The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS App Edition on the App Store or read the Post Digital Edition online.
In this week's edition RSA is continuing to mull over the sale of assets in a desperate attempt to avoid a rating downgrade, amid speculation from market analysts the insurer must weather more "stormy seas" in the aftermath of an inquiry into failings within its Irish operation.
The results of a PWC investigation, revealed last week, blamed "inappropriate collaboration" between senior executives - which preceded the departure of Ireland chief executive Philip Smith, chief financial officer Rory O'Connor and claims director Peter Burke - for claims and reserving issues in RSA's Irish business.
In other news consolidation of the general insurance industry is expected to gather momentum in the year ahead, according to market analysts who claim acquisitive appetite will be fuelled by a soft market and increased regulatory certainty; insurers have rejected criticism that the Mesothelioma Bill is a raw deal for sufferers of the asbestos related cancer by claiming the 75% cap on compensation represents a good compromise; and brokers have welcomed the inclusion of regulatory cost in the British Insurance Brokers' Association 2014 manifesto, leading to calls for the Financial Conduct Authority to be more open about running costs and areas where savings could be achieved.
Also in this issue, Post begins the countdown to the most anticipated event in the insurance calendar - the British Insurance Awards. This year heralds the 20th anniversary of the awards, and to mark this, Post will be speaking to previous winners about how the industry has changed over the past 20 years, as well as asking them to share their best BIA mememories. First up is Lord David Hunt, winner of the Achievement Award in 2005.
The C-Suite has opinions from Allianz's Jon Dye, who tells why the industry should welcome the reforms it faces this year; and Cooper Gay Swett & Crawford's Toby Esser who looks at the opportunities for insurers and broker to the East.
With the motor sector in agreement that the dysfunctional subrogation process is in need of repair; will Competition Commission action resolve the situation? And how can insurers help themselves? Edward Murray investigates in the second instalment of the Post In series on motor.
Elsewhere, just over a year on from its implementation, Veronica Cowan asks if the Gender Directive has impacted the industry as strongly as expected, and what it has meant for the progress of telematics; and amid an industry-wide drive for improved standards, Katie Marriner looks at how the CII's consultation on changes to its corporate chartered status criteria will affect firms seeking to stand out from the crowd.
And Helen Devery and Natalie Puce of law firm Berrymans Lace Mawer explain how abuse and neglect scandals highlight the danger of care facilities that lack proper risk management strategies in this week's legal update.
- Cost of motor claims hits highest ever level
- Ombudsman launches review following undercover investigation
- Munich Re to cut 900 jobs as reinsurer targets profits surge in 2018
- Analysis: A healthy mind: Providing mental healthcare in PMI
- Rising Star: Matthew Vamplew, DAS UK Group
- Aviva hires LV and Zurich bosses in commercial growth plan
- Axa denies U-turn after customer has excess refunded from Liverpool car park fire