Regulation
General insurers see FSCS levy increase £1m more than expected for 2019/20
The Financial Services Compensation Scheme has revealed that its levy for 2019/20 will be £532m over a twelve month period, £16m more than planned, with general insurers paying an extra £1m than anticipated.
Trade Voice: Foil's James Heath on the Civil Liability Act
The Civil Liability Act was passed in December, changing the way whiplash claims are calculated. As part of the bill, the government also agreed to reform the discount rate, which is currently under review. James Heath, President at Forum of Insurance…
This week: Easter egg-citement
As we head towards a welcome four-day weekend, the insurance world has been getting in the spirit for Easter in the only natural way: smashing chocolate eggs.
Brexit and fair pricing lead FCA general insurance agenda for 2019/20
The Financial Conduct Authority has set out its priorities for the year ahead in its 2019/20 business plan, identifying Brexit as its “immediate priority”.
This week in Post: Funds, loyalty and crime
Gift cards may not be very personal, but they are perfect when you are not sure what to get someone. However, if you are anything like me you put them away in a “safe” place and forget to use them in time.
Home insurers make 100% of their profits through the 'loyalty penalty': Citizens Advice
Citizens Advice is calling for the FCA to identify concrete solutions to the loyalty penalty as part of its insurance market study, after its research found that 100% of home insurance profits come from loyal customers.
Premiums 'more likely' to edge up despite claims fraud crackdown: Fitch Ratings
Insurers are unlikely to get a profit boost from a reduction in fraudulent claims and are instead expected to use savings to keep premiums down amid surging average claim sizes, according to Fitch Ratings.
FCA pledges crackdown on firms displaying disregard for customer outcomes: updated
The Financial Conduct Authority has warned general insurance firms that it "will not hesitate to intervene" if firms fail to meet their obligations to customers.
Biba supports FCA’s multi-lateral approach to signposting service for people with pre-existing medical conditions
The British Insurance Brokers’ Association believes it ‘has a significant role to play’ in the Financial Conduct Authority’s approach to signposting initiative.
Speed limiters in cars 'could create insurance gap'
Exclusive: The government should close legal loopholes which could prevent owners of vehicles installed with mandatory speed limiters from claiming on their motor insurance, lawyers have warned.
The British Insurance Awards 2019: Shortlist revealed
Right Here, Right Now, it is shortlist time!
Editor's comment: Knowing what is good for you
My son is learning about healthy living at school and a recent exercise sent home was to spend a day eating according to the Eatwell Guide.
FCA takes over CMC regulation
The Financial Conduct Authority now oversees regulation for claims management companies in England, Scotland and Wales.
MoJ looks to extend fixed recoverable costs to £100,000
The Ministry of Justice has launched a consultation into extending fixed recoverable costs.
Insurers criticised for ‘voiding’ of Irish policies
Insurers have been rebuked for “voiding” policies on the basis of non-disclosure.
This week in Post: Scraps, slurs and sexual harassment
Post held its reputation event this week, which felt somewhat prescient as parts of the industry were shamed on diversity and inclusion.
Pukka halts UK branch Brexit plan
Exclusive: Pukka has shuttered a dormant UK branch that would have acted as a contingency if the UK and Gibraltar lost passporting arrangements.
This week: All change... please!
The more things change, the more they stay the same. So runs a French expression that feels apt in a week that saw Brexit delayed, leaving us all wondering whether we will be able to talk about anything else ever again.
Blog: How ready is the motor insurance supply chain for the electric future?
Electric vehicle sales might be on the rise, but questions remain about how ready the insurance sector is for what has been described as “biggest technology advancement since the invention of the combustion engine”. Europcar Mobility Group UK’s James…
Blog: Consumers no longer 'feel epic' about price comparison
Technology continues to disrupt insurance but William Corke, founder and strategy director at Corke Wallis, argues this is the perfect time for insurers to wrestle control back from the price comparison websites.
Claims Apprentice 2019: Episode 2 - The Debate
Now that the six contestants have been split into teams and decided on their names, it is time for the apprentices to tackle their first challenge.
Delayed riot claims guide finally gets government green light
The Chartered Insurance Institute’s New Generation Claims Group has issued guidance for the compensation of claims in the event of riots.
Industry welcomes launch of discount rate review: updated
The government has launched a widely-anticipated review into the Ogden discount rate.
This week: The end of the hard sell
When the regulator fined Carphone Warehouse £29m this week, the real target was the use of high pressure sales techniques in insurance.