RSA.L - RSA Insurance Group plc

Insured losses from storm Ciara could near $2 billion, RMS estimates

Total insured property losses from storm Ciara, which was named Sabine in Germany, could be between 1.1 billion and 1.8 billion euros ($1.2 billion-$1.95 billion), catastrophe risk modelling firm RMS estimated on Friday. Ciara lashed Britain with heavy rain and winds of more than 90 miles an hour (145 km/hour) on Sunday, forcing the cancellations of flights, train services and sports matches. All professional Dutch soccer matches were cancelled.

Insurance losses from northern England floods could be 80-120 mln stg-PwC

UPDATE 1-Britain's RSA underwriting profit rises, shares rally

RSA underwriting profit rose strongly for the year to date but net written premiums were flat after the British insurer cut poorly performing parts of its business, it said on Thursday, sending its shares higher. Best known in Britain for its "More Than" brand, RSA also has major businesses in Canada, Ireland and Scandinavia. The home, motor and commercial insurer warned last year about the poor performance of its London-based international commercial insurance business and pulled out of several lines, including international freight and construction.

Bank of England tells insurers to check capital as U.S. risks grow

The Bank of England warned on Tuesday it will crack down on insurers that are overly optimistic about how much capital they need to cover growing risks from the United States and elsewhere. Gareth Truran, acting director for insurance supervision at the Bank's Prudential Regulation Authority, said the risk of reserving "deficiencies" was increasing in a sector that may be "optimistic" about its outlook. "For Lloyd's managing agents, we will continue to work closely with Lloyd's, taking into account in particular the work of Lloyd's Performance Management Directorate in approving and monitoring syndicate business plans," Truran said.

UPDATE 4-Stop penalising loyal customers, UK regulator tells car and home insurers

Britain's markets watchdog threw down the gauntlet to car and home insurers on Friday, saying they could avoid mandatory pricing restrictions if they voluntarily stop penalising loyal customers. The Financial Conduct Authority (FCA), in long-awaited interim conclusions from a study launched a year ago into how car and home insurers treat customers, said on Friday firms use complex pricing practices that allow them to raise prices for consumers that renew with them year on year, known as "price walking".