Direct Line Group has placed 30 claims handler jobs under review.
I am living the discount rate at the moment. I have lost count of the number of meetings I have attended, legal opinions I have read and conversations with insurance company CEOs I have had on this complex issue.
In the end, the whiplash reform moved remarkably quickly. After 12 months of deliberating, we only had six weeks of consultation, followed by seven weeks of considering what to do. The tangible result was the compiling of seven hurriedly drafted clauses…
CEO also says business will 'shrink' home portfolio
The Vnuk ruling has raised the prospect of a much wider compulsory insurance regime being introduced in the UK, requiring vehicles such as golf buggies, quad bikes and farm vehicles to be insured, even when used exclusively on private land. The…
Fitch has issued a gloomy warning for the UK non-life company market this year in the wake of the Ogden rate cut.
Aviva will look to make cuts in areas of the business that overlap following the recent restructure.
Direct Line expects the "unknown impact" of the government's decision to cut the Ogden Discount rate to be felt later in the year when reinsurance costs are renegotiated.
A Gibraltar insurer has become the first to withdraw capacity to a UK managing general agent in the wake of the discount rate cut.
Industry leaders urged the Chancellor yesterday to set a new discount rate within the year, director general of the Association off British Insurers Huw Evans said.
International law firm Kennedys is to hire a 24-strong team from Hill Dickinson to boost its national personal injury practice.
The government has said that it will “progress urgently” a consultation on the Ogden discount rate and “carefully consider” all the evidence submitted following today’s meeting between insurers and the Treasury.
Australian insurer QBE is expecting a one-off increase of $160m (£129m) for outstanding claims liabilities following a UK Ministry of Justice decision on the personal injury discount rate.
More insurers have posted swingeing losses as a result of the discount rate cut.
Insurers could face a £3bn bill from the discount rate cut, with individual motor premiums rising by an average of £100.
Live reactions from the market to the decision to slash the discount rate (please bear with us as this page can take 30 seconds to load).
The Association of British Insurers has warned that cutting the discount rate so severely was a “crazy decision” that will affect millions of motorists.
Direct Line will see a blow to profits of up to £230m from the discount rate cut, the company said.
The discount rate cut will add between £140m to £175m to Admiral’s claims settlement bill, the insurer said.
Travelers Insurance Company has to pay legal costs for a number PIP Breast Implant claimants, the High Court has ruled.
More jobs could be lost as a result of the government's whiplash reforms than were lost in the South Wales steel industry last year, Access to Justice told Post.
The expected discount rate reduction has shaved off £10m of profit from motor insurer ERS.
The Ministry of Justice has confirmed there are to be fixed tariffs capping whiplash compensation payouts.
The motor claims market is currently sitting in that state of indecision that business - and pilots - like to call ‘a holding pattern' as it awaits three major government consultations. These, to push the aviation analogy to its fullest, are hovering…