Exercise Watermark set for insurer-specific rerun - Insurance News Now – 2 June 2011
Post senior reporter Amy Ellis outlines this week's major general insurance stories including confirmation from the Association of British Insurers that the government’s emergency flood scenario will be re-enacted specifically for the insurance industry in August.
This will be running in conduction with the Cabinet Office. The ABI has confirmed the same scenarios that ran nationwide in March will be used.
In other news, discussions are underway between the IFB and Association of Personal Injury Lawyers to establish a data-sharing agreement aimed at combating fraud; Towergate Broking has revealed a new internal structure splitting its retail division into three, each with responsibility for profit and loss; Axa Insurance is looking to counter its concerns over rehabilitation therapy drift by working with Spring Active Rehabilitation's newly launched outcome-based pricing model, which effectively offers insurers a money-back guarantee on results; and the Ministry of Justice has been urged to disregard the "mistaken" advice of the Legal Services Board and ban referral fees.
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