: [...]
Companies not doing enough to protect themselves from cybersecurity risks, believing their business will not be a target for attacks January 27, 2016 Despite business leaders' concerns about cybersecurity, companies are failing to protect themselves against risks, believing the worst will not happen to them. Research released today by insurer Aviva has found that two in five (44 per cent) small- and medium-sized businesses in the UK think the odds are unlikely of them being the target of a cyberattack [...]
Generali boss Mario Greco leaving to take up chief exec role at rival Zurich Insurance January 26, 2016 Mario Greco, chief executive of Italian insurer Generali, is to step down at the end of his current contract, in order to take up the helm at Zurich Insurance. He will replace Tom de Swaan, who has been leading Zurich since Martin Senn quit as boss on 1 December, after the company’s attempted takeover of UK insurer RSA [...]
Low interest rates more of a challenge to defined benefit pension schemes across the EU than people living longer, says pensions watchdog January 26, 2016 Postponed interest rate rises will be the real cause of problems for those providing defined benefit (DB) pensions, not people living longer. According to results released today from a stress test on occupational pensions by the European Insurance and Occupational Pensions Authority (EIOPA), DB schemes showed greater sensitivity to sudden falls in interest rates and rises in inflation [...]
One in five home insurance claims is rejected, although almost all motor claims are paid out, finds insurance industry body ABI January 26, 2016 One in five (21 per cent) of claims on home insurance during 2013 and 2014 was turned down, according to figures out today from the Association of British Insurers (ABI). The first set of insurance payout statistics ever published by the ABI also revealed that 99 per cent of motor insurance claims were accepted, as [...]