Business briefs: Insurers face £560m quake bill | BoE appointments

INSURERS could have to pay out as much as €700 million (£560m) on the earthquakes that hit northern Italy this month, risk-modelling agency Eqecat forecast yesterday.

The quake on 20 May and two severe after-shocks nine days later will cost the insurance industry a minimum of €300m, the agency said.

Eqecat’s initial estimate, calculated before the aftershocks on Tuesday, was for an loss of between €100m and €200m. More than 20 people were killed by the tremors.

Three new Bank of England non–execs

Three new non-executive directors have been appointed to the Court of the Bank of England, which provides independent scrutiny of the management of the Bank.

The Treasury announced that they are Bradley Fried, Tim Frost and Dave Prentis. Fried is a former partner in McKinsey’s New York office and former chief executive of Investec.

Frost spent most of his career with JP Morgan, while Prentis is the general secretary of Unison and a TUC executive committee member.