Politics
Government will step-in if Flood Re “runs out”
The insurance industry will not be responsible for recapitalising Flood Re in the event that it “runs out of money” following a one-in-200 year event, the Association of British Insurers has confirmed.
Efra report calls for further funding for flood defences
The government has been urged to further increase spending on flood defences by £20m per year for the next 25 years in order to keep pace with escalating risks caused by severe weather patterns.
Insurers welcome Flood Re but call for clarity over liability
Insurers’ agreement to the terms of the Statement of Principles for another two years will provide the Association of British Insurers and government enough time to resolve outstanding issues around the implementation of Flood Re, according to the trade…
Interview: Anne McIntosh: Making waves
As chair of the Environment, Food and Rural Affairs Select Committee, MP Anne McIntosh has been at the forefront of the struggle to find a flood risk solution. Despite success on that front looking within reach, she tells Post the hard work is not over…
Willis Re encouraged by Flood Re government liability and excesses pledge
Proposed pool will not impose a significant administrative burden on insurance businesses nor undermine the commercial environment according to Willis Re.
Government responds to Water Bill draft
The government has issued a response to the Environment, Food and Rural Affairs Committee’s pre-legislative scrutiny of the draft Water Bill.
Blog: The golden age of insurance?
With the global population surging, natural disasters increasing in frequency and a growing demand on natural resources, what role can the insurance industry play in the planet's future? Rowan Douglas explains.
Deloitte and PwC welcome flood decision
Deloitte and PwC agree today’s agreement will benefit households at a high risk of flooding.
Government to extend regulatory powers over insurers and seek EC approval for Flood Re
The government is seeking new legal powers enabling it to force insurers to cover "their share" of policyholders living in high flood risk areas.
Chancellor commits to new flood defence investment
The Chancellor of the Exchequer has vowed to invest in new flood defences, despite announcing that the Department for Environment, Food and Rural Affairs will see its budget cut by 10%.
Mesothelioma scheme could cost £451m in first decade
A fund of last resort compensating mesothelioma sufferers who cannot trace their employers' liability insurers could cost £451m in the first ten years alone, according to the Department of Work and Pensions.
Insurers urged to develop telematics as young driver green paper delayed
Insurers frustrated as Department for Transport announces hold-up.
Editor's comment: Can insurers avoid tax trouble?
During this period of austerity, tax avoidance has turned into a major political issue, with Prime Minister David Cameron making it a key topic at the recent G8 summit of leading economies held at Lough Erne, Northern Ireland.
Re-worked 'Flood Re' expected to be laid out in imminent Water Bill
Details of the Association of British Insurers’ long-awaited flood risk solution are expected to come into focus this week following a government spending review and the introduction of the Water Bill.
Flood deal appears close as Letwin headlines ABI conference
The Association of British Insurers has offered the biggest hint yet that an agreement on implementing its ‘Flood Re’ proposal is imminent, having confirmed that Oliver Letwin MP will deliver a keynote speech at its upcoming conference.
Claims Club Monthly Missive: Young driver safety consultation delayed
The issue of road safety, along with flooding and whiplash, has been at the top of the agenda when it comes to the insurance industry’s engagement with politicians.
Europe: The Russian motor market crisis
The Russian government is at odds with the country's motor insurers following controversial plans to amend claims limits, says Paul Koshik.
Indian trade union calls for Insurance Bill to be scrapped
Members of the All India Insurance Corporation Employees Association called for the government to withdraw the controversial Insurance Bill at their annual conference this week.
Aviva grilled over ABS ambitions
Aviva has confirmed it is not in the process of applying for an alternative business structure after direct questioning by the Transport Select Committee.
Uninsured driver fines will fail, says AA
The government’s plans to increased fines for driving without insurance from £200 to £300 will have little impact on the issue, the AA said today.
Competition watchdog says Dutch flood proposals are anti-competitive
The Netherlands’ Consumer & Market Authority has delivered a blow to plans to make flood coverage mandatory from January 2014, saying the proposals violate competition law.
Comment: Creative fraudbusting
Appealing to the casual fraudster’s conscience won’t work – it’s time for a more direct approach, says Eddie Longworth.
Government urged to take action on young drivers
A range of industries are calling on the government to take decisive action to stop the tragic loss of young lives on Britain’s roads.
Lords: Independent body must oversee mesothelioma compensation scheme
Labour MPs criticise unfair start date that excludes half of all sufferers