Regulation
No certainty for insurance industry as UK and EU reach Brexit withdrawal agreement
The withdrawal deal between the UK and EU does not provide certainty for the insurance industry, the British Insurance Brokers’ Association has warned.
Analysis: Brexit: A view from Europe
As the negotiations over Brexit reach another crescendo of confusion, especially as the EU, UK and European leaders meet in Brussels, the insurance industry can only look on nervously. Those nerves, spiced with concern, are not just felt in the UK but…
Insurance products account for two thirds of FCA complaints as PPI claims surge
Complaints about payment protection insurance increased 34% in the first half of 2019 in the run-up to 29 August deadline for refunds, according to figures released by the Financial Conduct Authority.
Top motor accident solicitor slams ministers on whiplash
Whiplash reforms should be delayed as rushing through a "minimum viable product" will create unacceptable challenges for claimants, lawyers have warned the government.
FCA to consult on climate disclosure requirements
The Financial Conduct Authority has laid out actions it plans to take around climate change, including requiring listed firms to make climate-related disclosures.
Government to introduce improved building safety standards
Insurers have welcomed the government’s commitment to improving building safety standards.
Clone firm’s website remains live despite FCA warning
The Financial Conduct Authority has issued a warning about scammers using an authorised firm’s name to trick consumers via a website.
European firms have until 30 October to secure no-deal Brexit permits
European firms passporting into the UK need to notify the Financial Conduct Authority that they wish to enter the temporary permissions regime by 30 October in order to ensure they are able to continue operating in the event of no-deal Brexit, the…
Millions unaware of post-Brexit green card requirement
UK motorists are unaware of the legal requirements to drive in the European Union if we leave Europe without a deal, warn insurers and brokers.
Gefion gets €6m capital injection at ‘crucial point in time’
Unrated Danish insurer Gefion has finally secured an additional €6m (£5.4m) capitalisation for the business following regulatory action in July.
The NED Blog: What keeps risk committees awake at night
One of the ways that non-executive directors ensure there is independent oversight is through the use of various board committees. Michael Gaughan explains how the Risk Committee oversees the capital risks and why it worries about technology, cyber…
Insurers warned on solvency and run-off as Gibraltar regulator airs 'reputational damage’ fears
Insurers in Gibraltar must be aware of their financial position "well before" a solvency breach occurs, the regulator warned as it revealed a clampdown.
Analysis: How a dual pricing ban could be catastrophic for the industry
An outright ban on dual pricing could be “catastrophic” for the industry, analysts warned, pushing smaller players out of the market, limiting competition and raising premiums across the board.
Blog: Breaking the dual pricing habit
Studies are now estimating it takes a smoker on average 30 attempts to quit smoking.
FCA to act quickly in fixing dual pricing
The Financial Conduct Authority will not engage with the industry in “an extended dialogue for many months” to find alternative remedies to dual pricing, the regulator has warned.
This month: Celebrations, climate change and culture
In this month’s issue Post published the annual top 100 Insurers, a list of the UK's biggest insurers ranked by non-life gross premium written in 2018, in association with AM Best.
FCA mulls ban as six million customers hit with loyalty penalty
The Financial Conduct Authority has outlined a raft of potential interventions as it revealed six million policyholders are hit with a loyalty penalty.
How climate change is impacting the risk profiles of financial institutions
A closer look at how board-level considerations of climate change must shift, and the potential consequences if they do not
Child abuse inquiry slams ‘hostile, baffling, frustrating and futile’ claims process as it pushes for insurer action
Setting up a register of public liability policies, revising damages and ensuring there is a claims code of practice are among a number of recommendations the Independent Inquiry into Child Sexual Abuse has made in a report published today.
Saga reports surge in fixed priced policies as insurance margins shrink
Saga has warned of lower margins in insurance even as it saw a surge in its fixed price policy product, which was launched in the wake of backlash against industry dual pricing practices.
GFSC reveals incoming CEO as Samantha Barrass bows out early
Samantha Barrass had been set to serve her terms as Gibraltar Financial Services Commission CEO until August 2020, but the regulator’s incoming CEO will now take over at the start of next month.
Sex discrimination a 'significant' insurance issue as claims and payouts increase
#MeToo is becoming a “significant” industry issue as harassment and discrimination claims rise, while in some countries the surge means claims are moving outside of traditional employment practices liability insurance, lawyers have warned.
Zurich receives dressing down on small business payment practices
For the second time in less than two months an insurer has come under fire from the Small Business Commissioner, after the SBC looked into a vehicle repair specialist’s complaint and made recommendations to Zurich to improve its payment practices for…
Gefion faces further recapitalisation delays
Danish insurer Gefion has further pushed back its expected timeline for a capital injection in the business, following an order by the regulator that it cannot expand into further territories until it bulks up its coffers.