Regulation
Industry urges rapid action on reforms as Solvency II and future of regulation reviews close
Following "data not dates" means there is no need to delay regulatory reforms where there is common ground, experts told the audience at the Association of British Insurers’ annual conference yesterday alongside calls for the watchdogs to have a…
FCA mulls timeline for dual pricing fix following consultation
The Financial Conduct Authority is reconsidering the implementation period for its dual pricing remedy proposals following consultation with the industry.
FCA calls for even more progress from insurers as number of vulnerable customers reaches 27.7 million
The Financial Conduct Authority has revealed there was a 15% increase in the number of customers with vulnerable characteristics between March and October last year.
EU 'likely' to follow UK's lead on Solvency II changes to free up investment capital
The European Union would likely follow the UK’s lead were it to reform Solvency II rules to free up capital for long-term investments, attendees at the Association of British Insurers’ annual conference have heard.
Vital that valid BI claims are settled quickly after test case, ABI chair Jon Dye tells insurers
The dispute over business interruption cover has undoubtedly been difficult and most people will have only seen one set of headlines about the insurance industry during the pandemic, Allianz UK CEO and Association of British Insurers chair Jon Dye told…
UK government plans to swerve EU Vnuk law
The British government is planning to avoid the European Union’s controversial Vnuk law, which requires compulsory insurance for vehicles including golf buggies and mobility scooters even on private land.
Intelligence: Operational resilience - Regulators raise the bar for crisis response
After drawn-out consultations financial regulators will soon lay out what they expect from firms in terms of operational resilience. Harry Curtis investigates.
Allianz BI claims came from broker wordings says CEO Jon Dye as insurer reveals 2020 results
Allianz was hit by £175m of UK Covid-19 business interruption claims in 2020, net of reinsurance, the insurer has said, as LV confirmed 300 redundancies from its Legal & General integration.
Hiscox Action Group warns insurers may seek to ‘read down’ BI ruling
Insurers have responded to draft declarations regarding the Supreme Court’s January business interruption ruling, with the Hiscox Action Group flagging concerns that they may seek to “read down” the judgment.
Ex-FCA boss Chris Woolard joins EY
Former interim CEO of the Financial Conduct Authority Chris Woolard will join EY this April to lead its Europe, Middle East, India and Africa financial services regulatory capabilities and chair the EY global financial services regulatory network, the…
Ratings agencies see ‘meaningful debate’ between insurers and reinsurers over Covid-19 recoveries
Experts have reiterated that insurer ratings are unlikely to be hit by the outcome of the Supreme Court’s Covid-19 business interruption claims ruling but noted that there will “meaningful debate” over how much insurers can claim from their reinsurers.
Eldon and Leave EU appeals in ICO case dismissed by Upper Tribunal
Three judges in the Upper Tribunal Administrative Appeals Chamber have dismissed all five appeals made by Leave EU and Arron Banks’ Eldon Insurance Services (now known as Somerset Bridge) in a case with the Information Commissioner’s Office.
Whiplash pre-action protocol progressing through CPRC
Some progress is being made on getting whiplash portal rules in front of the Lord Chancellor for approval, Civil Procedure Rule Committee meeting minutes suggest.
Insurance affordability and availability issues do not equate to market failure: ABI's James Dalton
The Covid-19 pandemic has not led to market failures in the UK insurance sector, James Dalton, director of general insurance policy at the Association of British Insurers, has said.
Blog: The business interruption imbalance – and the role of advice
Bruce Hepburn, CEO of Mactavish, argues that the business interruption fallout stems from an imbalance, and questions broker accountability over advice.
Disputes over furlough deductions from BI claims continue as adjusters and assessors call for clear guidance
Loss adjusters and assessors have called on the government and regulators to publish clear guidance on how government support received by businesses is to be treated in respect of lockdown-related interruption claims.
Biba unveils 'resilience' theme for 2021 manifesto
The British Insurance Brokers’ Association has launched its 2021 manifesto with the heading of ‘Resilience’ as it highlighted the ways it said brokers can help as the UK adapts to a post-pandemic normal after Brexit.
Zurich’s Richard Pash says insurers must follow as going green becomes mainstream for consumers
With environmental concerns front and centre for consumers when making their buying decisions Richard Pash, UK chief customer officer for Zurich, argues that the insurance industry needs to understand the issues and deliver relevant, specific and…
Loss adjusters detail payout push post Supreme Court BI case as notifications leap
The number of notifications of business interruption claims posted on Acturis’ system increased by a multiple of 500 in the week after the Supreme Court ruling, Post can reveal.
Inside Out: I am a broker and a leaseholder – insurers and FCA must push for cladding crisis solution
Post invites industry insiders affected by key issues they believe insurance is getting ‘inside out’ to share their perspective and state their case for change. Here a broker talks about how leaseholders are getting a rough deal.
Analysis: On the trail of e-scooter trials
Policymakers, retailers and environmentalists hope that e-scooters will be a green saviour. Trials to ascertain the risks are ongoing, as the insurance industry watches on with a wary eye.
Insurers wary of CMC influx following whiplash reforms
Insurers are concerned that the implementation of whiplash reforms will result in an increase of personal injury claims management companies if fee caps are not introduced.
CMC fee caps: Are proposed tariffs too generous or will they drive a choice exodus?
Insurers have argued that proposed fee caps for claims management companies may be too generous, while the claims sector has cautioned measures could reduce choice and service quality.
Cyber insurers hit back at suggested ransomware claims ban
Cyber insurers have hit back at former UK cybersecurity chief Ciaran Martin’s suggestion that ransomware claims payouts are fuelling organised crime and that a ban on such payments should be considered.