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In this issue, the rapid demise of claims management companies and the subsequent reduction in bodily injury claims is in danger of being offset by the future strategy of insurance companies with alternative business structures, according to market observers.
A report from the Institute and Faculty of Actuaries warns that despite a 35% decrease in numbers of CMCs operating in the UK, the rising popularity of ABS licenses among insurance firms risks reversing the 12% reduction the IFoA has observed since the 2013 introduction of the Legal Aid, Sentencing and Punishment of Offenders Act 2012.
Also in the news, proposed court fee increases have been criticised by legal experts for countering the government’s aim of reducing the cost of litigation, and cut-throat competition and meagre rate rises in the motor market could force smaller players to plot an exit, according to industry analysts.
Ace Europe’s Stephane Baj and Bollington Group’s Paul Moors are in the C-Suite. Baj talks about how insurance cover for business travel has taken on increased significance in the global market, while Moors laments that the insurance landscape of the 1990s led to a dearth of opportunities and a loss of new blood. Simpson and Marwick’s Carla Fraser reports from North of the Border, examining a case in which a wardrobe pole fell and injured an employee who was letting a lodge owned by the defendants.
Mairi MacDonald meets Dr Sebastian Herfurth. The co-founder and managing director of Friendsurance discusses the future of peer-to-peer insurance, how the industry is not getting the most out of social media and why meeting customer needs is key to insurers succeeding in the future.
Our In Series features looking at corporate risk focuses on how insurers can help companies with their risk management strategies by offering products that anticipate the challenges of the future.
Hiring a new CEO can be a problem for an insurance company, with standards of demonstrated experience continually rising and the regulator wielding its influence over appointments. Mark Sands investigates how they can ensure they pick the right person for the job.
Finally, with changes afoot for the Rehabilitation Code, Jo Throp, neurological occupational therapist and partner at Krysalis Consultancy, says it is vital that all parties go back to basics and understand how best to navigate the issue.
Enjoy the read!
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