Regulation
CMA price cap proposals could put pressure on 'weak profitability' in insurance
A proposal by the Competition and Markets Authority to place targeted price caps could change pricing and marketing models and put pressure on profitability in the insurance sector, Fitch Ratings has warned.
Brexit: UK motorists unlikely to get compensation from hit and runs in France
Exclusive: Motorists driving in France will not be able to claim compensation if they are struck by an uninsured or untraced vehicle after Brexit.
FCA warns of unauthorised motor broker
An unauthorised car insurance broker has been targeting customers in the UK, the regulator has warned.
Allianz's Stephanie Smith on cultural transformation in the industry
One year on from the introduction of the General Data Protection Regulation and most companies have successfully adopted the new requirements. But Stephanie Smith, chief operating officer at Allianz, says while hefty fines and the risk of reputational…
This week: Court's adjourned?
Arnold Schwarzenegger’s decapitated head kicked off its last outing on our television screens this week as the FCA counts down to the PPI deadline on 29 August. However, as one battle comes to an end, another may be just beginning.
Insurers could face fines under plans to tackle dual pricing 'rip-off'
The Competition and Markets Authority could be given the power to impose fines on companies in breach of consumer law without going to court, under government proposals announced today.
Fee caps for CMCs could lead to 'clear consumer detriment'
The Association of Consumer Support Organisations has urged the Financial Conduct Authority to consider how the market adapts to regulatory change before considering fee caps on claims management companies.
Home premiums could rise 22% if FCA acts on dual pricing
Home insurance premiums could rise 22% for new customers if the regulator moves to axe dual pricing, analysts have warned.
Insurtech Gateway targets up to £30m of investments with insurer fund
Incubator Insurtech Gateway has launched a new investment fund today backed by insurance companies that is aiming to raise and inject up to £30m in start-ups between now and 2023.
CII launches historic website as Insurance Museum project gathers momentum
Exclusive: The working group looking into the feasibility of an insurance museum in the Square Mile has rejected the idea of hosting exhibits within the new Museum of London in favour of a stand-alone site, should there be enough interest.
FCA issues warning over clone broker
A clone broker is operating under the name Wentworth Insurance Brokers, the Financial Conduct Authority has warned.
Blog: MoJ fixed costs consultation is whack-a-mole for policymakers
The government’s plan for fixed recoverable costs to be applied to most civil cases - including personaI injury - might fix some problem areas in claims. Minster Law's legal services director Rachel Di Clemente asks if it will create more.
Insurers call for compulsory sprinklers in schools
Automatic fire sprinklers should be compulsory in all new build schools, insurers have warned.
Lawyers issue warning over fixed recoverable costs proposals
Extending Fixed Recoverable Costs could lead to claimants playing the system, lawyers warn.
FSCS will assist policyholders following Lamp collapse
The Financial Services Compensation Scheme will protect customers of Lamp Insurance following the unrated insurer’s demise.
Government launches review into 'fairness' of IPT
HM Revenue & Customs has published a call for evidence on the operation of Insurance Premium Tax to ensure it continues to operate “fairly and efficiently”.
Interview: Airmic board members
In March, Airmic appointed four new board members. Post spoke to them about how risk management has changed during their time in the profession, what they need insurers to deliver and emerging risks
This week in Post: Big fish, little fish, cardboard box?
It might be the name, but this week I’ve spotted some similarities between Gibraltarian unrated insurer-facing-liquidation Lamp Insurance and an angler fish, sparking some strange and slippery debate in the office.
MGA looks to relocate 13,500 customers following Lamp collapse
Exclusive: Now 4 Cover is looking to relocate policies of 13,500 of its customers, following Lamp’s descent into insolvency.
Roundtable: Making data fit for compliance and regulatory purpose
The use of data is widespread but where insurers are on their integration journeys can be very different. Post, in association with Marklogic, brought a panel of experts together to discuss best practice in this area including effective compliance and…
PRA insurance boss takes role at FRC
The Prudential Regulatory Authority has appointed Anna Sweeney as interim director for insurance supervision.
Dewsall-owned MGA Hogarth enters liquidation
Hogarth Underwriting is to be wound up and its creditors stand to lose money, according to the final administration report.
Blog: Strict liability for animals: a dance with dragons
As the dust settles on the final season of HBO’s Game of Thrones, Michael Collins, an associate and solicitor advocate in BTO’s insurance team, answers the question we have all being asking: when a dragon burns down a property, can the property owner…
Reg UK completes £2.4m funding round
Due diligence and risk management insurtech Reg UK has completed a £2.4m funding round, which it will use to continue to expands its global sales and business development operations.