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In this issue, motor insurers have been advised to view the emergence of driverless car technology as an “opportunity not a threat”, despite prospective further reductions in premiums.
Coinciding with the launch of driverless car trials in Greenwich, Milton Keynes, Coventry and Bristol last week, the Department for Transport highlighted insurance as one of the main issues that must be addressed as fully autonomous driverless cars become more commonplace on UK roads. Ruth Graham, motor partner at law firm BLM, said: "The claims process will be quicker with all the technological advances, such as autonomous braking systems. This technology should be viewed as an opportunity not a threat."
Also on the subject of driverless cars, we look at a number of current threats to the UK motor market, including motor manufacturers muscling into the sector and the competitiveness of pricing. Post asks how these challenges can be turned into opportunities.
Also in the news, there is a groundswell of support among insurers to establish an industry standard on premium comparison at renewal after Axa broke ranks to introduce such a scheme for personal lines customers; insurers and defendant lawyers have rejected calls for the 100% compensation level for the diffuse mesothelioma scheme to be backdated and for it to include other asbestos-related cancers; meanwhile insurers and brokers have rejected the Competition and Markets Authority’s proposed deadline of 1 September for a protected no claims bonus remedy, declaring it “wholly unrealistic” and warning it could lead to market distortion.
Ageas UK’s Andy Watson and Bluefin’s Paul Drake are in the C-Suite. Watson talks about customer service, claiming that companies sometimes forget they need to fulfil a claimant’s needs rather than their own; Drake believes managing general agents still have an influential role to play in the insurance landscape.
Francesca Nyman meets the UK Independence Party’s spokesman for Financial Services and Immigration Steven Woolfe. He tells her what his party would do in power. We also have a Q&A with the co-founders of Acturis, Theo Duchen and David McDonald. They tell Mairi MacDonald about how their recent acquisitions tie into their wider plan for international expansion.
Finally, we look at personal injury, and how the introduction of the Criminal Injuries Compensation Authority tariff list in 2012 means that insurers are now paying out much more to personal injury claimants than the government.
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
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