Regulation
Morrisons data leak judgment of ‘limited comfort’ to businesses and their insurers
Insurance lawyers have responded to today’s Supreme Court ruling which found supermarket Morrisons is not ‘vicariously liable’ for a large-scale data leak by a disgruntled employee, saying it might be a relief for corporates but that it doesn’t signal…
Analysis: US insurers face 'thin end of the wedge' on mandated coronavirus BI cover
Lawyers remain confident the UK government won’t follow the US in mandating payouts for Covid-19 on business interruption policies after four US states tabled legislation that would require disruption caused by the coronavirus pandemic to be covered.
PRA warns insurers on shareholder payouts and remuneration
The Prudential Regulation Authority has warned insurers to “pay close attention” to protecting policyholders and supporting the economy when considering how profits are dished out.
Your 'business as usual' March digest
We understand that while it’s important to keep bringing you up to date and important news on the Covid-19 pandemic and its impact on the industry, it’s also critical, especially while homeworking, to know what's happening outside of this. With that in…
Blog: Insurers take coronavirus BI rap for now, but will banks emerge as the real villains of the piece?
With business interruption payouts (or lack thereof) in the spotlight, news editor Jen Frost asks whether the banks are about to take over from insurers as public enemy number one.
CII boss Sian Fisher on reacting to the coronavirus crisis
There have been three occasions when Sian Fisher, CEO of the Chartered Insurance Institute, went to the office and thought “things will never be the same again”.
Tribunal dismissed Eldon and Leave EU bias and unfairness claims despite ICO handling errors
While it acknowledged issues with the Information Commissioner's Office's handling of Eldon and Leave EU fines and audit notices, a tribunal has found its actions did not amount to bias, procedural unfairness or unlawfulness.
Q&A: Andrew Yeoman, Concirrus
Harry Curtis spoke to Andrew Yeoman, CEO and co-founder of Concirrus, about the increasing use of big data in insurance and the challenges facing the fleet and marine markets.
Treasury Committee questions ABI on coronavirus response
Treasury Committee chair Mel Stride has asked Association of British Insurers director general, Huw Evans, to address queries on the insurance response to the coronavirus pandemic.
Gefion ordered to stop writing business by Danish regulator
Gefion Insurance has said it will appeal after the Danish Financial Supervisory Authority rejected its recovery plan and ordered the company to stop writing business.
Government suspends gender pay gap reporting
The Government Equalities Office and the Equality and Human Rights Commission have suspended the gender pay gap reporting deadlines for 2019/20 due to the coronavirus outbreak.
Insurance prelim results delayed in line with FCA market request
The AA and Sabre Insurance Group have both delayed the publication of their preliminary financial results after a request from the Financial Conduct Authority to all UK listed companies last week.
Trade bodies back FCA's insurance key workers stance
The Association of British Insurers and the British Insurance Brokers’ Association have both welcomed the steps outlined by the Financial Conduct Authority to help identify key workers in financial services.
Covid-19: FCA asks listed firms to delay publishing prelim results
The Financial Conduct Authority has written to stock exchange traded companies that it knows are intending to publish preliminary financial statements in the next few days asking them to delay for at least two weeks due to the coronavirus crisis.
This week: The bad news
What a week. The coronavirus may be an invisible threat, but its fallout – both within and beyond the insurance industry – is hard to miss.
CMA seeks fining powers as it orders Paymentshield to refund £380,000 to PPI customers
The Competition and Markets Authority is seeking the authority to impose financial penalties for breaches after it ruled Paymentshield must refund customers over £380,000 for payment protection insurance breaches.
FCA calls on insurers to show 'flexibility' in dealing with customers amid pandemic
The Financial Conduct Authority has said it expects insurers to show flexibility in dealing with customers affected by the coronavirus outbreak.
Experts line up insurance options for government e-scooter consultation
The Association of British Insurers has called for an appropriate regulatory framework to be introduced to keep all road users safe if the government allows micromobility vehicles to be used on the streets.
FCA delays dual pricing report till June
The Financial Conduct Authority has postponed its final general insurance pricing practices market study report from this quarter to June 2020.
Budget 2020: IPT stays the same as government bolsters flood defence spending
Insurance Premium Tax has remained at 12% in today’s Chancellor’s budget, as the government pledged to boost spending on flood defences.
Mazars flags CMA interest in Aon/WTW deal
Mazars has forecast that the Competition and Markets Authority will look closely at Aon’s takeover of Willis Towers Watson, as the accountants also predicted the deal could lead to further mergers and acquisitions.
Analysis: A coronavirus call centre crisis?
Personal lines insurance providers are faced with a potentially “lethal” situation if call centre staff cannot go into work en masse due to coronavirus disruption, compliance experts have cautioned. Post asked brokers and insurers how they are preparing…
This Month: Best insurance employers to the fore
From November last year to January 2020 Post gave insurance employees the chance to nominate and rate their employers on topics ranging from management to diversity and work/life balance along with whether they would recommend the company to a friend.
Regulators scrutinise firms' coronavirus contingency plans
Firms must be ready for coronavirus disruption, the Financial Conduct Authority has cautioned, with organisations’ contingency plans being reviewed and concerns remaining around call centres.