UK government tackles compensation culture

UK government tackles compensation culture

UK government tackles compensation culture

New proposals by the UK government to crack down on fraudulent motor claims were announced yesterday as part of the Queen’s Speech to parliament. The Civil Liability Bill pledges to reduce motor insurance premiums and address “the rampant compensation culture”, particularly focused on whiplash claims. Under the measures, whiplash claims will not be settled without medical evidence and a fixed…

EIOPA publishes Financial Stability Report on EU insurance sector

EIOPA publishes Financial Stability Report on EU insurance sector

EIOPA publishes Financial Stability Report on EU insurance sector

The insurance sector has continued to adjust to the new Solvency II regime, but is adequately capitalised and overall the implementation of Solvency II has been a success, according to the European Insurance and Occupational Pensions Authority (EIOPA). In its 2017 Financial Stability Report on the (re)insurance and occupational pensions sectors in the European Economic Area, EIOPA notes that the…

European Banking Authority rejects merger with European Insurance and Occupational Pensions Authority

European Banking Authority rejects merger with European Insurance and Occupational Pensions Authority

European Banking Authority rejects merger with European Insurance and Occupational Pensions Authority

The European Commission’s suggestion of a possible merger of the European Insurance and Occupational Pensions Authority (EIOPA) and the European Banking Authority (EBA) has been rejected by the EBA, which said there would be “no material benefit” and the current organisation of the European Supervisory Authorities (ESAs) along sectoral lines has worked well. The European Commission’s consultation suggested either transferring…

IUA pushing for new trade agreement between the UK and EU

IUA pushing for new trade agreement between the UK and EU

IUA pushing for new trade agreement between the UK and EU

The International Underwriting Association (IUA) is continuing to push strongly for the right for UK-based insurers and reinsurers to accept business introduced to them by brokers from the EU. At the same time, a reciprocal right must be offered for EU carriers to do business in the London market, unimpeded by additional capital requirements. Dave Matcham, CEO of the IUA,…

Market tries to allay buyers’ fears it won’t be ready for Brexit

Market tries to allay buyers’ fears it won’t be ready for Brexit

Market tries to allay buyers’ fears it won’t be ready for Brexit

A clear majority of UK risk managers are worried that the insurance market is not prepared for Brexit and that they will face problems as a result, according to a snap poll carried out during the main panel debate at the Airmic annual conference in Birmingham yesterday. The insurers and brokers on the panel, however, reassured Airmic members that they…

Large claims still a battle despite Insurance Act

Large claims still a battle despite Insurance Act

Large claims still a battle despite Insurance Act

Despite the implementation of the Insurance Act and Airmic’s lobbying efforts, many buyers continue to be disappointed by their insurers when it comes to large, complex claims. Last August saw the long-awaited Insurance Act 2015 take effect. It was hoped that the new legislation would bring about greater levels of fairness and increased transparency in the business insurance market, where…

Insurance Act engagement falls short: Airmic

Insurance Act engagement falls short: Airmic

Insurance Act engagement falls short: Airmic

The insurance act has failed to increase insurer and policyholder engagement as hoped, with market participants instead relying on legal and contractual measures, according to Airmic. That is the key finding of a new report by the association, which analyses the impact of the Insurance Act during its first ten months. Airmic found inconsistencies, uncertainties and potential shortcomings in the…

London ILS initiative will proceed despite political uncertainty: Aubert

London ILS initiative will proceed despite political uncertainty: Aubert

London ILS initiative will proceed despite political uncertainty: Aubert

The shock result of the UK election and resulting political uncertainty may delay the planned introduction of an insurance-linked securities (ILS) market in London, but will not halt its march, according to Nicholas Aubert, chairman of the London Market Group (LMG). The LMG has made great progress with government and the Prudential Regulatory Authority (PRA) in preparing plans for the…

GDPR could cut cost of cyber crime

GDPR could cut cost of cyber crime

GDPR could cut cost of cyber crime

Strict new EU data protection laws could ultimately save companies money, reduce cyber crime and help earn the trust of consumers, according to a briefing paper from Marsh. The GDPR, which will apply in all EU member states from May 25, 2018, will bring about tougher data protection laws and higher penalties for companies holding data on EU citizens. The…

Enterprise Act adds to buyers’ arsenal

Enterprise Act adds to buyers’ arsenal

Enterprise Act adds to buyers’ arsenal

The Enterprise Act is not expected to result in a flood of disputes over late claims payment, but long term the Act could help speed up the settlement of large and complex claims. The Enterprise Act 2016, which came into force on 4 May, was welcomed by the UK risk and insurance managers’ association Airmic. The Act, which amends the…

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