Regulation
Insurance bosses invited to discuss common standard for telematics
Executives from some of the UK's biggest insurance firms will sit down next month to discuss the formulation of a common standard for issues surrounding telematics data ahead of an expected boom in demand.
EU may exempt liability insurers from Iran sanctions
The European Union is considering relaxing rules on indemnifying Iranian tankers, to allow insurers to provide cover for third-party and environmental liability.
Study in Jordan may liberalise compulsory TPL insurance
The Jordanian government is considering liberalising prices of compulsory third-party liability insurance services this year, according to media reports.
Saudi Arabia ripe for growth as health insurance dominates market
Health represented 53% of gross written premiums in 2010 and regulation has changed the Saudi Arabia insurance market dramatically with further development anticipated, according to a report.
Insurance Insight – top 10 stories
The 10 most read stories from www.insuranceinsight.eu over the past seven days.
US targets insurers of Iran deals
Companies that insure trade with Iran would be cut off from the US financial system under legislation aimed to further target Tehran's nuclear programme.
'Sticking plaster' Statement of Principles distorts flood insurance market
The Statement of Principles was never designed to be anything more than a "sticking plaster", according to James Dalton, head of property insurance at the Association of British Insurers.
Government warned it cannot 'duck' issue of poor being priced out of flood insurance
People on lower incomes could be priced out of flood insurance following the end of the Statement of Principles.
Renewing Statement of Principles will not solve flood cover issue, says Defra
The issue that confronts the insurance sector and government today is not the ending of the Statement of Principles, as renewing it would not solve the problem, but that underwriters are changing their approach to pricing flood risk.
Brokers appeal to Emirates regulator over payments decision
The brokering community is believed to have approached the Emirates Insurance Authority for a reappraisal of its recent decision on how premium payments are collected.
Insurance Insight – top 10 stories
The top 10 stories from www.insuranceinsight.eu over the past seven days.
Insurance Europe calls for parity between IORPs and insurers
Insurance Europe, the European insurance and reinsurance federation, has spoken out in support of the European Commission's aim to promote a more harmonious approach to the challenges faced by pension systems in EU member states.
We need Solvency II now, demands Eiopa director
Policymakers should not let politics impede the implementation of Solvency II regulations, the head of Eiopa has urged.
MoJ issues consultation for RTA portal extension
Last night the MoJ issued a consultation letter to key stakeholders on further extending the fixed costs scheme currently used for Road Traffic Accident claims to cover Employers’ and Public Liability policies.
India considers guarantees for Iranian oil
India's shipping secretary K Mohandas said on Tuesday that the country is considering sovereign guarantees for shipping and buying Iranian oil on a delivered basis, when EU sanctions on Iran come in to effect, according to Reuters India.
Travel insurance becomes compulsory in Malasyia
From 1 March, those travelling out of Malaysia will be required to buy travel insurance.
Insurers may have to rethink Solvency II programmes
PwC has commented on the Financial Services Authority's Solvency II conference where the regulator announced new deliverables for insurers' Internal Model Application Process and commented on the ongoing impact of political uncertainties.
Asian insurers warned to watch policy admin or repeat Europe's mistakes
Capgemini has warned insurers based in Asia Pacific that they should not rest on their laurels when it comes to policy administration or they will suffer the same issues European insurers are facing now.
Talent deficit could scupper financial services firms' growth plans
A serious talent shortage could derail the growth plans of financial services companies globally, according to PwC's latest CEO survey.
Japan's P&I club cuts cover for ships in Iran
Japan's P&I Club has confirmed it will only be able to provide a fraction of insurance coverage to tankers that transport Iranian oil under the new European Union sanctions.
Thai regulator raises foreign share cap to 49%
Thailand's insurance regulator, The Office of the Insurance Commission, has agreed to raise the foreign shareholding limit in the country's insurance companies from 25% to 49% in a bid to liberalise the market.
Life insurers need derivatives to hedge risks, says IRDA chairman
The chairman of India's insurance regulator has indicated that it may relax the ban on life insurance companies investing in derivatives, in a speech at the 14th Global Conference of Actuaries in Mumbai.
RTA Portal and LSSA make "significant progress" in consultation
The RTA Portal and trade body the Legal Software Suppliers Association have made "significant progress" during its most recent consultation.
Motor injury claims cost consumers £1666 a minute
The legal fees involved in settling motor personal injury claims cost consumers £1666 every minute, the Association of British Insurers has found.