Keep up with what’s been happening this week in our latest insurance news round-up…
CNA Financial has declared the retirement of its executive vice-president and chief actuary, Larry Haefner, who will retire by the end of the year. In light of Haefner’s retirement the company has names Robert Hopper to take on Haefner’s role and he will be in charge of leading CAN’s reserving, pricing, and other actuarial activities of the company across the globe.
Since 2011, top banks and building societies have been voluntarily transferring money left in dormant bank accounts to a government scheme to give the proceed to good causes. Now they could raise a further £2bn under plans to expand it to unclaimed insurance payouts and share sales.
Insurance analysts at PwC estimate that damages to homes, businesses and cars across the UK due to Storm Dennis, could cost between £175m to £225m in insurance claims. Along with Storm Ciara, it is estimated that insurance costs from two February storms could be up to £425m.
Mary Dhonau, a flood consultant, has urged households to make sure they plan for the future and insure their homes if they are eligible for the Flood Re scheme for affordable insurance.
Insurtech start-up, By Miles, has added a new feature to their product that lets drivers know when they are entering a ULEZ zone and if a penalty charge has incurred; which could save drivers who get caught by the zone up to £160 in penalty fines.