Politics
Enterprise Bill amendments under consideration following London market efforts
A London market deal to support changes enabling companies to secure damages for late payment of insurance claims for up to a year has been heralded as an example of “unprecedented amalgamation” of the insurance sector to aid reform.
Blog: £700m earmarked for court efficiency reforms in the Spending Review
Chancellor George Osborne yesterday brought to an end speculation about whether funds for radical technology-driven reform to the court service would be made available.
Government accelerates whiplash reforms to remove £1bn of costs
Chancellor of the Exchequer George Osborne committed to accelerating motor injury reforms in today’s (25 November) Autumn Statement, which are expected to remove more than £1bn from the cost of providing motor insurance.
Pool Re mulling cover for cyber terrorism ‘manifestations'
Pool Re is undertaking a study into whether the government-backed scheme might cover certain manifestations of a cyber terrorist attack, such as fire or explosion.
Flood Re secures £1.29bn towards reinsurance target
Munich Re and Swiss Re are the leading reinsurers that have so far contributed to the £1.29bn yearly cover for the Flood Re scheme.
Flood Re one step closer with regulations signed
Flood coverage for high risk properties is one step closer today (11 November) with regulations for Flood Re coming into force.
C-Suite - Insurer: The devil in the details
Urgent changes need to be made to remove the financial incentives at the heart of injury claims.
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.