The Financial Conduct Authority has written Dear CEO letters to insurers and brokers, putting pricing models, product fair value and commission in the spotlight after the government ordered a review into the "failing" insurance market for leaseholders.
The Commercial Court is set to hear three cases relating to Covid-19 business interruption claims made under the Marsh Resilience wording back-to-back over five weeks in June and July.
EY: investor confidence in UK FS hits new high; James Hallam backs broker start-up; Lloyd's approves insurtech Syndicate and Pen inks £300m QBE deal
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
The government has called on the Financial Conduct Authority to start a probe into the “crippling costs” of insurance premiums for residents of blocks of flats as it hit out at the current unacceptable situation.
Tesco Bank will refund some motor insurance customers following a breach regarding "misleading information" about no claims bonus protection in renewal letters.
The market combined ratios for motor and home insurance will be north of 100% in 2022, Fitch has forecast.
Lloyd’s has set its sights on the second quarter of 2024 as the date at which the market will fully adopt a raft of digital solutions it is building to move away from paper-based trading and cut costs.
Freedom Services Group owned insurtech Homelyfe has ceased to offer home insurance quotes.
The Financial Conduct Authority sees insurance as ahead of the game on consumer duty after the work on pricing and value in recent years, the regulator’s director of insurance and conduct specialists Matt Brewis has indicated.
Insurance United Against Dementia has appointed Richard Dudley, global head of climate strategy at Aon, as its new chair taking over from IUAD founder Chris Wallace.
The Law Commission for England and Wales and the Scottish Law Commission have proposed the creation of an Automated Vehicles Act that would shift the responsibility away from drivers of self-driving cars.
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Insurtech Laka has closed a Series A fund raise of $12m (£8.9m) led by US mobility investor Autotech Ventures as it seeks to become “the global green mobility leader” diversifying into areas such as e-bikes, e-cargo bikes and potentially electric cars.
The trial in the case of Corbin & King v Axa, the outcome of which is eagerly anticipated by insurers and would-be business interruption claimants alike, came to a close on Wednesday.
The General Insurance Fraud Committee is hopeful that online advertising will be included in the Online Safety Bill, Clare Lunn, director of financial crime at LV GI and chair of the GIFC told Post.
London Market trade body representatives have told a Lords’ inquiry that the regulator’s ‘one size fits all’ approach to insurance must change and more accountability is needed.
Brokers fear market may later realise it has 'sleepwalked into irrelevance' as Lloyd's mulls HQ move
London Market participants have voiced concerns over the future of Lloyd’s of London as it considers whether to remain in its City of London headquarters.
The trial between upmarket restaurant group Corbin & King and Axa began on Tuesday, with Mrs Justice Cockerill hearing submissions from both sides.
The British Insurance Brokers’ Association has urged the government to cut Insurance Premium Tax to 10% in the next budget and pushed for targeted relief for three areas.
The British Insurance Brokers’ Association has put regulatory and Financial Services Compensation Scheme reform in the crosshairs as it called for a cut in insurance premium tax in its manifesto.
Watch Ageas, By Miles, Zego and Zurich discuss the benefits of UBI in upcoming Insurance Post webinar
Insurance Post, in association with By Bits, is hosting a live, interactive webinar on the 9 February at 11:00am called: Transitioning to usage-based insurance - what are the benefits to being in the fast lane of UBI adoption?
Financial Conduct Authority staff are voting on whether to take industrial action at the regulator.
WTW has appointed Lou Smith as commercial lines data strategy lead in its insurance consulting and technology unit.
The final bill for coronavirus-related business interruption claims could yet run much higher than the £1.3bn paid out so far depending on how issues left unanswered are resolved in the months – and possibly years – ahead.