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In this week's edition the competition watchdog has confirmed it will assess the implications of an appeal court ruling in favour of RSA's motor repair model as part of its ongoing investigation into motor insurance costs, amid suggestions the ruling could entice other insurers to imitate the disputed model.
An appeal from Allianz and Covéa against a 2012 High Court RSA subrogation verdict was dismissed by the Court of Appeal on 20 December 2013. The insurers had previously clashed over whether RSA was allowed to claim more than it had paid in costs for the repair of vehicles where it had established a relationship with the repairer.
In other news telematics firms will attempt to convince the government to drop a proposal to introduce nighttime curfews for young motorists at an upcoming Westminster debate, after its young driver safety green paper was postponed indefinitely; the easing of concerns over periodic payment orders has contributed towards reinsurers increasing their appetite for UK motor business in the January 2014 renewals, according to market players, although rates offered have continued to climb; home insurers are expected to pass on rate reductions of up to 10% to consumers this year as a result of growing price competition, despite a deluge of turn-of-the-year flood claims; and the launch of a new broking standards group has received a lukewarm response from market commentators who have called for a "unified voice" rather than multiple representative bodies.
Also in this issue, Claims Portal chairman Tim Wallis tells Post of his pride in his mediation work and reveals he is working on the possibility of launching a credit hire portal.
The C-Suite has opinions from Zurich's Dave Smith, who explains why insurers improved 2013 results thanks to benign weather should not be taken at face value; Chris Lee-Smith of Aon Risk Solutions, who explains why it is so important for the industry to attract and harness talent; and Paul Upton of Evolution Underwriting who tries to predict what 2014 has in store for the industry.
In a focus on fraud, DWF counter fraud director Jamie Taylor looks at why 2014 should not disappoint when it comes to change in the fight against fraud.
Edward Murray kicks off Post's In Series on motor by examining how the flawed communication between motor insurers, bodyshops and in turn customers throughout the repair process can be improved.
Elsewhere, while the My Licence driver data-sharing initiative may have some obstacles to overcome, the industry consensus is that it should benefit all parties involved in motor insurance. Rachel Gordon investigates; Francesca Nyman looks at the issue of piracy - with a more stable Somalia and improved maritime security, will the downward trend in piracy attacks continue, or will incidents in East African and Southeast Asian waters ensure rough seas in future? And Sam Barrett asks what the introduction of the long anticipated road safety initiative Ecall in October 2015 means for the insurance industry.
A huge well done to all involved with organising our Remembrance Day event on Friday, including our Corporate Real Estate team. One of them, Ibrahim, took this incredible footage of poppies dropping as he (along with others) leaned (safely!) over the gantry to let them go. pic.twitter.com/pSbapkWBBR— Lloyd's (@LloydsofLondon) November 12, 2018
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- CBL Insurance placed into liquidation
- RSA pulls out of three London market lines
- Interview: Ian Muress, Sedgwick International