Regulation
Business interruption payment tracker
Post tracks test case related Covid-19 business interruption claims payouts according to Financial Conduct Authority figures.
Analysis: The Scottish redress Bill's waiver conundrum
Scotland's redress Bill was passed by the Scottish parliament in March and sets out a fresh way for residential care abuse survivors to access compensation. But attempts to involve insurers and encourage organisations to contribute have left it with a…
‘Reporting gap’ warning as less than 1% of intermediaries reported conduct breaches under first year of SMCR rules
Last year just 15 insurance brokers or intermediaries reported conduct rule breaches under the Senior Managers & Certification Regime, a freedom of information request has revealed.
Intelligence: EU Trading - Doing business in Europe
With no post-Brexit equivalence or passporting regime available to UK brokers, they have had to explore other avenues to continue to trade across the European Union. David Worsfold explores the options open to intermediaries and the benefits they can…
Editor’s Comment: We are not in the same boat
As the anniversary of the first national lockdown where Prime Minster Boris Johnson told us to “stay at home” on 23 March 2020 came around Post spoke to host of insurance workers – the home-schooling parent, the mental health expert, the medical…
Allianz’s Stephanie Smith on being prepared for operational resilience
Stephanie Smith, chief operating officer at Allianz Insurance, assesses how the focus on operational resilience has taken old school business continuity planning and added helpful and important extras.
Analysis: Brokers face PI exclusion dangers
Compliance consultants have highlighted the dangers for brokers of buying professional indemnity insurance with Covid-19 exclusions, warning that the Financial Conduct Authority can suspend permissions if firms do not get the right cover
Trade Voice: Airmic's Julia Graham on managing biodiversity risk
The World Economic Forum identified biodiversity loss as one of its top five global risks earlier this year. Airmic deputy CEO and technical director Julia Graham argues that taking action is in businesses' interests as well as the planet's.
Court case thwarted BI claims solution that was just two weeks away, says Ardonagh’s Ross
A coalition of brokers working with Hiscox was just two weeks away from solving the problem of Covid-19 business interruption claims but the court case cut the legs off the solution, Ardonagh CEO David Ross has claimed.
Northern Ireland aims for minus 1.75% discount rate by end of May
The Northern Irish Department of Justice intends to push its minus 1.75% personal injury discount rate change through by the end of May.
Blog: Insurance implications of the Uber Supreme Court ruling
In February the Supreme Court ruled that Uber drivers are considered to be workers rather than self-employed, with potentially serious implications for insurance, says Stuart Toal, Allianz casualty account manager, technical.
Insurers granted extra time for some pricing practices rule changes
The Financial Conduct Authority is set to grant firms until the end of 2021 to implement some of its pricing practices reforms.
Insurer test case BI claims payouts to March revealed
Data released by the Financial Conduct Authority shows that up to 3 March insurers had paid out £192m towards interim payments and £279m to settle Covid-19 related business interruption claims affected by the regulator’s test case, with Covéa leading the…
Government's understanding of how BI claims are calculated contains 'fundamental flaw'
The government’s understanding of insurance contracts is fundamentally flawed and endangers the chances of its expectations with respect to Covid-related business interruption claims being met, claims dispute expert Roger Flaxman has said.
Insurance trade associations and professional bodies survey 2021
Members of insurance trade associations and professional bodies were asked their views on different areas of their organisation’s proposition to find out how lobbying, qualifications and continuing professional development was achieved during the…
PRA chief pours cold water on ABI Solvency II review hopes
Prudential Regulation Authority CEO Sam Woods has sought to temper expectations that the ongoing review of Solvency II will free up significant amounts of capital held by the UK insurance sector.
Briefing: Covid BI claims and indemnity period clawbacks
Businesses due Covid payouts with longer indemnity periods must be aware of clawbacks – and why it is a gamble whether they accept a full and final settlement now or let their cover run.
BI claims deductions should not leave businesses at 'an overall financial disadvantage', says HMT
Exclusive: Insurers should not make deductions from business interruption claims because insureds received government support during the pandemic if doing so leaves businesses at “an overall financial disadvantage”, the Economic Secretary to the Treasury…
Q&A: Bill Pieroni, Acord
Bill Pieroni, CEO of global standards setting body Acord, discusses the findings of its research into UK personal lines websites and who is improving and why. He also tackles how the Covid-19 pandemic will change the market, reflects on his achievements…
Insurance lives in the Covid era – 12 months on from the first National Lockdown: Part One
On 23 March 2020 – as Covid-19 infection rates soared – Prime Minster Boris Johnson told us to “stay at home”, triggering the first National Lockdown. One year on, Post spoke to a host of insurance workers – the home schooling parent, the mental health…
LIP whiplash portal guide to 'hopefully' arrive by early April
The litigants in person guide for the whiplash portal will "hopefully" be published by early April, according to a Ministry of Justice update.
FOS CEO Caroline Wayman to step down in April
Caroline Wayman, chief ombudsman and CEO of the Financial Ombudsman Service, is set to step down after seven years at the helm.
Insurer results directory 2020
Updated: Post tracks the 2020 insurer results season including gross written premium and combined operating ratio - detailing the impact of UK business interruption, weather, motor, home, non-business interruption Covid-19 claims, as well as mergers and…
Editor's comment: PI breaking point
Spending most of the most recent half term indoors with nowhere to go, we turned to being creative and churned out paint pouring masterpieces, pottery-wheel egg cups (although eggs can’t fit in them) and designed our own t-shirts