Politics
Solvency II: still dividing opinion in the insurance industry a year on
In light of Brexit, what will regulation look like in the future?
Blog: The apprenticeship levy might not be as bad as you think
After two years of waiting – and wondering – the apprenticeship levy is upon us. And so, for those of you with an annual paybill of over £3m, you’ll now be paying 0.5% of that to HMRC.
Editor's comment: Feeling lucky?
My Irish grandmother always said bad things come in threes. In the last 18 months the insurance industry has faced bad returns on investments, several increases to insurance premium tax and now the huge change to the Ogden discount rate, so the sector…
Interview: John Nelson, Lloyd’s of London
It is the most prestigious chairmanship in UK insurance. But next month, John Nelson will step down after six years in the role of Lloyd’s chairman. He talks to Ryan Hewlett about steering the market through one of its most turbulent periods
LMA leads industry call for data protection law change
The Lloyd’s Market Association has coordinated an industry response calling for the Information Commissioner's Office to change its guidance over incoming data protection rules from the European Union.
In Depth: Ogden outrage – dismantling the discount rate
The decision to cut the Ogden discount rate for the first time in 16 years sent shock waves through the industry that will be felt for months and years to come.
Brussels move will affect fewer than 100 staff at Lloyd's
Lloyd’s of London anticipates fewer than 100 staff will be needed to operate its European post-Brexit subsidiary, chief financial officer John Parry said.
Truss launches Ogden rate consultation
Elizabeth Truss, Secretary of State for Justice, has launched a six-week consultation on the discount rate.
Biba calls for EU free trade agreement as Article 50 is invoked
The British Insurance Brokers’ Association has called on Prime Minister Theresa May to make "urgent progress" in setting up a new free trade agreement with the European Union now that Article 50 has been invoked.
Lloyd’s body recommends Brussels as EU destination
The Lloyd's Franchise Board has recommended that the market chooses Brussels as the location of its post-Brexit subsidiary, Post understands.
Blog: The future of CMCs
Listening to the entirety of the Second Reading debate on the Prisons and Courts Bill last week, I was reminded once again of the pitfalls of short-sighted and ill-thought-out policy changes in the claims sector.
IUA calls for reform on the discount rate as increase in premiums are becoming 'sizeable'
The International Underwriting Association has joined insurers and called for a reform of the discount rate and the way in which personal injuries are analysed and settled.
Discount rate cut could triple PI claims costs: Marsh
Changes to the personal injury discount rate could increase the cost of personal injury claims by as much as three times, according to Marsh.
Biba to outline benefits of flood SME scheme to parliament
The British Insurance Brokers’ Association will outline the benefits of its small to medium enterprise flood scheme in parliament later today.
Legal Update: Driverless car policies don't preclude product liability
As automated vehicles take to the roads, the government is likely to focus on one motor insurer as the first port of call for any third-party claim to simplify the claims process. However, that will not preclude other proceedings based on product…
FCA met government to discuss post-Brexit regulatory framework
The Financial Conduct Authority has met with the government to discuss a post-Brexit regulatory framework.
Lloyd's to announce post-Brexit hub by the end of March
Lloyd’s of London will reveal the location of its post-Brexit base by the end of this month, Post understands.
Ogden rate change goes live at minus 0.75%
The Ogden discount rate changed today from 2.5% to minus 0.75% following the Lord Chancellor's announcement last month.
Insurers ‘missed chance’ to influence insurance rules over drones
Insurers are sleepwalking into legislation over drones that they have had no role in shaping, it has been warned.
Pool Re: The changing face of terrorism
The number of terrorist incidents on UK soil has dropped since Pool Re was set up, with Irish republican paramilitary attacks giving way to less frequent strikes by radical Islamic terrorists, however, the threat to the country remains as severe
Blog: Ogden predicted a nasty surprise way back in 1984
The late Sir Michael Ogden might be chuckling somewhere at the recent discount rate events.
30 claims handler jobs at risk at Direct Line
Direct Line Group has placed 30 claims handler jobs under review.
ABI's James Dalton on sorting out the discount rate mess
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.
UK regulators must actively support market on Brexit: Aubert
The UK's regulators need to actively promote London as a key insurance market, the chairman of the London Market Group has said.