As Britain picks up the pieces of the worst storms for a decade, insurers are counting the costs as share prices are hit after the trail of devastation.
On Monday, the share price of the UK's biggest insurer, CGNU, dropped by 1 per cent to 939p from 931p. The drop comes just ahead of the announcement of CGNU's third-quarter profits next week.
Royal & Sun Alliance's share price sank by 3 per cent to 474.75p from 491p, while Legal & General fell by 1 per cent to 165.25p.
But the ABI is dispelling estimates putting the storm damage at £2bn. spokesman Malcolm Tarling says: “The level of damage to insured property is not as bad as it was in either the 1987 or 1990 storms. The figure is closer to hundreds of millions than billions.”
View more on these topicsArchive
New finance director appointed as Scottish Widows revamping process continues
Scottish Widows has appointed Jim McConville as its new finance director.He will also become the director of finance for the insurance and investments division of the Lloyds TSB group.McConville takes on the role following the recent appointment of Bill Main as chief executive officer of Scottish Widows Investment Partnership.McConville was previously director of group strategy, […]
Why advisers must go with the investor flow
The Isa season in the UK is becoming just about as predictable as the actual seasons i.e. not very.IFAs who in the past have relied on the end of tax year sales boom to concentrate their sales and marketing fire should be warned the pattern is breaking down.The latest Autif figures suggest sales are already […]
Advisers' anger at FSA and CAB talks on trees
The FSA has kicked off negotiations with the Citizens' Advice Bureau on how it will help consumers make use of decision trees for stakeholder pensions.The regulator is also proposing to issue a quarterly newsletter to life offices which may open the door on new decision trees being reissued and updated frequently.The CAB negotiations have angered […]
HSBC trust range in switch to Oeics
HSBC has converted its entire range of unit trusts to Oeics, opening a range of new funds to IFAs.The bank is merging its IFA and bank branch fund ranges into 23 funds grouped under three umbrella Oeics. The total fund range has £5bn in funds under management and stands to benefit from a reduction in […]
Is now a good time to be discussing protection?
By Simon Halifax, senior marketing consultant For a few years now, mortgage advisers have probably been warning their clients that there’s only one direction that the interest rate is going and that’s up (well, I know mine has!). However, the financial landscape changed when the UK voted to leave the European Union last month and […]
Newsletter
News and expert analysis straight to your inbox
Sign up
Ex-adviser jailed over Sipp fraud
A former IFA who pocketed clients’ Sipp money has been given a six-year jail sentence. Darren Say, who ran advice firm Wealth Connection, was found guilty of fraud by abuse of position and of fraudulent trading after creating a pension scheme that loaned money to clients’ Sipps before investing funds in a property company where […]
Martin Lewis warns scammers are using his identity to sell schemes
Consumer champion Martin Lewis has published a passionate warning about scam advertisements using his identity to endorse investment and insurance schemes. Lewis, founder of Money Saving Expert, has posted a video denouncing a cloud-based trading scheme that claims he invested £500,000 in it. He says in the video: “It is a con, it is a […]
2
FCA reveals number of firms breaching ‘basic regulatory requirements’
The FCA cancelled the authorisations of more than 200 firms last year for failing to meet “basic regulatory requirements” like paying their fees or filling out regulatory returns. The regulator revealed the figure in an update today, that its Threshold Conditions Team took enforcement action against at least 207 firms for failing such compliance failings […]