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In this week's edition, analysts warn that further regulatory scrutiny could just add to the motor sector's troubles.
Another year of poor financial returns in the highly competitive motor market has led to speculation a major insurer will depart the sector. RSA has been touted as a frontrunner for a market withdrawal, with rumours abounding that newly appointed chief executive Stephen Hester may look to sever ties with the loss-making business arm.
In other news, the UK commercial director of Arthur J Gallagher, Janice Deakin, hopes the appointment of UK retail chief executive Peter Blanc will be for the long-term following the relatively short tenures of former incumbents Brendan McManus and Adrian Colosso; calls for a debate on dispensing with low-value personal injury payouts in favour of pure rehabilitation have received a lukewarm response from insurers; the Financial Conduct Authority's plans for more thematic reviews in 2014/15 have been criticised for lacking clarity on the scope of its interest in commercial claims handling; and as DAC Beachcroft estimates credit hire fraud is worth up to £75m a year, the Credit Hire Organisation chairman Steve Evans hits out at 'self interested' insurers blocking co-operation in the fight against fraud.
Laurent Matras and Tony Powis are in the C-Suite; Axa's Matras laments how little has changed in the industry during his year's hiatus, while Willis Employee Benefits' Powis talks about how health among the workforce is beginning to enjoy as much focus as safety.
The countdown to the 20th British Insurance Awards continues with major loss experts at insurers and claims firms who have experienced wins over the years discussing how the industry has changed since the first BIAs in 1994.
It has been a year since the Legal Aid Sentencing and Punishment of Offenders Act and the Jackson reforms were introduced, so Post and Hill Dickinson hosted a roundtable at which specialists from the legal, insurance and health and safety sectors discussed whether the changes have been a success or a failure. It certainly makes interesting reading.
This issue's In Series focuses on the changing risk profile of the retail and wholesale sector; Louise Phillips examines how a variety of new and increasing risks, ranging from terrorism to concussion, are changing the face of sports insurance; and Anne Ware reports on how the shockwaves of the Poly Implant Prosthese breast implants scandal are continuing to affect insurers and the regulation of medical devices.
Enjoy the read!
A huge well done to all involved with organising our Remembrance Day event on Friday, including our Corporate Real Estate team. One of them, Ibrahim, took this incredible footage of poppies dropping as he (along with others) leaned (safely!) over the gantry to let them go. pic.twitter.com/pSbapkWBBR— Lloyd's (@LloydsofLondon) November 12, 2018
- Aviva to transfer 1.39m policies to Irish post-Brexit hub
- John Doyle unveils Marsh-JLT Specialty
- RSA pulls out of three London market lines
- Bollington Wilson Group opens Manchester HQ
- Axa XL's Paul Greensmith on why film underwriters deserve an Oscar
- Mike Brockman reveals plans for ‘next generation’ telematics
- Amazon to shake up the insurance market by 2023, warn insurers