Regulation
Government goes ‘full steam ahead’ on whiplash reforms
Insurers have welcomed the progression of hotly anticipated personal injury reforms through Parliament, however yesterday’s events in Westminster have whipped up fresh disapproval from the legal sector.
Markel snaps up Nephila in insurance-linked securities deal
Markel is to buy the world’s largest manager of insurance-linked securities, Nephila Holdings.
Q&A: David Bonehill, Ecclesiastical
Ecclesiastical claims director David Bonehill was awarded the Achievement Award at the eighth Post Claims Awards. As technology is transforming claims, he predicts tech giants will enter the market, probably in the motor or home arena.
Dual pricing hitting loyal home insurance customers
Loyal customers are being penalised for staying with an insurance provider, leaving thousands paying excessive home insurance premiums, according to Which?
Claims management company posing as ABI to scam public
The Association of British Insurers has issued a warning after scammers from a claims management company posed as the body in cold calls to members of the public.
Credit hire roundtable: necessary evil or essential service?
The insurance industry’s perpetually uneasy relationship with credit hire has often flared up into hostility. Judging by the tone of the exchanges at a recent roundtable, the current mood is much calmer, with a greater willingness to explore ways of…
This week in Post: One every minute
For those of us back in the office while the holiday season continues it might seem like time is moving slowly but the Association of British Insurers revealed this week that for every minute we count down until silly season is over and the out of office…
CMC regulatory burden should fall on insurers too, argues legal sector
Claimant lawyers have slammed the financial watchdog’s proposal to regulate claims management companies, arguing it unfairly penalises practicing firms and that insurers should be made to take a share of the burden too.
ABI calls for regulatory certainty as no-deal Brexit advice published by government
A regulatory deal is urgently needed to address Brexit contract issues for the insurance sector, the Association of British Insurers has said.
Insurance businesses among FSCS list of in default firms
The Financial Services Compensation Scheme has declared nine firms, including three insurance businesses, in default, possibly opening the door for consumers to be compensated for any losses incurred.
Updated: Partner Re firms fined €1.5m for Solvency II breach
The Central Bank of Ireland has fined two Dublin-based subsidiaries of Partner Re €1.54m (£1.35m) for breaches of the European Union regulation on solvency requirements.
Liiba urges Prime Minister to rethink post-Brexit equivalence regime for brokers
The London and International Insurance Brokers’ Association has written to the Prime Minister raising concerns over the government’s planned equivalence regime for brokers post-Brexit.
Regulation of CMCs to cost £16.8m
The cost of regulating claims management companies could be £16.8m with the bill falling on the firms themselves, according to the Financial Conduct Authority.
Top 30 European insurers 2018: A year of steady growth for insurers
Overall, top-line growth for the 30 largest European insurers has been steady, reflecting the underlying economic conditions throughout Europe, explain Tim Prince and Yvette Essen, director of analytics and director of research at AM Best
Mass’s Simon Stanfield on how whiplash reform sacrifices legitimate claims
The government's whiplash reforms discriminate against legitimate claimants, whose rights need to be protected, argues Simon Stanfield, chair of the Motor Accident Solicitors Society.
DLG’s operating profit slides as insurer is hit with weather claims
Direct Line Group saw operating profit slide in the first half of 2018, as it was hit by weather-related claims.
Analysis: From Brussels with love - a fraud case study
Missing cars, cross-border investigations, stolen identities and organised crime. Not your average case...
Power to the pedals
Cycle insurers have mixed feelings about the European proposal to mandate insurance for electric bikes.
Roundtable: Future-proofing claims for the digital age
Claims has not received as much attention as many front-end processes when it comes to investment, even though it is the moment of truth on which long-term policyholder loyalty can be built
This week in Post: World Cup, Wimbledon, and Westminster
With the World Cup firmly in French hands and Novak Djokovic and Angelique Kerber crowned Wimbledon champions, it’s back to work for the insurance industry with all eyes turning to Westminster.
Markel receives green light on German subsidiary
Markel has been granted a license by BaFin, the German federal financial supervisory authority, to establish an insurance company in Germany.
MPs outline ‘urgent’ reform needed in wake of Grenfell fire
A parliamentary committee has called on the government to take urgent action in the wake of the Grenfell fire, including extending a proposed ban on combustible cladding and tackling conflicts of interest within the construction industry.
Guevara founder Anderson: incumbent insurers complicit in stalling true customer led-disruption
Despite the hype around insurtech, the barriers to entry remain high, not least because incumbents have reputational concerns that are hampering true customer-led disruption. Indeed, the likes of Lemonade have had to water down their original vision to…
Government delays whiplash reforms until 2020
Hotly anticipated personal injury reforms have been delayed a year, the government has confirmed.