We are pleased to announce that Ian Lawley has joined our growing team at Ascend as Technical Director. Ian is well known within the insurance industry having held a number of high profile positions within both independent and multinational brokers. Recently he has overseen the development of insurer rating engines and policy wordings in specific…
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Category: Unrated Insurers
Ogden table update – how large claims are calculated
The government has intimated that they will soften their stance on the announcement in March 2017 regarding how large personal injury claims are calculated. Back in March, large claim calculations had a provision built in that there would be no investment return on lump sum payments and infact the settlement would reduce by 0.75% each…
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KEY FACTS – Unrated Insurers
KEY FACTS –The reason for company failures 35% due to insufficient reserves 21% due to rapid growth (under pricing) 10% due to alleged fraud High profile collapses Gable 2016 – 200,000 policyholders Enterprise 2016 – 48,000 policyholders Quinn 2010 – 1.3m policyholders Make sure the insurer is approved by the Financial Services Compensation Scheme…
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What is your insurance brokers history with insurer collapses?
The old saying that “you get what you pay for” runs very true with insurance and is magnified by a number of high profile insurer collapses in recent years such as:- Gable Enterprise Quinn Lemma Balva ERIC And many more…. All of these companies have become insolvent where their capital has been eroded to a…
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