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 brokers have been warned to scrutinise terms of business agreements for employers' liability policies amid concerns insurers are looking to pass on any fines incurred for omissions.
Financial Conduct Authority rules require insurers to include all UK commercial lines employers' liability policies, entered into or renewed on or after 1 April 2011, on employers' liability registers to enable employees to trace previous employers in the event of a claim. But fears of being hit with fines for non-compliance has led several insurers to alter their TOBAs to include a clause stating that fines incurred for failing to supply employer reference numbers will be passed on to brokers.
In other news rates in the aviation market are unlikely to rise markedly regardless of whether the missing Malaysia Airlines flight MH370 is a total loss; a persistently soft motor market is among the factors likely to leave Esure's share price depressed in the long term, according to analysts - who have dismissed the likelihood of further motor insurer floats amid a "challenging trading environment"; and personal lines brokers have been warned of the need to be vigilant ahead of increased regulatory scrutiny of data protection systems after a recent data breach at Aviva.
Covea Insurance claims director Adrian Furness is in the C-Suite this week to explain why, despite years of people saying claims departments are under-staffed, under-skilled and focus too much on process and not enough on outcomes, the insurance industry should be proud of its handling of the UK's wettest winter on record.
From the oil rigs of the North Sea to the insurance industry via risk management, XL's Jason Harris explains to Post's Katie Marriner, the wide scope of his current role and the challenges facing the property and casualty market in this week's interview.
The countdown to the 20th British Insurance Awards continues with a look at how the industry has changed for commercial lines specialists since the first BIAs in 1994.
Data is expected to drive change in the insurance industry. Post's In Series concludes this week with a look at the distinct opportunities greater volumes are set to create.
This week's features kick off with a look at cyber crime and its effect on the insurance industry. As the demand for cyber insurance products grows, insurers are being required to service the market as well as protect their own businesses from cyber attacks as Post's Katie Marriner explains; also, a recent study found that up to a quarter of all insurance applications could be deliberately inaccurate. Bill McCarthy of Lexis Nexis Risk Solutions asks what insurers can do to help prevent this.
Enjoy the read!
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- Lloyd’s struck by £2bn loss from nat cats
- Gosden retires as Higos chairman two months into role
- Zurich appoints former RSA boss Robinson as chief underwriting officer
- Insurance leaders pledge to pass on personal injury reform savings
- Ombudsman launches review following undercover investigation
- Lloyd’s confirms electronic placement mandate