FOS to charge CMCs to refer cases
The Financial Ombudsman Service has announced it will charge claims management companies £250 to refer cases to the service from the start of April.
Insurers on alert as government plans to change child sex abuse limitations
The government has put forward a bill to make it easier for victims of child sex abuse to gain an apology and to pursue historical claims in the civil court.
Cyber attacks to be given hurricane-like categorisations
The Cyber Monitoring Centre has announced that it will categorise cyber events affecting UK businesses with immediate effect, giving insurers a potential means of managing their exposure to systemic losses.
Markel’s Guidewire implementation; Hiscox’s FI offering; Lockton’s CFO
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Editor’s Choice
What insurers should do to stop sexual harassment
Analysis: Damisola Sulaiman reviews the progress of trade bodies in responding to the Financial Conduct Authority’s findings on sexual harassment in the industry and explores what steps insurers and brokers can take to prevent abusive incidents and the ramifications if they fail to do so.
Is broker e-trading competitive enough?
With broker e-trading set to soar, Scott McGee examines whether there is currently enough breadth and depth of software providers to ensure effective competition, innovation and resilience in the market.
Is it time to write an obituary for telematics?
Content Director’s View: With once market leader Insurethebox now closed to new business and renewals, Jonathan Swift asks is the golden age of UK telematics insurance already over or should he wait to see how the latest new dawn pans out before writing an obituary?ait to see how the latest new dawn pans out before writing an obituary.
Could Covéa’s capacity withdrawal derail MGA progress?
After Covéa Insurance pulled away from MGAs due to a “control from an underwriting perspective”, Edmund Tirbutt examines whether other capacity providers could follow suit.
Insurance matrix
Claims service stayed steady at end of 2024
The consistent improvement in claims service seen over the last 18 months plateaued at the end of 2024, with the market average NPS remaining at -4 and just one point up on the NPS recorded at the end of 2023.
Aviva’s DLG deal pushes insurance past FTSE All-Share
The UK insurance sector managed to outperform the FTSE All-Share Index on a total return basis in 2024, thanks to “major outperformers” Just Group, Beazley and Direct Line Group.
Cyber insurers face increased loss ratios
As ransomware perpetrators are now targeting larger organisations in search of higher ransom demands, cyber insurers face a a greater hit to their credit ratings, Moody’s has warned.
Professional indemnity rates expected to fall rapidly
A capacity-driven professional indemnity insurance market offers the chance for growth and competitive pricing in 2025, Clyde & Co has predicted.
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