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In Focus: A gap in the HNW market for reputational cover?
Briefing: Trump wants to ‘end inflation’ – but insurance data suggests this won’t be easy
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News
High Five: Catch up on the biggest stories this week
Insurance Times rounds up the biggest stories from 11 to 15 November 2024
News
Broker fined £1.1m and banned by FCA for misusing funds due to insurers
’This fine and ban shows how seriously we take individuals who abuse their position for personal gain,’ says executive director
News Analysis
The Big Question November 2024: What does UKGI hope will result from Labour’s motor insurance taskforce?
In October 2024, the newly elected Labour government established a motor insurance taskforce to ’crack down on spiralling costs’ – but what does UKGI anticipate will be the key actions arising from this body and will it have the desired impact on motor premiums?
News
‘Polycrisis’ presents UK insurers with an opportunity to be ‘impactful’ – Axa UK and Ireland
Plus, Aviva’s UKGI boss emphasises that insurers must ‘put our money where our mouths are’ when it comes to engaging on ‘collective goals’
News Analysis
Briefing: Risk managers question insurance relevancy
Conference reveals yawning expectation and service gap between risk managers and insurers, with feedback that risk professionals are struggling to get insurer commitment to cover emerging risks
News
Motor injury claims drop to record low in Q3 2024 – ACSO
Public liability claims increased substantially, however
IT Interview
Nik Ellis: Tech Champion prize celebrates ‘edgy’ firm that is not afraid of failure
Managing director says that to stay at the forefront of technology innovation and implementation, businesses must be ‘prepared to evolve’ and have ‘the nerve’ to try new things
News Analysis
Which are the most complained about insurers?
Market intelligence firm emphasises that ‘insurers need to do better to prevent complaints from happening’ as redress payments increase
News
UK Budget: Rachel Reeves makes no mention of IPT in speech to Commons
The chancellor has elected to not raise IPT in the Autumn budget today
News Analysis
Briefing: A day in the life of an Ifed detective sergeant
Detective sergeant Oliver Gent lifts the bonnet on what it is like to work within the City of London Police’s Insurance Fraud Enforcement Department
News Analysis
Briefing: Why insurers need to embrace Labour’s motor insurance taskforce
The new government’s action provides the insurance industry with a golden opportunity to improve its reputation with consumers
News
Former RSA leader takes up new role at LMA
’I am delighted to be taking up this role at such an important time for our industry and our members,’ says new appointee
News
Premium finance costs revealed as FCA begins probe
The FCA said it would review whether motor and home insurance customers using the product were getting competitive deals
News Analysis
Briefing: Office vs remote working – does in person working really foster innovation?
Innovation is key for insurance firms to maintain a competitive advantage, but many firms lack the flexibility that drives it
News
SNP urges Labour government to ‘get a grip on the costs’ of motor insurance
’Inflation might be easing, but the crippling costs of car insurance are only getting worse,’ says party’s economy spokesperson
News
Insurer warns UK businesses that austerity is on the cards as debt threat drives decisions
‘UK public finances are weak and fiscal policy will start to tighten again from 2026,’ predicts senior economist
News
FCA probing another insurance product due to fair value concerns
It comes after the regulator warned that it could repeat the action it took with the Gap market in other sectors
News Analysis
Could Labour’s 1.5 million homes plan spike construction insurance claims?
’We’ll get shovels in the ground, cranes in the sky and build the next generation of Labour new towns,’ says prime minister
News Analysis
Briefing: New rules put AI in its place for actuarial use
After January 2024’s introduction of an industry-wide code of conduct for the use of AI in the claims sector, the actuarial industry is now following suit thanks to a regulatory update
News
Firms must embrace ‘cultural change’ to meet Consumer Duty requirements – FCA’s Graeme Reynolds
Cultural change is important when it comes to the regulation because ’the duty is not a once-and-done exercise’, says director of competition
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