Insurers will not be required to pass on savings from whiplash reform to customers, but they will have to report what those savings are.
A government amendment to planned personal injury reforms could see insurers have to prove to the regulator that they are passing on savings to customers.
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.
Three time Home Counties boxing champion Conroy Downer has been ordered to pay more than £13,000 in legal costs to Axa after he made a dishonest insurance claim.
Two-thirds of people feel “positive” about the proposed changes to personal injury compensation, a Consumer Intelligence survey commissioned by the Association of British Insurers shows.
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.
Four men have been sentenced for carrying out a series of ‘crash for cash’ frauds, and then claiming against fraudulent insurance policies.
Over half a million attempts at insurance fraud were detected in 2017, equivalent to one fraud every minute.
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.
Insured losses from the June and July flooding in western Japan could total up to $4bn (£3.2bn), according to catastrophe modelling firm Air Worldwide.
Insurers need to keep pushing their priorities now for an effective Brexit plan, writes Andy Watson, CEO of Ageas UK, urging the industry to work with the government to achieve a realistic negotiating strategy.
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
The number of road accident claims fell in the first half of the year, compared to the same period last year.
The UK has seen 28 private equity deals in insurance over the past 18 months, half of total number in Europe.
UK policyholders with failed Danish insurer Alpha have been provided alternative cover via the guarantee scheme.
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.
With Brexit and personal injury uncertainties prevailing, LV is continuing to take a cautious approach to motor.
When Paul Geddes took over the role of CEO of Royal Bank of Scotland’s insurance business in July 2009, moving from the retail arm of the bank, and replacing Chris Sullivan, I cannot remember many getting too excited.
Exclusive: Saga is looking to divest its interest in bike broker Bennetts, with Ardonagh touted as one of the potential suitors.
Direct Line Group saw operating profit slide in the first half of 2018, as it was hit by weather-related claims.