Financial Conduct Authority (FCA)
Lawyers appointed as Tokio Marine Kiln faces BI group action lawsuit spearheaded by Marco Pierre White business
Tokio Marine Kiln is facing a group action lawsuit from businesses in the hospitality sector, including Marco Pierre White's Black and White Hospitality, that claim their policies provide cover for losses suffered during last spring’s Covid-19 lockdown.
Editor’s Comment: We are not in the same boat
As the anniversary of the first national lockdown where Prime Minster Boris Johnson told us to “stay at home” on 23 March 2020 came around Post spoke to host of insurance workers – the home-schooling parent, the mental health expert, the medical…
Analysis: Brokers face PI exclusion dangers
Compliance consultants have highlighted the dangers for brokers of buying professional indemnity insurance with Covid-19 exclusions, warning that the Financial Conduct Authority can suspend permissions if firms do not get the right cover
Trade Voice: Airmic's Julia Graham on managing biodiversity risk
The World Economic Forum identified biodiversity loss as one of its top five global risks earlier this year. Airmic deputy CEO and technical director Julia Graham argues that taking action is in businesses' interests as well as the planet's.
Digital Bar Quarterly: Chasing pack strive to overtake Aviva in scramble for digital services, with Admiral and More Than leading the way
In the first of a new quarterly column Altus Consulting insurance director Mark Andrews dissects the data from its Digital Bar to highlight the lack of uptake of data enrichment to enable quick quote for direct customers, with many journeys still…
Court case thwarted BI claims solution that was just two weeks away, says Ardonagh’s Ross
A coalition of brokers working with Hiscox was just two weeks away from solving the problem of Covid-19 business interruption claims but the court case cut the legs off the solution, Ardonagh CEO David Ross has claimed.
Braun, Fisher and Woolard among sector leaders named on government socio-economic taskforce
Yvonne Braun, Sian Fisher, Tracy Garrad, Georgina Philippou and Chris Woolard have been appointed to a government taskforce designed to boost socio-economic diversity at senior levels across the UK.
Insurers granted extra time for some pricing practices rule changes
The Financial Conduct Authority is set to grant firms until the end of 2021 to implement some of its pricing practices reforms.
Briefing: Covid BI claims and indemnity period clawbacks
Businesses due Covid payouts with longer indemnity periods must be aware of clawbacks – and why it is a gamble whether they accept a full and final settlement now or let their cover run.
BI claims deductions should not leave businesses at 'an overall financial disadvantage', says HMT
Exclusive: Insurers should not make deductions from business interruption claims because insureds received government support during the pandemic if doing so leaves businesses at “an overall financial disadvantage”, the Economic Secretary to the Treasury…
Brightside’s Brendan McCafferty on digital, scale and success
The Covid-19 crisis has turbo charged the market to make digital changes in months rather than years but there is still more to be done for brokers to stay relevant, says Brendan McCafferty, CEO of Brightside Group.
Intelligence: Insurtech incubation during Covid-19
Covid-19 continues to wreak “profound damage” on the UK economy, according to Chancellor of the Exchequer, Rishi Sunak, but the country’s insurtech sector is staying strong and remains a much-needed beacon of hope
Esure CEO says PCWs remain key to ambition to be UK's pre-eminent digital insurer
Price comparison websites remain integral to Esure’s plans to be the UK’s “pre-eminent digital insurer” despite fears their market share could shrink after regulatory intervention, CEO David McMillan told Post.
Interview: Chris Croft, London & International Insurance Brokers’ Association
After a year dominated by the Covid-19 crisis and Brexit, Liiba leader Chris Croft discusses the future of the trade association and London Market with Emmanuel Kenning, his passion for the Americas and how he got into insurance after working on rail…
Briefing: IPT – good news in the data but reasons for concern remain
The only doubt around the bill to pay for fighting the Covid-19 pandemic is just how big it is, considers Post senior reporter Emmanuel Kenning.
Brokers urge push back on soaring contributions as FSCS levy total poised to break £1bn
Brokers have called for the insurance industry to kick back against the increase in their Financial Services Compensation Scheme levy with the sector’s bill set to more than triple to £146.8m in 2021/22.
FCA adds four to exec team
The Financial Conduct Authority has recruited four people to its executive leadership team including its first chief data, information and intelligence officer.
Briefing: Ex-Aviva CEO Mark Wilson's insurtech electric dreams
Mark Wilson might have not quite managed to turn Aviva into the 320 year old disruptor he had hoped, but Post content director Jonathan Swift reasons he might have more luck scratching that digital itch with his latest venture Abacai, even in a soft…
Trade Voice: Biba's Steve White on why insurance-bashing headlines won't help small businesses
Steve White, CEO of the British Insurance Brokers' Association, argues that sweeping headlines in the wake of last month's Supreme Court business interruption test case judgment haven't helped anybody.
Industry urges rapid action on reforms as Solvency II and future of regulation reviews close
Following "data not dates" means there is no need to delay regulatory reforms where there is common ground, experts told the audience at the Association of British Insurers’ annual conference yesterday alongside calls for the watchdogs to have a…
FCA mulls timeline for dual pricing fix following consultation
The Financial Conduct Authority is reconsidering the implementation period for its dual pricing remedy proposals following consultation with the industry.
Interview: Rob Gibbs, RSA
Having worked at RSA for more than two decades, commercial managing director Rob Gibbs has certainly seen his fair share of the business, both in the UK and overseas. He speaks to Jonathan Swift about his latest challenge, navigating a newly combined…
FCA calls for even more progress from insurers as number of vulnerable customers reaches 27.7 million
The Financial Conduct Authority has revealed there was a 15% increase in the number of customers with vulnerable characteristics between March and October last year.
Intelligence: Operational resilience - Regulators raise the bar for crisis response
After drawn-out consultations financial regulators will soon lay out what they expect from firms in terms of operational resilience. Harry Curtis investigates.