Regulation
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.
Editor’s Picks: Musk’s move, navigating losses and regulatory improvements
As we approach the end of February, the headlines that caught your attention on Insurance Post this month show the challenges and opportunities facing the industry one year on after Russia invaded the Ukraine.
What goes around is coming around on leaseholder insurance fees
News Editor's View: Scott McGee warns insurers and brokers that the ‘huge scandal’ of leaseholder insurance fees could be coming back to haunt them.
Customer understanding is most pressing concern ahead of Consumer Duty, conference hears
Improving customers’ understanding of insurance products is the area where firms have the most work to do to comply with the forthcoming Consumer Duty, Fairer Finance’s James Daley has warned.
Q&A: Nicola Critchley, Foil
Nicola Critchley, partner at DWF, and president of Foil since November 2022, catches up with Insurance Post to discuss what she hopes to achieve during her time as president, what is on the agenda for 2023, and how the body will support member firms and…
Insurance Post Podcast: Are insurers ready for the FCA’s Consumer Duty?
Insurers who think they've already met the Financial Conduct Authority’s Consumer Duty requirements shouldn't be "resting on their laurels", DAC Beachcroft has warned.
Hazards are still stalking the high seas for marine insurers
Analysis: David Worsfold examines how the Russia and Ukraine war has presented marine insurers with several tricky challenges, including insuring ships in the safe-grain corridor, and keeping abreast of the constantly changing sanctions regimes.
ABI launches three-year strategy and reaffirms summer launch date for leaseholder support scheme
The Association of British Insurers has launched a three-year strategy focused on improving customer trust, sustainable investments and lobbying for further legislative, regulatory and tax reforms.
Still 'room for improvement' in Consumer Duty prep, says FCA's Brewis
Matt Brewis, director of insurance at the FCA, has said that while most general insurers are on track to meet the regulator’s Consumer Duty requirements, there is still “room for improvement”.
PRA reveals its plans for the Solvency II reform
The Prudential Regulation Authority has promised that fewer insurers will be subject to the new Solvency II rules, and it won’t overturn the government’s plan to ditch the European Union’s capital requirements.
Insurers to appeal against mixed injuries whiplash judgment
The Association of British insurers has confirmed that insurers are looking to appeal against the mixed injuries whiplash judgment handed down at the Court of Appeal in January.
Insurers must fix their attitude to mental health, as Martin Lewis highlighted
Editor's View: Given the influence that Martin Lewis has with consumers and politicians, insurers would be wise to listen to him when he highlights areas where the industry falls short.
Justice Committee launches inquiry into impact of whiplash reforms
The Justice Committee has today launched an inquiry into how whiplash injuries resulting from road traffic accidents are processed following reforms to the legal framework introduced in 2021.
Aviva changing approach for customers with mental health conditions after ‘asking too many questions’
Aviva has acknowledged it has asked “too many questions” to people who reveal mental health conditions, and that it needs to do more to support these customers.
Farewell Gibraltar, hello PRA - is the tide about to turn for new UK-regulated insurers?
Content Director's View: With non-standard motor insurer Lumun looking for Prudential Regulation Authority authorisation, Jonathan Swift asks whether we might be entering a new dawn for home grown insurance companies.
Martin Lewis tells FCA to investigate insurers
Campaigning journalist Martin Lewis called on the Financial Conduct Authority to urgently investigate whether travel insurers are making fair decisions about customers with mental health problems – and to punish those that are not.
Diary of an Insurer: Zurich's Caroline Dunn
Caroline Dunn, chief underwriting officer of Zurich UK, learns from customer complaints, is humbled by LGBTQ+ colleagues sharing their experiences and unites with brokers to push for regulatory consistency.
Over half of FCA staff looking to leave amid dissatisfaction over pay, says Unite
The trade union Unite has written to Financial Conduct Authority CEO Nikhil Rathi to warn the regulator that widespread anger over pay has led to more than half of staff looking to leave their jobs.
Insurance Post Podcast: What the cost-of-living crisis means for insurers
The cost-of-living crisis is resulting in a growing number of policyholders pressing, complaining and shouting loudest in the hope their claim will move faster than everybody else’s, according to Claims Consortium Group.
Editor's Picks: CII clashes, a bonfire of Brexit red tape & cyber criminality
As we approach the end of a non-stop January, the headlines that caught your attention on Insurance Post this month give a distinct flavour of what the rest of 2023 may hold in store for the industry.
Insurer's diversity data collection called into question
Data analysis: Following the Financial Conduct Authority’s report on diversity and inclusion strategies in financial services firms in December, Insurance Post surveys attitudes towards D&I strategy among major insurers.
FCA warns firms against complacency six months out from Consumer Duty deadline
The Financial Conduct Authority has said that some firms’ Consumer Duty plans suggest they are “over-confident that their existing policies and processes will be adequate” following a review of the largest in-scope businesses.