Regulation
Clash with CII prompts PFS to launch review
The recent decision from the Chartered Insurance Institute to appoint three new institute directors to the PFS board in December last year, prompted PFS to launch independent review.
Five key takeaways from the FCA's business plan
The Financial Conduct Authority's Business Plan for 2023 to 2024 detailed plans for the regulator to check the finances of brokers as well as MGAs in the year ahead.
Gallagher buys Buck; Pen’s latest deal; Spring’s commercial PI binder
Friday Round-Up: Ahead of Good Friday and the Easter Bank Holiday, Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Calls for e-scooter rules in UK to avoid a repeat of Parisian ban
After Parisians voted to ban rental e-scooters in their city, lawyers have called for lessons to be learned from fatal crashes in France and for comprehensive UK legislation to avoid a similar outcome here.
CII’s Connell on vast implications of the FCA’s sustainability strategy
Trade Voice: Matthew Connell, director of policy and public affairs at the Chartered Insurance Institute, explains how the FCA’s approach to sustainability will permeate every aspect of the insurance industry.
Is it time to overhaul the personal injury discount rate?
Ahead of the consultation on changes being made to the single personal injury discount rate closing on 11 April, Insurance Post explores what dual or multiple rate models could mean for claimants.
FCA reveals hundreds of BI claims still being considered
Three years on from the first Covid-19 lockdown, the industry is still considering whether 341 business interruption insurance claims are valid.
Ombudsman expects uptick in insurance complaints
The Financial Ombudsman Service expects the number of general insurance complaints it receives to go back to pre-pandemic levels in the year ahead.
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.