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The entire motor risk pricing system could be revolutionised if the government goes ahead with its proposed pay-as-you-drive road charging scheme, it was claimed this week.
The Association of British Insurers has already opened preliminary talks to discuss ways of using the system for the industry's benefit.
Insurers and Tim Rankin, managing director of claims specialist WNS Assistance, said the satellite technology could speed up claims and improve underwriting processes.
Transport secretary Alistair Darling last week announced the government may use satellite tracking to charge road users in future, to potentially replace road and fuel tax.
An ABI spokesman revealed: "It is an excellent opportunity for the industry as a whole to sit down and get involved as it would change the whole way people use the roads, which affects insurance."
Mark Winlow, Zurich managing director of personal insurance, argued the industry must follow-up that initial interest. He stated: "Insurers must work closely with the government to ensure they understand better how they will be affected."
- Aviva promises to 'reinvent' insurance and end dual pricing
- Brightside winds up lawsuits under Brendan McCafferty
- Government call for evidence over discount rate revision
- Analysis: How most favoured nation clauses fell out of favour
- Gallagher acquires South West commercial broker
- ABI confirms summer heatwave caused record-breaking subsidence surge
- Gallagher opens new Eastern regional office