Regulation
Ghost broking accounts for third of insurance fraud investigations
Ghost broking now makes up over a third of the cases being investigated by the Insurance Fraud Enforcement Department at the City of London Police and there has been a surge in the number of scammers using Instagram to try and con consumers.on consumers.
Trade Voice: SIB’s Laura Hancock on what the Consumer Duty asks of brokers
Laura Hancock, chair of the Society of Insurance Broking, argues the forthcoming Consumer Duty represents a refreshing evolution rather than a revolution in how brokers deal with customers.
CUE: How to boost fraud prevention
Since 1994, the Claims and Underwriting Exchange (CUE) has helped insurers verify an individual’s household, motor or personal injury claims history. This content sheds light on how insurers can maximise the power of CUE to help combat fraud.
Changes to CPR 44
The Civil Procedure Rule Committee has announced that certain critical amendments to the QOCS rules come into force for all personal injury and clinical negligence claims issued from 6 April 2023. This short blog highlights the latest changes.
Progress on gender pay equality slows to a halt
Data analysis: Insurance Post investigates current data on representation, remuneration and recognition of women in the insurance sector.
Aviva and Axa lead the way in achieving equity for women
Aviva and Axa are leading the way when it comes to creating a more diverse, inclusive and equitable insurance industry for women, according to an analysis of press coverage.
Implications of shelving the autonomous transport bill
Blog: With the removal of the bill, Kennedy's corporate affairs lawyer Roger Davis, and partner Niall Edwards explore the implications for insurers, and how insurers can collaborate with other stakeholders during the waiting period.
FOS aims to slash insurance complaints queue
The Financial Ombudsman Service intends to change the way it records the number of complaints against insurance companies, in a bid to encourage more businesses to settle with policyholders before an investigation is launched.
Justice minister refuses to commit to regular fixed recoverable costs reviews
Justice minister Lord Bellamy has refused to commit to regularly updating new or existing fixed recoverable costs (FRCs) for inflation, but confirmed an extension to FRC will be going ahead in October.
Ombudsman sees an uptick in travel and commercial property complaints
Data analysis: Financial Ombudsman Service data shows that travel insurance complaints are increasing as people head off abroad on their holidays once again following the Covid-19 pandemic.
Trade Voice: Foil on the Consumer Duty’s underappreciated impact of claims handling
Jonathan Drake, partner at Forum of Insurance Lawyers member firm DWF, and Nicola Critchley, DWF partner and Foil president, warn there is ample scope for firms to run foul of the FCA’s requirements for claims handling under the Consumer Duty.
Editor’s Picks: Musk’s move, navigating losses and regulatory improvements
As we approach the end of February, the headlines that caught your attention on Insurance Post this month show the challenges and opportunities facing the industry one year on after Russia invaded the Ukraine.
What goes around is coming around on leaseholder insurance fees
News Editor's View: Scott McGee warns insurers and brokers that the ‘huge scandal’ of leaseholder insurance fees could be coming back to haunt them.
Customer understanding is most pressing concern ahead of Consumer Duty, conference hears
Improving customers’ understanding of insurance products is the area where firms have the most work to do to comply with the forthcoming Consumer Duty, Fairer Finance’s James Daley has warned.
Q&A: Nicola Critchley, Foil
Nicola Critchley, partner at DWF, and president of Foil since November 2022, catches up with Insurance Post to discuss what she hopes to achieve during her time as president, what is on the agenda for 2023, and how the body will support member firms and…
Insurance Post Podcast: Are insurers ready for the FCA’s Consumer Duty?
Insurers who think they've already met the Financial Conduct Authority’s Consumer Duty requirements shouldn't be "resting on their laurels", DAC Beachcroft has warned.
Hazards are still stalking the high seas for marine insurers
Analysis: David Worsfold examines how the Russia and Ukraine war has presented marine insurers with several tricky challenges, including insuring ships in the safe-grain corridor, and keeping abreast of the constantly changing sanctions regimes.
ABI launches three-year strategy and reaffirms summer launch date for leaseholder support scheme
The Association of British Insurers has launched a three-year strategy focused on improving customer trust, sustainable investments and lobbying for further legislative, regulatory and tax reforms.
Still 'room for improvement' in Consumer Duty prep, says FCA's Brewis
Matt Brewis, director of insurance at the FCA, has said that while most general insurers are on track to meet the regulator’s Consumer Duty requirements, there is still “room for improvement”.
PRA reveals its plans for the Solvency II reform
The Prudential Regulation Authority has promised that fewer insurers will be subject to the new Solvency II rules, and it won’t overturn the government’s plan to ditch the European Union’s capital requirements.
Insurers to appeal against mixed injuries whiplash judgment
The Association of British insurers has confirmed that insurers are looking to appeal against the mixed injuries whiplash judgment handed down at the Court of Appeal in January.
Insurers must fix their attitude to mental health, as Martin Lewis highlighted
Editor's View: Given the influence that Martin Lewis has with consumers and politicians, insurers would be wise to listen to him when he highlights areas where the industry falls short.
Martyn’s Law - The Protect Duty
There have been more than a dozen serious terrorist incidents in the UK within the last six years. In 2022 the Government released details for a ‘Protect Duty’ to be introduced into law.
Justice Committee launches inquiry into impact of whiplash reforms
The Justice Committee has today launched an inquiry into how whiplash injuries resulting from road traffic accidents are processed following reforms to the legal framework introduced in 2021.