British insurer RSA blamed a handful of executives for accounting irregularities at its Irish division, attempting to draw a line under a scandal that left it with a $329 million hole in its finances.

British insurer RSA blamed a handful of executives for accounting irregularities at its Irish division, attempting to draw a line under a scandal that left it with a $329 million hole in its finances.

Britain's insurers are preparing to pay out hundreds of millions of pounds in claims following a run of winter storms that have flooded homes and disrupted travel, though the absence of major damage should limit the impact on their 2013 results.

Car insurance in Britain is too expensive because of complexity in the claims process and a lack of incentives to keep costs down, according to the country's competition watchdog.

Car insurance in Britain is too expensive because of complexity in the claims process and a lack of incentives to keep costs down, according to the country's competition watchdog.

The global insurance watchdog has launched a consultation on how to set up a new system making key firms hold enough capital to avoid a collapse that would pose a risk to the financial system.

The global insurance watchdog has launched a consultation on how to set up a new system making key firms hold enough capital to avoid a collapse that would pose a risk to the financial system.

Insurers are set to pay 300-500 million pounds (about US$480-800 million) to cover UK claims related to damage caused by the St Jude's Day storm, Willis Re estimates, keeping profits intact despite the human cost.