Politics
Shock IPT raise - more reaction
The insurance sector is still reeling after George Osborne's Budget announcement to raise insurance premium tax by more than 50% from 6% to 9.5%.
BIA 2015: David Hertzell wins Achievement Award
Former Law Commissioner David Hertzell was awarded the prestigious Achievement Award at tonight’s British Insurance Awards.
Chancellor promises review of CMCs in summer Budget
The Government has pledged a review into the regulation of claims management companies in the Summer Budget.
Osborne drops IPT Budget bombshell
Chancellor of the Exchequer George Osborne has caught the industry by surprise with an announcement that insurance premium tax will rise to 9.5% from November.
Lloyd's highlights data sharing as imperative to mitigating cyber risk
Insurers and governments must share data in order to accurately assess the risk of a large-scale cyber attack and protect businesses, according to Lloyd's research.
New uninsured drivers' agreement signed off
The Motor Insurers' Bureau is to implement an updated uninsured drivers' agreement that will come into force for accidents occurring on or after 1 August 2015.
Insurers advised to prioritise Flood Re access as April inception looms
Insurers run the risk of losing out to faster-moving rivals if they do not prioritise being able to access the Flood Re scheme ahead of its April 2016 inception.
Flood Re to launch £2.1bn reinsurance procurement
Flood Re is to begin the process to secure £2.1bn of reinsurance cover and is anticipating interest from Bermudian and US companies as well as collateralised reinsurers.
FCA opens the door for product reviews in value data debate
The Financial Conduct Authority has not ruled out using consumer reviews to demonstrate the value of an insurance product, despite hinging an industry-wide value debate on utilising claims ratios as a metric.
Heather Wheeler succeeds Evans as chair of APPG on insurance & financial service
Heather Wheeler, the MP for Derbyshire South and a former Lloyd’s broker, has been elected the new chair of the All Party Parliamentary Group on Insurance and Financial Services.
North of the Border: Lifting the bar on abuse claims
Removing the three-year time limit could see previously rejected child abuse claims being revived, says David Pollok.
Europe: Energy supply disruption presents a key global risk
Today's global economic integration offers multinational businesses cheaper sources of supply and attractive new markets, yet at the same time it exposes companies' operations and supply chains to a widening range of global risks.
Planned changes to salvage code categorisation criticised by BVSF
The British Vehicle Salvage Federation has criticised proposals to rework the salvage code of practice, describing plans to create a three category rule for written-off cars as “one of the worst failings” in the revised code.
Pool Re to encourage non-members to offer mitigation credit
Pool Re hopes to convince non-member insurers to offer the 2.5% loss mitigation credit on premiums made available through a counter terrorism initiative launched by government yesterday (15 June).
Motorists back Medco as a force for driving down whiplash claims
The role of Medco as a tool to reduce the number of people lodging whiplash claims has been backed by 79% of 16,863 drivers polled by the AA.
Compulsory salvage code proposed to prevent written-off cars returning to the road
Insurers have backed proposals to mandate the salvage code of practice with a view to ensuring the most severely damaged written-off vehicles do not return to UK roads, Post can reveal.
Government to offer insurance incentives for terrorism mitigation efforts
Counter terrorism police are to outline details of an insurance programme that will benefit businesses and organisations that make improvements to their security arrangements under the government's crowded places programme.
Osborne confirms support for insurance sector in Mansion House speech
Chancellor of the Exchequer George Osborne reiterated the government's commitment to making the City of London the leading centre for insurance and reinsurance business in his annual Mansion House Speech last night (10 June).
FCA hires new director of enforcement from Hong Kong's SFC
Mark Steward has been appointed as the Financial Conduct Authority’s new director of enforcement and market oversight, while Barbara Frohn will become its director of risk and compliance oversight.
New City minister Baldwin to receive GI industry welcome from Biba
The British Insurance Brokers’ Association has vowed to meet with Harriett Baldwin MP to discuss its manifesto points after she replaced Andrea Leadsom MP as City minister.
ABI reiterates support for young driver curfew as part of safety campaign
The Association of British Insurers has reiterated its call for a night-time curfew for young drivers to be implemented as part of a wider campaign for the introduction of graduated driving licences.
Despite summer inception Flood Re won't accept first policies until April 2016
Flood Re will not be ready to accept its first policies until April 2016 despite the scheme's systems and infrastructure being in place from summer this year.
ABI reminds government to consider flood risks for new homes
The Association of British Insurers has urged the government to consider flood risks when delivering promised new housing.
Livestock on pavements law could hold up driverless car trials
Government lawyers are looking to redraft the Highways Act 1835 to allow the trails of driverless cars to proceed.