Levene hits out at compensation culture
Lord Levene, chairman of Lloyd's, outlined the dark clouds on the horizon — and called for action now to combat the growing compensation culture — in a speech today at the City Forum lunch. Mr Levene said: "Politicians in Whitehall and in Brussels need to wake up to the problem. And they need to wake up now. Ignoring it and hoping it will go away is not an option. If they need any proof, they need just look across the Atlantic."
The full copy of his speech follows:"In April this year, the Lloyd’s market reported record profits of over £800m. We enjoyed the best pricing conditions for years. There was little in the way of
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Claims
Are insurers ready for autonomous vehicle crashes?
William Balfry, member of the motor sector focus team at the Forum of Insurance Lawyers and senior associate at DWF, examines the increasing rollout of automated passenger services and insurers will soon have to handle claims resulting from collisions.
Policy Expert’s Hardy on pricing home insurance for new risk reality
As extreme weather, rising repair costs and geopolitical instability reshape the risk landscape, Steve Hardy, CEO of Policy Expert, argues the home insurance market must price for long-term resilience rather than chase short-term affordability.
Allianz’s Fletcher on blurred insurance fraud boundaries
Ben Fletcher, director of fraud and financial crime at Allianz, has highlighted the blurring lines between insurance claims fraud and other forms of criminal activity.
Big Interview: Chris Knight, Financial Conduct Authority
The Financial Conduct Authority’s new director of insurance, Chris Knight, speaks exclusively to Insurance Post about premium finance, why enforcement action against firms that fail to comply with the Consumer Duty is looming plus whether the watchdog could soon scrutinise ChatGPT.
UK claims service hits new record high
Six out of eight general insurance business lines showed improvement when it comes to claims service in the second quarter, with only energy and marine declining, the latest data from Gracechurch revealed.
Staff will reject ‘Ask Jeeves’ AI tools if options are limited
Ed Jackson, chief commercial officer at MGA HomeProtect has urged firms not to give staff “the Ask Jeeves equivalent of artificial intelligence” and establish some key principles in how to use the technology from the outset.
How 9/11 still shapes insurance
Editor’s View: On the 25th anniversary of 9/11, Emma Ann Hughes reflects on how the attacks changed terrorism risk, catastrophe modelling and insurance capacity forever and reminds the sector of how it must always help people recover from loss.
Throwback Thursday: Biba’s talent help
Insurance Post’s Throwback Thursday steps back in time to September 1981 to remind you what was going on this week in insurance history when the British Insurance Brokers’ Association responded to demand from members for help with “personnel matters.”