Regulation
GDPR ‘a shot in the arm’ for cyber insurance
The incoming EU data protection regulation is likely to be a “shot in the arm” for the cyber market, resulting in a marked growth in cyber insurance revenues, according to AM Best.
Insurers must focus on cyber risk accumulation exposure: PRA
Insurers must get a grip on their cyber risk management to fully understand their cyber exposure, the industry watchdog has said.
Analysis: After Autofocus: Where next for the credit hire industry?
Last month, seven former employees of Autofocus were collectively given prison sentences of more than five years after being found guilty of doctoring hire rate evidence to defend insurers in court against credit hire companies in thousands of cases.
This Week in Post: Outdated and out of there
I was recently lamenting shortage of space in my toy-cluttered flat and a (childless) colleague mentioned the baby cages Victorian households used to hang out of their windows. “There were mercifully few deaths,” he joked, as I gazed at an online image…
Interview: Matthew Crummack, Go Compare
When Matthew Crummack took the driving seat at Go Compare a year ago this month, the business was in the midst of a demerger from parent Esure. The CEO of the price comparison site sat down with Ryan Hewlett to discuss his first year in the job, taking…
Group risk: A group safety net
With state benefits set at low levels, the safety net of group risk cover has never been more valuable. But although sales are creeping up, providers and advisers believe there is much more that could be done to grow the market
Government to introduce ILS framework in the autumn
The Government is to introduce a framework for Insurance Linked Securities before parliament with the hope of getting it up and running in the autumn, the Economic Secretary to the Treasury, has said.
Long-awaited Hong Kong insurance regulator begins
The Insurance Authority has taken over regulating the insurance market in Hong Kong today.
Marsh Networks’ David Hopwood on the seven issues a reduced discount rate creates for SME brokers
The Ministry of Justice’s decision to set a new discount rate for personal injury compensation awards at minus 0.75% seems likely to create turbulence in the market. Following widespread criticism, the government is currently reviewing feedback from its…
European captives showing strong capital positions in Solvency II disclosures: AM Best
European captives are showing “very strong” capital reserves in through reported Solvency II ratios, according AM Best.
FCA reviews travel insurance for cancer patients
The Financial Conduct Authority has launched a public consultation to see if changes are needed to make it easier for people with cancer to get travel insurance.
Legal Update: When the discount rate isn't so accommodating
A negative discount rate can have negative consequences for claimants, writes Andrew Parker, head of strategic litigation at DAC Beachcroft.
John Griffith-Jones to leave the FCA
John Griffith-Jones, chairman of the Financial Conduct Authority is to step down from his role at the regulator next year.
Claimant lawyers resigned to future discount rate rise
Claimant personal injury solicitors expect the discount rate to move back up as a result of the government’s consultation.
This Week: Stoic London
The generosity and heroic nature of Londoners came to the fore this week, when after two recent terrorism attacks the city saw the worst fire in recent history. Firefighters were heralded for entering the 24-storey flaming building and the community came…
IBIS 2017: Softer Brexit becomes more likely following election
After Prime Minister Theresa lost her overall majority in the general election last week, a softer Brexit is more likely, said Thomas Lake, senior analyst, political risk at BMI Research.
Legal Update: The problem with delegated authorities
Do delegated authorities represent a short-term solution that is creating long-term problems? Jeremy Irving, partner at DWF, discusses.
How insurers can protect themselves against cyber threats
In the current cyber insecurity, insurers need to review their management structure and their risk processes to protect their data and their customer’s data, say Matteo Coppola and Ofir Eyal, partners at the Boston Consulting Group.
In Depth: The GDPR time bomb
The implementation date of the General Data Protection Regulation is less than a year off but the industry’s attention is elsewhere, with issues like Brexit, the General Election and the discount rate looming large on the horizon
EU gets go ahead to sign covered agreement with US
The European Council has approved the signing of the covered agreement with the United States that would harmonise insurance and reinsurance regulation on both sides of the Atlantic.
Motor Report: What's driving motor?
With trials of driverless car fleets now occupying our national roads, the motor sector is getting an upgrade like never before. As fraudulent claims continue to accelerate and while premiums pay the price, new entrants are causing insurers to tighten…
Why and how cross-selling works for microinsurance
Cross-selling is a great way to distribute microinsurance, as illustrated in Africa, where some farming insurance programmes are also experimenting with new ways to pay out claims, write Tom Johansmeyer, assistant vice-president at Verisk Insurance…
Solvency II ratios not comparable across EU and won't be used in ratings, says AM Best
Solvency II ratios will not be comparable across the European Union and will not be used in rating assessments, according to AM Best.
This Week: Menace, manifestos and managing general agents
There is a menace in my house in the form of water. First it caused problems in my kitchen (as many of you will remember) and now it's found its way out of the bathroom.