Politics
Pool Re boss raises prospect of separate cyber reinsurance scheme
Funds for a potential public-private reinsurance scheme for cyber catastrophes should not be mingled with Pool Re, however, the remit of the terrorism fund's management team could be extended to operate a separate cyber initiative.
Young driver IPT exemption unlikely despite positive government talks
Hopes of securing an exemption from the insurance premium tax hike for young drivers are dwindling, despite “constructive” talks between industry figures and the Department for Transport last week.
Travel sector on the FCO radar as lack of coverage concerns are raised
Greater regulation around travel insurance is not expected to be introduced, despite calls from the Foreign and Commonwealth Office for insurers to make sure British tourists have adequate coverage.
Leung to replace Choi as Hong Kong's insurance government head
John Leung is relocating from Taiwan to start as Hong Kong's commissioner of insurance on 19 August to replace Annie Choi.
Lloyd's to boost Malaysia presence as it applies for onshore licence
Lloyd's is to apply for an onshore reinsurance licence in Malaysia and open an office in Kuala Lumpur.
The Floow to promote telematics on PM's South East Asia tour
Aviva and telematics company the Floow are among 31 UK business leaders chosen to accompany Prime Minister David Cameron on a trip to South East Asia this week to promote the UK's financial technology sector.
Lloyd's chair Nelson to sit on PM's advisory panel
Lloyd's chairman John Nelson is one of 19 UK business leaders appointed to sit on the government's new business advisory group.
CMC regulator and Apil back ethical marketing charter
An ethical marketing charter geared towards clamping down nuisance marketing and bad practice by rogue operators has been backed by the Claims Management Regulator and the Association of Personal Injury Lawyers.
Blog: GI hopes high on FCA successor as Wheatley is shredded
The soon to be deposed Financial Conduct Authority CEO Martin ‘shoot first ask questions later' Wheatley this week admitted he is "disappointed to be moving on with a sense of unfinished business".
Osborne confident insurers can ‘absorb' IPT costs
Chancellor of the Exchequer George Osborne is confident the insurance sector can absorb the cost of the 56% increase in insurance premium tax announced in the summer Budget.
Government pledges £20m to boost driverless car innovation
New funds pledged by government towards driverless car testing aim to put Britian at the vanguard of the intelligent mobility market.
Wheatley's FCA exit raises 'more questions' than it answers
The abruptness of Martin Wheatley’s planned departure as CEO of the Financial Conduct Authority has come as a shock to market insiders, who are calling on his successor to adopt a 'proportionate' line on regulation.
Editor's comment: Swinging from high to low
Last Wednesday was a day of extreme highs and lows for the insurance industry. The sector celebrated successes of the past year with the Oscars of the industry, the British Insurance Awards, with over 2000 insurance professionals letting their hair down…
MIB and DfT dispute allegations of uninsured drivers' agreement 'shambles'
The Motor Insurers' Bureau and the Department for Transport have rebuffed claimant lawyer allegations the new uninsured drivers' agreement is a "bodged job" that breaches European Union law and have confirmed they will not amend the document.
Shock IPT raise - more reaction
The insurance sector is still reeling after George Osborne's Budget announcement to raise insurance premium tax by more than 50% from 6% to 9.5%.
BIA 2015: David Hertzell wins Achievement Award
Former Law Commissioner David Hertzell was awarded the prestigious Achievement Award at tonight’s British Insurance Awards.
Chancellor promises review of CMCs in summer Budget
The Government has pledged a review into the regulation of claims management companies in the Summer Budget.
Osborne drops IPT Budget bombshell
Chancellor of the Exchequer George Osborne has caught the industry by surprise with an announcement that insurance premium tax will rise to 9.5% from November.
Lloyd's highlights data sharing as imperative to mitigating cyber risk
Insurers and governments must share data in order to accurately assess the risk of a large-scale cyber attack and protect businesses, according to Lloyd's research.
New uninsured drivers' agreement signed off
The Motor Insurers' Bureau is to implement an updated uninsured drivers' agreement that will come into force for accidents occurring on or after 1 August 2015.
Insurers advised to prioritise Flood Re access as April inception looms
Insurers run the risk of losing out to faster-moving rivals if they do not prioritise being able to access the Flood Re scheme ahead of its April 2016 inception.
Flood Re to launch £2.1bn reinsurance procurement
Flood Re is to begin the process to secure £2.1bn of reinsurance cover and is anticipating interest from Bermudian and US companies as well as collateralised reinsurers.
FCA opens the door for product reviews in value data debate
The Financial Conduct Authority has not ruled out using consumer reviews to demonstrate the value of an insurance product, despite hinging an industry-wide value debate on utilising claims ratios as a metric.
Heather Wheeler succeeds Evans as chair of APPG on insurance & financial service
Heather Wheeler, the MP for Derbyshire South and a former Lloyd’s broker, has been elected the new chair of the All Party Parliamentary Group on Insurance and Financial Services.