In this week's top news; Lloyd's of London announces it will reduce its exposure to Government debt, then British regulation for planning will be reviewed and finally Bob Ewers talks about AXA Assistance expectations for 2011 earnings.
The Lloyd's of London insurance market has announced that it will reduce its exposure to European Government debt, and has pulled out some cash from some of the region's banks.
Frank Savage, Lloyd's financial Director says it is only natural to reduce its exposure in banks that are in countries presenting a potential risk.
For the first half of the year, the company has made a pre tax loss of 697 million pounds due to an unprecedented number of catastrophes.
To answer high demands for housing in Britain, the government is looing into easing planning requirements.
If the changes go ahead, the framework of over one thousand pages of requirements will be reduced to only 52.
The worry is there will be more homes built in flood risk zones, thus flood insurance will be more difficult to get and more expensive.
We have met with Bob Ewers, AXA Assistance UK & Ireland CEO, who outlines the company's expectations for 2011's results.
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