News
Climate activists deliver festive gifts to Lloyd’s headquarters
As part of action which saw insurers receive ‘good’ and ‘naughty’ gifts reflecting their response to climate change, climate group Mothers Rise Up has today delivered a Christmas stocking full of fake coal outside Lloyd’s of London HQ.
FCA says it will ensure ‘the polluter pays’ in FSCS review update
The main theme of feedback to a recent review of the Financial Services Compensation Scheme was the importance of firms improving their conduct to reduce the frequency at which the scheme is called into action, the Financial Conduct Authority has said.
FOI reveals backlog of FCA whistleblower cases dating back to 2016
A Freedom of Information request to the Financial Conduct Authority has revealed that there are still 1578 whistleblowing cases that remain underassessment, with one still open from 2016.
Review of the Year 2022: MGAs
Senior figures from insurance MGAs look back on 2022 and reflect on what 2023 might bring.
Family of fraudsters ordered to pay Admiral £150K
The courts have ordered a family to pay insurer Admiral’s legal costs, estimated at more than £150,000, after they dishonestly claimed their son had significant injuries following a road traffic accident in 2012.
Review of the Year 2022: Claims and Legal (part two)
Senior claims figures look back on 2022 and reflect on what 2023 might bring.
QBE’s Harris predicts late renewals and material capacity reductions at 1/1
Insurers will need to be agile in the face of late discussions over January reinsurance renewals, QBE international CEO Jason Harris has said.
SSP no longer listed on ransom group's site
Software house SSP is no longer listed as under ransom by the Lockbit group after its ransom was reduced down from $7m to $2m.
Bodyshops increase the use of recycled parts to avoid delays
More than half of repairers surveyed by APB club have disclosed they use more non-original equipment parts than last year as repairs are facing increasing delays, but there is still pushback from some bodyshops.
Review of the Year 2022: Claims and Legal (part one)
Senior claims figures look back on 2022 and reflect on what 2023 might bring.
Insurers slammed for insuring 'climate chaos' with UK coal mine
Lloyd's is remaining tight-lipped about who will insure the first UK coal mine approved in decades as campaigners accuse insurers contemplating offering cover for the project of causing "climate chaos."
Lloyd's syndicates may need to revise plans as they grapple with unprecedented circumstances, says Tiernan
Many Lloyd’s syndicates may need to resubmit their business plans for 2023 in the New Year as they grapple with a set of market circumstances that are “without recent precedent”, Lloyd’s chief of markets Patrick Tiernan has said.
Cardiff City FC suing broker for £10m after player death
Cardiff City Football Club is suing Miller Insurance Brokers for £10m following the 2019 death of Emiliano Sala.
ABI appoints interim replacement for Dalton
Mervyn Skeet, currently head of taxation at the Association of British Insurers, has been appointed as interim director of general insurance policy.
IFB calls on insurance to support its counter-fraud strategy
Insurance Fraud Bureau has today announced a new counter-fraud strategy which aims to enhance innovation, calling on the insurance industry to support its transition into “more agile” organisation.
Should the industry fear 'sleeping giant' Amazon’s first steps into insurance?
After Amazon’s much anticipated entry into the UK insurance market fell a little short of the wow factor, Scott McGee explores the corporation’s chances at succeeding.
Review of the Year 2022: Insurers
Senior figures from the insurance market look back on 2022 and reflect on what 2023 might bring.
Court to hear ‘at the premises’ Covid BI arguments from Pizza Express, Excel London and ten insurers in April
Insurers and policyholders are set to exchange arguments on contentious ‘at the premises’ business interruption clauses during a series of expedited hearings in April.
Deadline today: Last chance to enter the 2023 season of Claims Apprentice
Have you – or do you know someone within your team – that has what it takes to be the Claims Apprentice 2023?
Insurance complaints declining says FOS
After reporting a surge in insurance complaints due to the impact of Covid‑19, the Financial Ombudsman Service received just 40,242 complaints regarding insurers in 2021 to 2022.
CFC's Holmes voices frustration with capital providers' nat cat 'opportunism'
CFC Underwriting’s chief underwriting officer Andy Holmes has voiced frustration with capital providers’ overlooking a “long-term opportunity in cyber” in favour of the natural catastrophe reinsurance market.
Analysts report decrease in cyber attacks so far in 2022
Cyber analysts have reported seeing both the number of significant cyber attacks and the value extracted through ransomware attacks fall this year.
Smaller insurers fail to provide written proof of meeting pricing rules
The Financial Conduct Authority has found many smaller insurance firms have few or no records to prove they meet the pricing requirements introduced at the start of 2022.
CFC moots independent body to identify and categorise ‘cyber hurricanes’
CFC Underwriting has proposed setting up an independent body to categorise the severity of cyber events, claiming it would enable insurers to tackle systemic risk and pave the way for a cyber catastrophe risk market.