Politics
LMG welcomes start of ILS legislative process
The government has tabled an amendment to the Bank of England and Financial Services Bill seeking power for the Treasury to make regulations facilitating and regulating insurance linked securities (ILS) business, a move welcomed by the London Market…
State of the Insurer Nation Blog: Working in unison to combat insurance risks
Government and insurers need to cooperate against cyber crime as they already do against traditional risks.
The State of the Insurer Nation: Week Two: Politics and Europe
In the second of a five-part series covering the results of Post’s latest State of the Nation survey, Mairi MacDonald reports how politics, government policy and the UK’s position in the European Union is viewed by insurance CEOs and managing directors…
Excluded properties remain contentious as Lords debate Flood Re regulations
Concerns around timing and excluded properties were raised by members of the House of Lords in debating the regulations to govern Flood Re yesterday (27 October).
Interview: Heather Wheeler: Picking up the baton
Heather Wheeler MP has taken over as chair of the All Party Parliamentary Group for Insurance and Financial Services. She talks to Post about her leadership style and what issues are on the agenda
Lloyd's pledges co-operation with China Taiping Insurance Group
Lloyd's has signed a Memorandum of Understanding with the China Taiping Insurance Group, marking a significant level of co-operation between the two.
Applied Net 2015: Ex-US secretary of state Albright raises cyber concerns
Former US secretary of state Madeleine Albright described cyber risk as an inevitable consequence of global technological development amid at a period of “chronic uncertainty” around the world.
Absence of specialist underwriters sees Lloyd's cyber risk appetite shrink
Absence of a specialist underwriter and failing to recognise cyber exposure in pricing and capital models have been cited as reasons for Lloyd's potentially limiting the amount of cyber insurance it writes, as UK government data estimates 2.5 million…
The Floow signs agreement with Chinese company
Telematics provider The Floow today (19 October) partnered with a Chinese car service organisation with the aim of bringing safer and cheaper mobility to the Chinese market.
Treasury reversal on ‘guilty until proven innocent’ regime welcomed
The Treasury has reportedly back-tracked on plans to introduce a ‘guilty until proven innocent' policy as part of a proposed new senior managers and certification regime in the financial services sector.
Evans targets regulators, MPs and judges with credit hire rate issue
Accident Exchange CEO Steve Evans has written to regulators, politicians and members of the judiciary about his concerns that defendant law firms are providing dishonest vehicle rental rates in disputed car accidents.
Insurance fraud offences recorded by NFIB rise 13%
Insurance fraud offences recorded by the National Fraud Intelligence Bureau increased 13% in the 12 months to June 2015 to 9417 cases.
Business minister Javid helps mark London opening of Aon's global HQ
Secretary of State for Business, Innovation and Skills Sajid Javid MP joined Aon CEO Greg Case in the opening of the broking giant’s new global headquarters in The Leadenhall Building last night (14 October).
MP launches new Bill for psychiatric harm fairness
A new Private Members' Bill published this week calls for greater fairness for bereaved people and victims of psychiatric harm.
Government's CMC review given lukewarm welcome by insurers
Insurers have responded to the government’s review into claims management companies by suggesting new legislation and reducing the claim period for minor injuries as ways of tackling rogue CMCs.
CII warns apprenticeship levy risks ‘damaging the profession'
The government's apprenticeship levy needs to address skill gaps by sector, rather than through arbitrary numerical targets, the Chartered Insurance Institute claims.
Government opens evidence call for CMC review
The government has today (2 October) launched a call for evidence for a fundamental independent review into the way claims management companies are regulated.
Virtual Trials: Court on camera
Could civil disputes really be settled online?
AM Best Commentary: Feeling the pinch
A number of market conditions are placing increasing pressure on the UK non-life sector. What will insurers need to do in order to ensure profits remain strong?
Government to tackle late claim payments in Enterprise Bill
The government is clamping down on late payment of insurance claims with its proposed Enterprise Bill by introducing a contractual requirement on insurers to pay claims to businesses within a reasonable time.
Flood Re regulations moved to next stage at Westminster
Parliamentary scrutiny of Flood Re has been welcomed after the secondary legislation to make the scheme fully operational in time for its launch next year was considered by a House of Commons Delegated Committee yesterday (15 September).
Labour leader Corbyn names Shadow Cabinet
Newly elected Labour leader Jeremy Corbyn has announced his Shadow Cabinet including Hayes and Harlington MP John McDonnell as Shadow Chancellor of the Exchequer and West Bromwich East MP Tom Watson as deputy Labour leader.
Editor's Comment: Don't mention the whiplash
The Oxford Dictionary shows the definition of collaboration as the action of working with someone to produce something and I’m sure that this is what the Association of Personal Injury Lawyers’ president was encouraging when he wrote an open letter to…
ABI urges MOJ to regulate MROs in Medco review
The Association of British Insurers is calling for the regulation of medical reporting agencies in its submission to the Ministry of Justice review of the operation of Medco.