Regulation
Why we need fire and brimstone over Consumer Duty
Editor's View: Emma Ann Hughes asks whether Old Testament-style regulation is required to push general insurers to meet the Consumer Duty requirements.
View from the top: Money and Mental Health Institute's Conor D'Arcy on how to help customers with mental health problems
Conor D'Arcy, head of research and policy at the charity founded by Martin Lewis, explains what general insurers must do to make the industry accessible for customers with mental health problems.
Martin Lewis’s charity outlines steps for Consumer Duty compliance
A charity established by campaigning journalist Martin Lewis has urged insurers to provide mental health training for underwriters and frontline staff if they wish to adhere to the FCA’s Consumer Duty requirements.
Open insurance: A reality or a pipe dream?
Blog: Karim Derrick, product and innovation director at Kennedys IQ considers how prepared the insurance industry is for introducing the concept of open insurance.
A smooth exit strategy is essential should things go south, says PRA
Shoib Khan, director of insurance supervision at the Prudential Regulatory Authority, warned that businesses and senior management must be ready to pull the plug on writing new business before things get too messy should market conditions become too…
Who is responsible for ending the insurance poverty premium?
Analysis: Social Market Foundation research shows insurance is increasingly unaffordable for those on low incomes; news editor Scott McGee examines who is responsible for preventing a “poverty premium” being charged.
FCA still asking insurers if they have heard of Consumer Duty
With only four months to go until the Financial Conduct Authority’s Consumer Duty comes into force, the regulator has reached out to insurers to ask if they have even heard of the new set of rules.
‘Serious concerns’ about Ombudsman power to increase redress awards by 20% in two years
Industry experts shared concerns that the Financial Ombudsman Service's award limits are “very high” and could push small firms out of business.
Insurers are increasing admin fees after ‘loyalty penalty’ ban
Research from Go Gompare found that more products are subject to administrative fees across its car insurance policies since the introduction of the Financial Conduct Authority’s General Insurance Pricing Practices regulations last year.
Insurance Post Podcast: Making insurance more diverse and inclusive
Insurers can boost their profit margins by having diverse voices in the decision-making room, according to the Association of British Insurers.
MGAA’s Keating on why a ‘tick-box’ approach to EDI is unacceptable
Mike Keating, chief executive of the Managing General Agents Association, said the trade body’s equality, diversity and inclusion training programme will highlight how companies cannot take a “tick-box” approach to the issue anymore.
Ombudsman compensation limit soars to £415K
From the start of next month the Financial Ombudsman Service's award limits will increase from £375,000 to £415,000 for acts or omissions by insurance firms on or after 1 April 2019.
FCA contacts insurers over Consumer Duty concerns
The Financial Conduct Authority is already reaching out to insurance firm bosses to raise concerns the businesses won’t comply with the Consumer Duty when it comes into force in July.
Energy crisis fails to derail insurers from hitting ESG targets
Data analysis: Insurers and reinsurers are managing to stick to their shorter-term goals of cutting underwriting emissions even during the energy crisis.
Podcast: Lessons the insurance industry learnt from Covid-19
The industry has learnt to communicate more clearly what is and isn’t covered by insurance policies, according to the Association of British Insurers, Allianz and Genasys.
Ghost broking accounts for third of insurance fraud investigations
Ghost broking now makes up over a third of the cases being investigated by the Insurance Fraud Enforcement Department at the City of London Police and there has been a surge in the number of scammers using Instagram to try and con consumers.on consumers.
Trade Voice: SIB’s Laura Hancock on what the Consumer Duty asks of brokers
Laura Hancock, chair of the Society of Insurance Broking, argues the forthcoming Consumer Duty represents a refreshing evolution rather than a revolution in how brokers deal with customers.
Progress on gender pay equality slows to a halt
Data analysis: Insurance Post investigates current data on representation, remuneration and recognition of women in the insurance sector.
Aviva and Axa lead the way in achieving equity for women
Aviva and Axa are leading the way when it comes to creating a more diverse, inclusive and equitable insurance industry for women, according to an analysis of press coverage.
Implications of shelving the autonomous transport bill
Blog: With the removal of the bill, Kennedy's corporate affairs lawyer Roger Davis, and partner Niall Edwards explore the implications for insurers, and how insurers can collaborate with other stakeholders during the waiting period.
FOS aims to slash insurance complaints queue
The Financial Ombudsman Service intends to change the way it records the number of complaints against insurance companies, in a bid to encourage more businesses to settle with policyholders before an investigation is launched.
Justice minister refuses to commit to regular fixed recoverable costs reviews
Justice minister Lord Bellamy has refused to commit to regularly updating new or existing fixed recoverable costs (FRCs) for inflation, but confirmed an extension to FRC will be going ahead in October.
Ombudsman sees an uptick in travel and commercial property complaints
Data analysis: Financial Ombudsman Service data shows that travel insurance complaints are increasing as people head off abroad on their holidays once again following the Covid-19 pandemic.
Trade Voice: Foil on the Consumer Duty’s underappreciated impact of claims handling
Jonathan Drake, partner at Forum of Insurance Lawyers member firm DWF, and Nicola Critchley, DWF partner and Foil president, warn there is ample scope for firms to run foul of the FCA’s requirements for claims handling under the Consumer Duty.