This Week: We'll be watching you

Houses of Parliament

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.

Also heading for the exit is Hiscox claims director Jeremy Pinchin, who retires in February, while former Gallagher boss Vivek Banga, was hired as Polaris’ new managing director.

It was also announced that Folgate will relaunch as an insurer next month, gaining a B rating from AM Best.

As the California wildfires die down and people come to terms with the aftermath, RMS estimated that the insured losses could hit $13bn (£10bn).

Aviva acquired a majority stake in Gary Lineker-backed insurtech, Neos, as total insurtech funding in 2018 reached $2.6bn (£2.8bn), closing in on the annual funding record set in 2015.

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!

Harry Curtis


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