At long last, the Civil Liability Bill cleared its final parliamentary hurdle this week, opening the way for a much-awaited review of the personal injury discount rate.
However, as the Bill heads for its royal sign off, Lord Keen of Elie warned that parliament would be watching the industry closely to make sure savings from discount rate reform are passed on to consumers.
Elsewhere in news this week, the ABI found that motor insurers have paid out £23m every day in 2018 and also raised questions about how training schemes to prevent collisions with cyclists would impact premiums.
The MIB is hoping to secure £400m of reinsurance cover ahead of the demutualisation of terror risks for third party motor in the New Year.
At Lloyd’s, chief operating officer, Shirine Khoury-Haq, credited as the driving force behind the market’s drive to modernise, stepped down this week.
As the California wildfires die down and people come to terms with the aftermath, RMS estimated that the insured losses could hit $13bn (£10bn).
We also heard from QBE’s executive director for European markets, Chris Wallace on how he’s preparing for Brexit, and from Sedgwick’s head of financial crime, Steve Crystal about database overload in the fight against fraud.
That’s all for this week – have a good weekend!
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- Roundtable: Is a single customer view taking off in insurance?
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- Insurtech diary: Getting stuck into insurance
- Analysis: The mystery of the missing Insurance Fraud Taskforce report
- Gallagher Bassett acquires claims management firm