Axa ready for referrals ‘hurt’ - Insurance News Now – 30 June 2011
Post news editor Mairi MacDonald outlines this week's major general insurance stories including the response of Axa personal lines boss Steve Hardy, on the insurer’s decision to stop accepting referral fess from personal injury lawyers.
The move, which Axa hopes will be a step towards brining bodily injury claims under control is likely to cost the insurer ‘several millions of pounds' in income.
In other news, the Information Commissioner's Office has given the green light to the definition of fraud that would be used by the insurance industry, if the Insurance Fraud Register is given the go ahead; the ABI's General Insurance Council is expected to examine the case for the IFR tomorrow; a study into the provision of professional indemnity cover for independent midwives has found there is no "foreseeable" insurance solution for the high risk they present to insurers; former Brit boss Brent Escott has returned to the London market. Mr Escott is set to head up the commercial insurance arm of Capita; and Aviva UK GI chief executive David McMillan has confirmed additional stand-alone brands could well follow next month's launch of a low-cost, online-only brand.
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