Post magazine – 27 February 2014

In this week's edition the industry responds to business secretary Vince Cable's call for VAT on flood renovation and repairs to be cut to 5%.

Suggestions that flood-hit properties could be granted VAT relief for repair work - potentially reducing claims costs resulting from recent floods and storms - have been met with scepticism from insurers.

In other news, insurers have denied the omission of policyholders' previous premium on renewal slips represents a lack of transparency, claiming renewals are subject to changing criteria throughout the year; and the sale of add on products, the use of ‘most favoured nation' clauses and the separation of cost and liability control will be among the topics dominating discussion as insurers, brokers and credit hire organisations address the Competition Commission this week.

Also in this issue, catch up with all the other news to come out of Post's latest Claims Club event, which took place last week.

RSA global telematics director Kenny Leitch is in the C-Suite to explain why insurers should be looking to seize upon the opportunities presented by telematics and driverless cars; while director of insurance and aggregation at BGL Group, Will Price takes to the C-Suite to explain the importance of the industry working together in order to combat fraud effectively.

As its countdown to the twentieth British Insurance Awards continues, Post spoke to personal lines specialists who have experienced wins over the years, asking them how the industry has changed since the first BIA in 1994.

An Expertise in Action on employers' liability sees Post explore how the market will absorb the costs of funding the Mesothelioma Act - a new compensation scheme; and while noise-induced hearing loss claims look set to fall in number in the future how are insurers dealing with challenges they bring today?

Interest in digital currencies has been piqued as technology pioneers begin to research the insurance possibilities; Francesca Nyman investigates in a focus on bitcoins.

Plus, Post asks how insurance firms advertising tactics are changing in response to the rise of social media and the emergence of aggregators.

Enjoy the read!