Association of British Insurers (ABI)
This Month in Post: Rates, start-ups and fraud
Spring is in the air and it's a time well-known for cleaning out the old and starting anew. As I continue to unpack boxes and work out where to put all of the fairly useless things I have collected over the decades, the industry has been taking its own…
Trade credit claim rise 'no need for concern' experts say
The sharp rise in claims paid to businesses due to non-payment is “no need for concern”, experts have claimed.
Trade credit insurers paid equivalent of £4m a week in claims last year
Trade credit insurers paid businesses the equivalent of £4m in claims every week last year.
Editor's comment: Feeling lucky?
My Irish grandmother always said bad things come in threes. In the last 18 months the insurance industry has faced bad returns on investments, several increases to insurance premium tax and now the huge change to the Ogden discount rate, so the sector…
In Depth: Using lie detectors to root out fraud
How broker Only Young Drivers is taking a novel approach to application fraud
In Depth: Ogden outrage – dismantling the discount rate
The decision to cut the Ogden discount rate for the first time in 16 years sent shock waves through the industry that will be felt for months and years to come.
Insurers face ‘eye-watering’ bill from discount rate changes in Scotland
Insurers face an “eye watering” bill from the decision by the Scottish government to adopt the UK’s revised discount rate.
This Week in Post: BST, the baby and Brexit
British Summer Time is now allowing us to enjoy more daylight as all our clocks moved forward an hour last weekend. Except, that is, for my 15-month-old daughter’s biological clock. For her bedtime this week, she’s decided to do her own thing. Pretty…
Swinton's Richard Beaven on sharing data to combat fraud
Fraud is a perennial problem for the insurance industry. Figures from the Association of British Insurers last year have revealed that insurers detected more than 130,000 fraudulent claims in 2015, a 6% increase on the previous year.
Insurers to be hit with transparency rules from this weekend
Insurers will be forced from this weekend to conform to tough transparency rules over policy renewals.
Truss launches Ogden rate consultation
Elizabeth Truss, Secretary of State for Justice, has launched a six-week consultation on the discount rate.
Biba calls for EU free trade agreement as Article 50 is invoked
The British Insurance Brokers’ Association has called on Prime Minister Theresa May to make "urgent progress" in setting up a new free trade agreement with the European Union now that Article 50 has been invoked.
Fire claims: Not getting burnt
The Enterprise Act may expose inefficiences in the way claims are handled – and fire investigators could feel the heat, as any delay in investigating may cost
PRA plans fee for Solvency II internal model approval
The Prudential Regulation Authority has announced a proposal to introduce a fee for Solvency II full and partial internal model approvals.
Six out of 10 insurers have signed up to fraud database
Six out of ten general insurers have signed up to the Insurance Fraud Register, new figures reveal.
Discount rate cut could triple PI claims costs: Marsh
Changes to the personal injury discount rate could increase the cost of personal injury claims by as much as three times, according to Marsh.
Half of motorists expect premiums to rise at renewal
Almost half of drivers expect their premiums to rise at their next renewal, with one in 10 planning to stop driving if costs go up by £500 a year.
Credit insurers look to capitalise on Brexit fallout
Any hint of an economic downturn inevitably results in forecasts that demand for trade credit insurance will soar. So, predictably, Brexit has sent the PR machines of the major credit insurers into overdrive.
ABI warns passengers affected by laptop ban on flights
Passengers affected by a ban on large electronic items in the aircraft cabin have been warned to check with their insurers before flying.
Ogden rate change goes live at minus 0.75%
The Ogden discount rate changed today from 2.5% to minus 0.75% following the Lord Chancellor's announcement last month.
MPs investigate whiplash claims
The Justice Committee is launching a short inquiry into whiplash claims and on government plans to raise the small claims limit for personal injury.
ABI blasts 'fake news' report on falling whiplash claims
The Association of British Insurers has branded a Capital Economics report into the falling rate of soft tissue injury claims as “fake news”.
PRA to review Solvency II reporting requirements
The Prudential Regulation Authority is to conduct a review of Solvency II reporting requirements, in an attempt to ease insurers' reporting burdens.
ABI's James Dalton on sorting out the discount rate mess
I am living the discount rate at the moment. I have lost count of the number of meetings I have attended, legal opinions I have read and conversations with insurance company CEOs I have had on this complex issue.