Regulation
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.
Analysis: Consolidators look to Europe for acquisitions as UK competition grows
The UK has seen a wave of consolidation in regional broking over the past few years, making competition for viable targets a challenge. In response, several consolidators are starting to look to Ireland and Europe as a potential area of expansion.
Editor's comment: Broker rebellion?
May is upon us and that means that thousands of insurance brokers are preparing for the annual camp out in Manchester to hear what their trade body the British Insurance Brokers’ Association is doing for them, plans to do for them and how insurers can…
Discount rate: Are insurers being too optimistic?
In anticipation of the new discount rate announcement, expected by 5 August 2019, many insurers have already started to price and reserve at 0%
Regulators form working group to tackle 'phoenix' companies
Financial services regulators have formed a working group to collaborate on tackling ‘phoenixing’ in the sector, whereby companies or individuals avoid liabilities or penalties by shutting down businesses only to re-emerge as new legal entities.
Blog: What the FCA market study means for brokers
Despite giving the broker market a clean bill of health Richard Burger, head of financial services regulatory investigations warns brokers should expect the FCA to continue to explore key areas it has identified that are in need of improvement.
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.